Comments on: Financial Planning: The Three Banking Regulations / Laws That You Should Know

By: Julie Work

Julie Work — Wed, 17 Sep 2008 16:14:50 +0000

I have an big issue with a bank that took a balance of 8785.00 out of my account and returned the check that it was to cover for a oil & gas business deal. They say the federal reserved had the money because they couldn’t read the banking information to the payee. The money was held for 3 months before I found out the check was not paid. So of course it didn’t take but 7 days to put the money back into my account. But by the time all this happened I was being sued for the royalty I bought and also for the Money. I had already sold the royalty and now have to repay the people I sold the royalty to and have lost my reputation for doing business in this area. So this error by the bank is going to cost me at least $150,000. Can anyone tell me what your suggestion would be to take action against this bank.

By: Chris Reynolds

Chris Reynolds — Fri, 01 Feb 2008 21:55:57 +0000

at a closing of a co-op, the purchaser gave the payoff bank a Chase certified check in the amount of $284K. The check was overnighted to the payoff bank who lost it. Ask the purchaser to go back to Chase for a replacement check. Chase says pay a 2% surety fee or wait 90 days. Nobody wanted to pay and now the 90 days have past and still no replacement check. Purchaser isn’t in a helpful mood. I gus she figures she has her apartment and that’s it. Chase isn’t returning phone calls, what can we do about this? Chase must be making a fortune on the interest alone by not cashing this check.

By: Matt

Matt — Thu, 15 Nov 2007 21:00:05 +0000

Maybe you should get a new SSN from the Social Security Administration.

By: Diane

Diane — Thu, 26 Jul 2007 06:48:26 +0000

This along with some of the comments prompted me to go to my broker – here are further clarifying points…:

Checking accounts are specified as a transaction account and do not have limited transactions per Regulation D. Savings accounts and money market accounts are subject to these transaction limitations. Brokerage accounts that CONTAIN money market funds are similarly not subject to banking regulations such as Reg D.

By: George Cladis

George Cladis — Sat, 30 Jun 2007 22:54:38 +0000

I am in the middle of a nightmare with Wells Fargo Bank! I opened an account there six weeks ago and was told another one of their customers in another state was using my social security number. I asked the bank to take my number off his account. Their response, “Well, we can’t just do that because he is an excellent customer who has been with the bank for many years.” What does that have to do with the fact he’s using my social security number?? I talked to bank officers at three branches, showed them my social security card, passport and driver’s license, called their 800 customer service line and email them. The response: wait three months for their legal department to make a decision. Three months! Meanwhile, six weeks later, this customer of Wells Fargo continues to enjoy their services using my social security number. I am outraged! And, to boot all, I was told to file a complaint by logging on to my account online and use their secure customer service email. But they won’t let me use my account online because I don’t have a social security number in their system because they are letting another customer use it illegally!! Go figure….

By: Viet

Viet — Thu, 10 May 2007 23:11:40 +0000

Starble: Definitely a bit annoying but I believe it has to do with the fact that banks have to establish a certain amount of monetary reserve… just in case they go under. The amount held depends on the mix of deposit and two general types of accounts, transactional or non-transactional accounts. Basically, savings, money market, certificates, etc. are non-transactional accounts.

But you definitely nail it on the head for CC processing fees… I remember shopping till my face turns blue for my merchant account just to find the best rate for my processing volume.

P.S. Go GI-Joe!

Patrick: You are definitely right, I re-read what was written and it does come off sounding like all types of transfer counts within the six-transfer limit. Will amend it to mention outgoing transfers only. Thanks for the notice!

By: patrick

patrick — Thu, 10 May 2007 18:44:00 +0000

A little misleading: Federal Regulation D – aka Federal Limit on Electronic Transfer limit refers to transfers OUT of your account (aka withdrawals), NOT deposits.

By: Beware of Savings Account Regulations » Budget Freak

Beware of Savings Account Regulations » Budget Freak — Thu, 10 May 2007 14:48:38 +0000

[...] Mint has a couple other banking regulations you should know about, including Check 21 and reporting bank [...]

By: Starble

Starble — Tue, 08 May 2007 19:03:09 +0000

Very interesting. I work with a group called the Merchants Payments Coalition so I try to keep up on banking regulations — but these I confess I didn’t know about. Why is there a federal limit on me moving my own money? That’s pretty infuriating.

While the federal regulations are annoying, the banks and their payment cards come with some pretty maddening fees as well. Speaking to my experience from the merchant perspective, there’s always the pesky (and ever-rising) Interchange fee. And while it may be a merchant issue first and foremost, consumers still pay it in the form of higher prices — whether they use credit cards or not. That’s one you can’t actually do anything about, but it’s still worth being aware. Knowing is, as cartoons taught me, half the battle.