Is it standard to have a fee for excessive bank account transfers?
DCPete27 asked:
I have linked accounts with M&T bank. If I need to pay a large bill I will transfer funds from my interest-bearing MM account into my checking. I discovered today that I have a fee for excessive withdrawals. Is this common? I feel that there should be unlimited transfers at the same bank.
Does it really cost a bank anything to electronically move funds from money market to checking? I doubt it does.
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Loading ...Tags: account transfers, Interest Checking, M T Bank, money market, money market fees, transfering money market, Withdrawals
My bank does the same thing. I can only have 3 free transfers per month through online banking. Anything over and I am charged $20. If you go inside the bank and do this- you can transfer as many times as you want.
Yes with some banks now a days.
Gone are the days of free anything — whats free in one area is made up for in another.
Not only is it standard, it isn’t new. Typically, they allow a reasonable small number of free transfers. If they didn’t limit the number of free transfers, the entire online system would be tied up with idiots shifting a few dollars here and a few dollars there all day long.