Just Jenney

I'm not sure how long ago it was -- I want to say in the last month or two? -- but there was a thread where someone talked about how banks charge a fee if you transfer funds back and forth over a certain number of times. I tried searching for it but came up empty.

Do any of you remember this thread or who wrote about that?

I THINK that we may have been charged $25 by our bank (USAA) for this sort of thing but I'm not sure. I have a checking account that shows a "$25 Posted Debit" -- but it doesn't say for what. Since this checking account is used solely to make online payments towards two credit cards -- after I transfer funds into it from our ING savings account each month -- and we have no checks for the account, I can't think of what else it could be.

USAA rarely charges any fees, which is partially why this $25 debit stood out -- but also because I vaguely remember that in the post I'm asking about, it was said that this was a federal banking law to charge such a fee? That's what I'm trying to find out.

Any guidance would be much appreciated!

~ Jenney

AdobePinon

I think that was about savings accounts. Your fee would presumably be for something else.

Big D

Have you called to ask them? The previous thread (if i remember) was about charges if you go over a set number of transfers out of a savings account?

Jerseygirl

We don't pay bank charges on our checking account, but there is a $40 fee for international wire transfers, a fee when drawing money from ATM's overseas and we have to pay for cheque books.

Just Jenney

Yeah, that's why I was hoping someone would remember what thread that post was in, because I can't remember if it applied to all bank accounts or just savings or whatever.

In my case, I got the fee on my checking account, NOT on my savings account, so I'm not sure what's going on.

I sent them an email about it this morning and should probably hear from them either today or tomorrow. (I find it a lot easier to deal with these things via email than by phone!) I'll post any updates and let you know if it was done in error or whatever...

Our bank (and by that I mean USAA, where we do 99% of our banking) doesn't charge many fees either. We get 10 free ATM withdrawals a month (which we don't do anyway), no overdraft fees, no charge for plain ol' checks (fancy ones cost extra), etc. I don't even think we're charged for international funds transferred into our account (which happens a couple of times a year thanks to Mark's nan). So seeing this $25 has me a bit concerned. Of course, only referring to it as a "posted debit" is oh-so-helpful and vague!!

~ Jenney

Just Jenney

Ok -- got an email response from USAA. Apparently I had written a check from our OTHER checking account for $25, but the MIRC line was illegible so the $25 was deducted from the Pay-Off account in error. So, it's not for some transfer fee.... whew!

~ Jenney