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.
Deducting Premiums from a Savings Account
- Thread starter billyb
- Start date
- 2,452
That's false. Probably just her type of account.
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 :(
- 830
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.
- Thread starter
- #5
- 298
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.
- 8,707
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.
- Thread starter
- #9
- 4,686
If she has $5k sitting in her savings, why not have her pay annually?
