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The teller at my bank (US Bank) advised me not to tie my PayPal account to my savings account. She says they will charge me $15 for every transaction over six in a single month - that this is due to some federal law.
Is this true? Does it apply to all banks and credit unions?
I don't know that it's a federal law, but my bank (one of the majors) has a similar policy. It even applies to transfers out of the savings account into other linked accounts (checking, secondary savings, etc).
I don't know that it's a federal law, but my bank (one of the majors) has a similar policy. It even applies to transfers out of the savings account into other linked accounts (checking, secondary savings, etc).
That sucks. I shouldn't be pushed into getting another checking account. I never write checks, so what's the point?
Okay.... but that doesn't matter.
If the law is 6 per month as stated by others, that would be 18 per quarter which is still one every five days. Same thing for yearly... one every five days on the average.
Okay.... but that doesn't matter.
If the law is 6 per month as stated by others, that would be 18 per quarter which is still one every five days. Same thing for yearly... one every five days on the average.
Fair enough.
Having multiple transactions per every days and even in a single day is very common... depending on how many bills you have to pay, etc.
For the OP, if the OP makes more than 6 purchases/sales per month using PayPal, they would be hit with the fee. That's not unheard of either.
The issue isn't how one plans their transfers... but the fact that the OP is trying to use a SAVINGS account as a CASH or CHECKING account, which defeats the purpose. If the OP would just get the right type of account, it wouldn't be a problem.
yeah. use the "savings" account for parked money, and put some amount in a checking account. when the checking account is low, if you need more money in checking, make 1 larger transfer from savings to checking. this will make your savings serve the purpose those accounts are designed for. you get a higher interest rate in those accounts, which the bank uses more of to lend out and make a profit on. they do this because the money in those accounts theoretically should be sitting there for longer periods of time than a checking account, which is constant in/out.
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