BofA Charges Fee After 3 Withdrawals To Discourage You From Making More Than 6

Here’s a funny fee that I just found out about, even though it’s been in place for at least a year. So, Federal regulation, Regulation D, prohibits more than six withdrawals per month from a savings account (ATM withdrawals don’t count towards the 6). Most banks will just charge an “excess activity fee” if you go over that amount, but Bank of America charges a $3 fee if you have more than three withdrawals in a statement period. When Paul questioned why, customer service told him it was a “deterrent fee” to discourage him from hitting the Federal limit. “That’s like giving me a speeding ticket for going 27.5 miles per hour as a deterrent so I don’t go 55,” he writes. The rep was unmoved by his analogy.

Savings Excess Withdrawal Fees [factsaboutfees.bankofamerica]

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