Deducting Premiums from a Savings Account

billyb

Guru
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2,234
Florida
I wrote a lady last week and she only had a savings account. Her bank statement had an X for the first 3 numbers so I told her to call me with those numbers. She called today and said the person at the bank stated that you could no longer deduct premiums from a savings account. I called the bank and was told it was a new regulation. Has anyone heard this? Maybe it is just this banks policy.
 
I have had this happen before. It's extremely seldom but I do remember this happening a couple times in the last few years. I would ask to speak with a manager to confirm. Sadly if a rep then a manager both maintain they don't allow ach's from a savings, you are boned :(
 
I wrote a lady last week and she only had a savings account. Her bank statement had an X for the first 3 numbers so I told her to call me with those numbers. She called today and said the person at the bank stated that you could no longer deduct premiums from a savings account. I called the bank and was told it was a new regulation. Has anyone heard this? Maybe it is just this banks policy.

Savings accounts are historically 20 percent less reliable than checking accounts. I think direct express ssi draft is better business than savings now... Whenever someone busts out savings account just think of it as a coin flip that it's good be good.
 
I noticed the balance on the account and it was about $5000 so it is not due to a lack of funds.
 
I wrote a lady last week and she only had a savings account. Her bank statement had an X for the first 3 numbers so I told her to call me with those numbers. She called today and said the person at the bank stated that you could no longer deduct premiums from a savings account. I called the bank and was told it was a new regulation. Has anyone heard this? Maybe it is just this banks policy.

There are two that will not allow drafts from savings accounts in my area. One is a Credit Union and the other is a small regional bank. The others are no problem.
 
It's not a federal regulation as Reg D would cover that limits electronic withdrawals from a savings to 6 per month it must be a bank policy.
 
It's not a federal regulation as Reg D would cover that limits electronic withdrawals from a savings to 6 per month it must be a bank policy.

I have 2 banks in my area tgat are the same. It is the account type and the restrictions that the bank has on the account.
 
Just stopped by a branch and was told no ACH from savings. Now I have to convince her to open a checking account.
 
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