Taxing your savings account!

Thank you Mr. Bernanke for helping me find another way you insert another way of STEALING, I mean TAXING, I mean creating a FEE into my life! I am so happy that you know better than to let me control my own money. I hope this will help everyone know that you have created this BS FEE onto everyone’s savings accounts.

Everyone you need to know that the Federal Reserve create a regulation on your savings account and money market accounts that charges you a FEE if you withdraw from your savings account more than 6 times in one month. This FEE or TAX as I see it is applied to your account at $10 per transaction after you reason the limit. In some banks they will only let you go until you make 3 withdraws. According to my research the FEE is split between the value of the savings account. If you have $1200 in the account the FEE is added after 3 withdraws,  but if you have less than $1200 the FEE is added after the 6 I have already mentioned. From what my bank told me, it is only applied when you make withdraws over the phone or electronically. Oh, that also includes transfers from your savings account to your checking account.

This kind of make me want to quote the JD Wentworth commercials, “It’s my money and I want it now!”

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Title 12: Banks and Banking PART 204—RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (REGULATION D)

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