This is a federal regulation. Some banks just cut you off at six and some charge you for every transfer over six.
The reason this is in effect is because:
- It's not a checking account, you shouldn't treat it like one
- If you could treat your savings like a checking account, everyone would open savings because the interest rate is better
- Banks are required to keep a certain amount "on reserve" and savings and time-deposit (CoD's, IRA's) are one of the ways they do that
So there you have it, folks.
