Comments on: Regulation D Is Outdated

By: The squeaky wheel gets the grease « tempering the storm

The squeaky wheel gets the grease « tempering the storm — Fri, 16 Dec 2011 16:09:02 +0000

[...] from my savings to cover a purchase the day before the end of the month and consequently payday. Bullshit! So I naturally made a big deal about it, the girl on the phone didn’t have the power to fix [...]

By: Sherry

Sherry — Thu, 01 Sep 2011 20:00:45 +0000

I have been employed at a Credit Union for 28 years. I also fee that in this age of technology, Reg D is far outdated. However, I do feel that customers/members should take some responsibility for their own transactions. Take 5 minutes to balance your account and the banks and credit unions of the world will be more than happy to NOT charge you a fee.

By: Joseph

Joseph — Thu, 21 Jul 2011 06:09:09 +0000

@Jazzika

Thanks for the comment. Sorry to hear you got charged fees from Regulation D. Were you able to get any of them reversed? Your bank should have sent you a warning letter telling you about the transfer limitation before actually charging any fees. I’m assuming either they didn’t or maybe you just missed it. Either way it’s a total bummer and I feel your pain… although I’ve been careful over the past few years and managed to avoid dealing with this fiasco again.

By: Jazzika

Jazzika — Sat, 02 Jul 2011 03:57:47 +0000

I find this article a very good read and this regulation more than insane. I was just charged $60 this month with no explanation at all, I had to call to even become aware of this. My Savings account was opened in the 80′s when I was a baby, by my parents. There is no documentation that I have ever received about this Regulation, and this Regulation pre-dates internet banking entirely. In researching, banks deal with this Regulation’s fees differently, which leads me to believe banks choose to enforce a higher penalty based on their own money-grubbing standards. Needless to say, I am doing everything in my power to rid this ridiculous charge. They have no right to do this to anyone.

By: erika

erika — Tue, 28 Dec 2010 02:18:40 +0000

I find it very odd that this post is dated 2008…my credit union JUST started following this regulation in 2010! I had never heard of it before and WHAM! Hit with fees…

By: Ken Rayment

Ken Rayment — Wed, 22 Dec 2010 03:25:37 +0000

I agree, this fee is stupid. Too much government involvement here..and I also agree with the previous posters comment – this needs to be updated…in the law anyhow..

By: angela

angela — Fri, 25 Jun 2010 02:52:31 +0000

Thomas Jefferson said in 1802:
‘I believe that
banking institutions are more dangerous to
our liberties than standing armies.
If the American people ever allow
private banks to control the issue of their
currency, first by inflation, then by
deflation, the banks and corporations that will
grow up around the banks will deprive the people
of all property – until their children
wake-up homeless on the continent their fathers
conquered.’

By: Xavier

Xavier — Wed, 25 Nov 2009 15:36:45 +0000

My problem with Reg D is that the claim it must be followed or the institution will be penalized is BS if every institution has their own variation of following it. How is an ATM any different than online or phone? How can one institution charge a penalty (or not) while allowing more than six transfers and another stopping any future transactions?

If an institution calls their online interface a “web-branch” then one should consider it to be the same as a “brick and mortar” branch and the discussion should be done. But i get the impression some institutions are using Reg D to squeeze other fees from their customers.

By: Jaka

Jaka — Fri, 25 Sep 2009 20:24:46 +0000

I just got this ridiculous charge assessed on my account. What infuriates me is that they didn’t bother to asses it until the end of the statement cycle and they charged me $180 – $15 for each occurrence. If they had stopped my from accessing my savings the first time or assessed the fee the first time, I would have called – found out the issue and not done it again. I had no idea I couldn’t access my own money. I find it hilariously ridiculous that if I take the time of their employees and go into the bank to do this every day, it is free but if I do it online, I’m penalized. I need to get the corporate complaint address. I worked in the financial industry and my experience is keep going higher, eventually you’ll get to someone high enough that doesn’t want to waste their time on your “menial little fee complaint” and they’ll adjust it.

By: Concerned Citizen

Concerned Citizen — Fri, 03 Apr 2009 05:02:57 +0000

Banker Bee, et al.

You’re all overlooking a major point. The number of transactions, which the authors of Reg D were ostensibly concerned about, has NOTHING to do with the amounts transacted.

If a person transfers THEIR OWN MONEY out of their savings 7 times in a month, but also transfers THEIR OWN money 1 or more times back into their savings account with deposits that are equal or greater than the total withdrawals; just what is the BFD?

Also the “regulation” does not specify the fee banks or credit unions should charge. Some charge $10, some $30, and some $45 or more, and most (all?) inhibit future transactions that will incur more fees.

Don’t kid yourself, Reg D is simply a means for banks to charge more fees, while conveniently claiming they’re not responsible.

Banks SHOULD push back on Reg D in the names of their disatisfied customers, but they’re not doing that, are they?

Wake up people:

Add your recent Reg D bank fee to the trillions of dollars in bail-outs and stimulus for socialism that is robbing tax payers, your children, and their grandchildren of YOUR wealth and YOUR families’ financial freedoms.