Agoracom

Taken from Jim Sinclar's web site.

Dear Jim,

I just went to make a routine on-line transfer of funds from my savings account to my checking account this morning and got this notice. It is the first time I have ever seen a notice like this. I might be wrong, but it looks like the federal "regulators" have come up with another rule to try to limit more runs on banks. They must really be getting nervous.

From my online banking account this morning:

"We are required by federal regulations to monitor savings and money market account withdrawal activity and limit third-party or pre-authorized transfers to six per month. This includes transfers made by personal computer (online), telephone, or from overdraft protection. Of these six transfers allowed per month, no more than three may be made by check or draft. If transactions continue to exceed these limits, the law requires us to close savings accounts and transfer funds to a non-interest bearing checking account. Please note that money market accounts will not be closed, but converted to a non-interest bearing checking account and a fee may be charged when transaction limits are exceeded.

If you have any questions, please call the 1-800 telephone number printed on your banking statement."

All I can say is... May [we all] live in interesting times.

All the best,
CIGA Buz