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HawaiiDi
10-30-2014, 04:33 PM
I am to busy to do a search.... but I got this email from a friend. Is this happening? This got me worried. Is it time? This is not good news.

Second.. I came home and went to transfer online some money from my savings account to my checking from my credit union and it denied me access .. I called the credit union and your not going to believe this .. but the teller told me that the government has told the credit unions that a person cannot transfer over 6 times a month money from one account to another and you must deny them that right .. You must go to the credit union personally and do it .. I ask him good thing Iam not out of state or country or I would be in trouble .. So its my money and My account .. but the government is going to tell me how I can manage it ..... ! And we wonder why these fools get voted out of office .. This is insane !..

Knowitall
10-30-2014, 05:43 PM
I vaguely remember hearing about something like this quite a while ago. I don't think it's a huge issue though.

MissouriFree
10-30-2014, 05:46 PM
I am to busy to do a search.... but I got this email from a friend. Is this happening? This got me worried. Is it time? This is not good news.

Second.. I came home and went to transfer online some money from my savings account to my checking from my credit union and it denied me access .. I called the credit union and your not going to believe this .. but the teller told me that the government has told the credit unions that a person cannot transfer over 6 times a month money from one account to another and you must deny them that right .. You must go to the credit union personally and do it .. I ask him good thing Iam not out of state or country or I would be in trouble .. So its my money and My account .. but the government is going to tell me how I can manage it ..... ! And we wonder why these fools get voted out of office .. This is insane !..



Yeah it's been in effect since 2006 or 7 at least maybe longer. I understand it came from the fed.

HawaiiDi
10-30-2014, 09:41 PM
I never heard of it...thanks I knew you guys would know.... I am worried about the new laws coming into effect the last few years regarding the federal telling us when and how where we can put our hard earn money and federal control over the banks.... With them being in total debt....they should not be telling anyone how they are managing their money. Pretty soon they will be telling us just how much we can take out to spend for groceries.

coaltrain
10-30-2014, 11:07 PM
Cash is king!

rubyyarn
10-30-2014, 11:18 PM
Oh, ick! Sounds like it is time to only make one transaction per month...until the account is closed!

Trouble is, how much is your money worth stuffed under the mattress? If the banks are in this kind of trouble, can the worth of the dollar be far behind?

coaltrain
10-31-2014, 12:35 AM
Money under my mattress is accessible - maybe not so accessible in the bank?

ScrubbieLady
10-31-2014, 10:49 AM
Never heard of this but I do all my transferring by phone. I deal with a small bank and they know me.

rubyyarn
10-31-2014, 12:43 PM
Under the mattress sounds good as long as the stuff can still be spent!

This is not the first time someone has brought up the possibility of the government confiscating private bank accounts or the banks demanding to know why you are withdrawing money.

It will be interesting to see what develops.

Terri
11-01-2014, 01:09 AM
I can take money out of my checking account as often as I wish, but there is a limit to how often I can take money out of savings.

I simply told myself that if I withdrew from savings, to withdraw enough to last me a while.

Since I only withdraw from savings every couple of months, I do not worry about it much. The one time I got close to my limit the bank sent me a note warning me I was getting close.

Selena
11-01-2014, 01:56 AM
Read up on Regulation D - been around a while (late 70s), amended in 1998 and I believe 2009. Nothing new, no great conspiracy. Probably referenced in the TISA papers you received when you opened the account and/or the last time Reg D was amended.

doc
11-02-2014, 12:17 PM
I can take money out of my checking account as often as I wish, but there is a limit to how often I can take money out of savings.

.

There's really no sense in having a savings account: it's probably paying less than 1%, but inflation is around 5%. If you have $1 in the account and it would buy, say, a loaf of bread today, next year the bread would cost $1.05 but the account would only have $1.01 in it. You lost 4%.

Keep the cash in the mattress. If cash ever fails, we've got bigger problems going on and money won't solve them.

Colorado
11-03-2014, 04:03 PM
This no interest has really hurt us older ones. It chopped off our income but good. And sure not helping the younger ones to save. You're right Doc. And the gov is what done it to us.

I write checks as have to mail them. I draw put just enough to live on rest goes for the checks I write. I try to not spend more than my SS brings in.

bookwormom
11-03-2014, 07:39 PM
Under the mattress sounds good as long as the stuff can still be spent!

This is not the first time someone has brought up the possibility of the government confiscating private bank accounts or the banks demanding to know why you are withdrawing money.

It will be interesting to see what develops.

you are not getting any interest keeping it in the bank. If it looses it's value it makes no difference where it is.

rubyyarn
11-03-2014, 10:29 PM
I find banks are a good place to put checks so I can take them out as money later. Also, if the bad guys think Foxworthy Manor is worth knocking over, there is cash left in the bank.

The problem arises when either the banks or the government thinks they need my money more than I do. Then, if there were enough lead time, I would pull it out.

Selena
11-04-2014, 01:01 AM
I find banks are a good place to put checks so I can take them out as money later. Also, if the bad guys think Foxworthy Manor is worth knocking over, there is cash left in the bank.

The problem arises when either the banks or the government thinks they need my money more than I do. Then, if there were enough lead time, I would pull it out.

Remember you can request a higher ATM withdrawl limit than the financial institutions "default". The withdrawl is per card so if you and spouse each have a card, you double that amount. It is a per day (have the institution provide their definition for a day - e.g. after 2 pm is next business day etc) so you can plan accordingly. And know where the closest fee-free ATM is.

Blast
01-13-2015, 11:05 PM
Money under my mattress is accessible - maybe not so accessible in the bank?
While I like this in theory, I lived in a rural area of Appalachia and watched a family devastated as they watched their house burn to the ground. One of their friends came to me and said they just lost their savings because they did not trust banks. That was tough to watch.

coaltrain
01-14-2015, 10:11 AM
While I like this in theory, I lived in a rural area of Appalachia and watched a family devastated as they watched their house burn to the ground. One of their friends came to me and said they just lost their savings because they did not trust banks. That was tough to watch.

That's where a fire safe box is better than a mattress.

backlash
01-14-2015, 01:48 PM
When the shop was built my dad put in a floor safe.
Very few people know it's there, and even less know the combination.
You all won't tell anyone will you?:)
My Mom made me sit on the floor and open the safe several times until she was sure I knew how.
It's 4 numbers and it is tricky to open.
That is where we keep things of value like wills.
Not a lot of cash in there but if we ever get some we have a place to put it.:D