An Important Message for You.
You are receiving this notice because there have been five withdrawal or transfer transactions limited by Federal Regulation D within the account cycle on your U.S. Bank PACKAGE MONEY MARKET SAVINGS ending in ####.
As a reminder, Federal Regulation D limits certain types of withdrawals and transfers made from a savings or money market account to a combined total of six per account cycle. This includes:
- withdrawals made by check or draft to third parties
- debit or ATM card point-of-sale (POS) purchases
- pre-authorized withdrawals like:
- automatic transfers for overdraft protection
- transfers made by telephone, online banking, mobile banking, bill pay, wire and facsimile.
Withdrawals and transfers made in person at a U.S. Bank branch or at an ATM are not included in the limit of six per account cycle.
A $15 fee is assessed to your account for each of these withdrawals or transfers in excess of six occuring within the account cycle.
Additionally, per government regulations, if your account exceeds the limit for three account cycles within a 12-month period, your PACKAGE MONEY MARKET SAVINGS will be changed to a U.S. EASY CHECKING account.
If your transaction needs exceed the withdrawal limit, you may with to change your account to a U.S. Bank checking account now. Simply contact us at the number above or stop by any U.S. Bank branch. We will be happy to assist you with this change and answer any questions.
We look forward to continuing to server your financial needs.
The letter I got from U.S. Bank got me to thinking what is Federal Regulation D as defined by actual government paperwork or is this just a banking policy that the bank is siting and attempting to pass blame on the government.
Federal Regulation D known as Reserve Requirements for Depository Institutions (Regulation D) is a Federal Reserve Board regulation that limits the number of pre-authorized withdrawals and transfers from a savings account or money market account. The regulation applies to all United States banking institutions offering such accounts.
However, the Federal Reserve is a controversial organization depending on whom you ask. Some say it is a governing financial institution others say it is a private banking organization that is often accused of helping to bleed the financial resources from the American Populace.