cyrnel

ShaniFaye,

Checking accounts, or accounts not specifically tagged as "savings", should not have this limitation. I don't know the official designation but there is a difference beyond marketing-speak.

I ran into it myself after linking a CU savings account to my PayPal account. Used it infrequently for a year, then I had a month of twelve or so small purchases. Payment 7-12 bounced because I'd hit the magic limit on monthly transfers. That was fun to correct. Expensive, too. The best part is many of the tellers aren't aware of the cause and they just see it as NSF, so you're instantly on the defensive.

I was told the motivation is so feds can monitor laundering. Something about how savings accounts aren't reported on as frequently. Can't say if it's correct or not.

Banking is a weird animal.

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