Question on Banking Regs

[Pojo]

i live in Pennsylvania, but just recently moved here, and continue to do my banking in New Jersey. i stated this because i don't know if my question is covered under federal or state banking laws.

anyway, here's my situation. my bank, just last month charged me a fee for excessive electronic transfers, due to switching money between my checking and savings account. when i called and asked them about this, they told me that this was in response to a new banking regulation limiting customers electronic transfers between accounts.

is this true? is there a regulation limiting the number of electronic transfers i can have, or is this just their bank policy that they are trying to pawn off on the government?

thanks for your help!

 

[HomeGuru]

i live in Pennsylvania, but just recently moved here, and continue to do my banking in New Jersey. i stated this because i don't know if my question is covered under federal or state banking laws.

anyway, here's my situation. my bank, just last month charged me a fee for excessive electronic transfers, due to switching money between my checking and savings account. when i called and asked them about this, they told me that this was in response to a new banking regulation limiting customers electronic transfers between accounts.

is this true? is there a regulation limiting the number of electronic transfers i can have, or is this just their bank policy that they are trying to pawn off on the government?

thanks for your help!

**A: request a copy of the banking regulation that they referenced and see if it is a state or Federal regulation.

 

[Pojo]

i went to the bank asking specifically what regulation this limitation comes from. they produced more of their own documentation all saying that the limit is based on federal regulations. when i pushed further, they said that they'd have to talk to their legal department.

in doing research, i found that FRB Regulation E (12 CFR 205) would contain the language if it indeed exists, as the bank states.

is there anywhere on the internet that i can find the exact language of this document?

thanks.