Show savings accounts transaction limits in Online Banking

Both my kids are in college and learning how to manage their money. Their initial instinct was to keep most of their money in their savings accounts and then do a mobile transfer to checking when they need money to spend. Just in the past month or two, both have been penalized for exceeding the allowed limit of 6 transactions. Why is there a limit? Why are their multiple penalties with no notification (like email or text)? Living on tight budgets and trying to only spend what was necessary should not incur penalties. How about implementing a warning system at least?

19 Comments
Community Manager

@Pickles2018 and @eym1942 - Thanks for weighing in! I agree - these transfer limits can be a pain, and the good news is there are ways to avoid getting hit with a fee (we don't want that to happen either). If you find yourself needing to transfer multiple times per month, any transaction done in person (either with a teller or at the ATM) is not counted towards that 6/month transaction limit. Essentially, you could transfer from your savings account at an ATM multiple times every day and never be charged a Reg D fee. On the other hand, if you transfer money through Online Banking or the Mobile App, those transfers are limited. Also it's good to keep in mind that any automatic transfers (or payments) made out of your savings are subject to Reg D too.  If you have any questions, please don't hesitate to reach out to us for help. 800-233-2328. Thanks! JohnS 

Sightseer

I was never warned as well and I was charged $40 for access transaction fees. $20 each time, on the same day! I wasn't giving a warning through text or even email. $40 of hard earned money gone just like that.

 

I am a single parent and $20 for pentalty fee is way too much money. I am frustrated and shocked because I only transferred a little money from savings to checking and now I have to eat the cost. 

I think a warning before taking out that amount of money would be a nice gesture and would keep up a good relationship between client and Becu corporation.

 

Community Manager

I’m so sorry to hear this @bdietz75! We do provide a warning when you transfer within online banking, but it’s not yet available in the app which is why you may not have seen any notification. Our mobile team has a Reg D transfer counter on their radar to add to the mobile app, but the timing isn’t planned out yet. We’d love the opportunity to speak with you to review what we can do to help with the unexpected charges. Please feel free to give us a call at 800-233-2328. Thanks! JohnS

Sightseer

They don't already do this? Should be like a filling up bar or something, with $$ charges at the end.

Sightseer

The savings to checking transfers can be a pain and require planning ahead, which is not always possible.  I set up 2 checking accounts with BECU  so that I can do unlimited instant transfers without penalties. The one I call the Storehouse, and the other is called Billpay. Once money is transferred from the SH account to BP account, I leave it there until whatever institution withdraws the funds.  This is especially helpful if using paper checks or transactions that have a delay. BP monies are allocated funds, while SH money is what I really have to spend or transfer to savings. BECU offers the best  interest on the first checking and savings accounts(up to $500). This system will work even if you can't qualify for an overdraft line of credit.  I also like being able to transfer funds easily to my sons' accounts while in college. I only wish there was a memo field availabll for transfers.

Sightseer

This is a great idea 

Sightseer

I'm 68 and I find it difficult to manage my money on a per month basis. I'd like to create a way for me to be able to save in another secire account so I can protect myself and not have to worry about a emergency.

Sightseer

Warnings would be thoughtful and kind... especially for busy moms who trust their husbands to take care of their finances because they are too busy raising and rearing their children to even barely care for themselves.  When that trust is broken, how is anyone to feel protected when all the dings and limitations just keep adding up and taking from the few pennies they have in their cash fluid accounts.  After all, debt is the American way and everyone has to profit from someone but at what point does the pain just become unjust when one is merely trying to keep their head above water and feed their children and make sure all the Bill's are paid in a timely manner with respect to food, shelter, etc.  Thoughtful and CLEAR warnings/subject lines would do wonders but maybe society has just become too unkind.

Sightseer

I totally get the limits, but there absolutely MUST be a way to show the transfer counter on the app!  Our kids have this same problem.