Bank Manager Tells Customer Federal Reserve IS Government, 9/11 responsible for regulations

Background: I opened a new account with my bank to receive payments from PayPal and Google Checkout that I have linked to my online store where I sell items. I wanted all the incoming money to go to one place because I was going to set aside all the money I made for a purchase this spring. As a result I picked a savings account and linked up our online payment accounts and started receiving money. Yesterday I noticed a $10 service charge on my account and called to ask about it. The representative couldn't figure out why and neither could anyone else in the branch. When she finally called back I was told that there is a FEDERAL REGULATION that says I cannot do more than 6 electronic transactions on a savings account in a month. This includes incoming ACH deposits!

I was shocked, and told my representative on the phone that I would simply change the way I did business with that account and not withdraw into it every day. I then asked if they could waive the $10 fee as I was not aware of this and would correct it. I was told that I should have been aware as it was in my disclosure packet and that there was nothing she could do. I reminded her that she was expecting me to be aware of something that she had not even been aware of - but she still said there was nothing she could do. I told her I had been a customer way too long to be treated this poorly and I informed her that I would be in within 2 hours to close all my accounts and hung up on her. About 10 minutes later I got a call back and received a voicemail apologizing several times and saying she would reverse the $10 fee.

This morning I woke up and several more small deposits had went ot my savings account that had been pending from the weekend. And of course, now I was being charged $10 each. My bank had collected $50 in fees simply because of this mysterious "Federal Regulation" that they spoke of.

So I decided to go into the branch and my plan was to either get it resolved - or simply close all three of my accounts. Because of how quickly they quoted 'federal regulation' I took my pocket recorder with me because I had a feeling the conversation would take the route it did..

..and before it was over I had the BRANCH MANAGER tell me the FEDERAL RESERVE is part of the FEDERAL GOVERNMENT (ABSOLUTELY NOT TRUE!) and then later also elude to the fact that the reason a lot of our freedoms have been taken away was a result of 9/11...imagine that.

Category:

Education

Tags:

• federal
• reserve
• 9/11
• infowars
• alex
• jones
• fed
• bank
• banking
• central
• 11
• flagstar

[TheMEK3]

I don't understand why your giving the bank manager a hard time. It's not him who is setting the rules and regulations that are screwing you over, it's a separate entity that forces banks, like the one you're at, to inflict their rules upon you. All he's doing is his job. If you don't like it... move to another country. I'm sure they will treat you better.

[theCraynzz]

WOULD NEVER BANK AT A BANK CALLED "BLACK STAR".. LOLOLMAO.. OH FLAG STAR NEVERMIND.. #BRRMPH

[theCraynzz]

WOULD NEVER BANK AT A BANK CALLED "BLACK STAR".. LOLOLMAO

[srendon25]

a SAVINGS account is meant for "saving" not for doing daily transactions. it IS in fact a regulation set forth by the government! Look it up it is called Regulation D.& yes the federal reserve is government regulated. It was created by the enactment of the Federal Reserve Act.

Dont like it? Move to another country.

[ytgv3fc7]

oh, and here's also a reason WHY savings accounts are supposed to keep money in longer. A bank wants to know they need less reserve cash/assets (meager to begin with) when re-investing the money from the savings account (for their profit) so the # of withdrawals and the $amount of penalty-fee is figured from the need to recoup losses when you won't play their probabilistic game of chequing vs. savings, so you play their other game (fee$ for existing)

[ytgv3fc7]

What I will advise is that attitude that "not everyone will read the fine print ... that's just common sense" must DISAPPEAR. Be VIGILANT. Be wary of being ROBBED in any devious way. Be untrusting. There's a reason a dangerous threat is phrased as "you have to sleep some time". Well, don't show them or anyone you're asleep when you need to be most alert, it's blood in the water for the sharks. Common sense is a myth. Common ignorance is a reality.

[ytgv3fc7]

I'm not saying that makes it right, and it's not. It's absurd that savings accounts are supposed to be less active and are actively punished for being used for withdrawals. I have one, it has those conditions, I was advised they are contractual rather than 'legal' and I agreed to it knowing this. I didn't have to agree.

[ytgv3fc7]

you shouldn't sign stuff about your money, to who will hold it, without reading it. If you are a sheep zombie that signs stuff, and clicks through on programs to get them running, without reading what they say they will do, or may do, or what you can not do, then you are bending over for a raping. I read the terms. Some things I will not sign. 10% of any program I attempt to install I will reject for this reason. 80% of programs I review get rejected before reaching that stage for this reason.

[leemisslaw]

I haven't liked any of your posts but this one. A $10 fee like that seems like another way for failing banks to pad their pockets. No one can blame you for being upset. That is just crazy.

[glockasp]

nickles and dimes. banks like to hit you with fees, and then some more fees and when your not looking just a couple more just for fun.

think of all of the shepple that would have just said nothing and paid the stupid fee (i cant count that high).