As you might know if you have read any of my threads, i buy a lot of my coins on ebay and it is all low dollar stuff. Over the last month I picked up what I thought to be a number of real bargains. Here is where the grapes turn sour, at the beginning of August i had my savings account hooked to my paypal. Before that I would use one of those pre-paid credit cards from walmart, but it was a hassle to run there and put money on it all the time. So I contacted my credit union and talked to a nice lady and told her what i wanted to do, and that I was buying on ebay and might eventually do some selling so I wanted to get this all set up. Since my money is direct deposited in there this was nice. So I went along my way buying one treasure after another until the mailman came to my house yesterday. In the mail was a bill from the credit union for $60.00, I called and it seems that every automatic withdrawl made from a savings acct. not checking, has a $5.00 transaction fee after a limit of 5 a month. When i lost my mind about this the girl said this was a government requirement for credit unions (not sure about banks) and not their policy. To tell you where I am currently, I have called the vice president and asked him to look at the transactions, and asked him if he really thought I would buy a $4.00 coin with a $5.00 transaction fee. We have been members there for 20 years and I have asked him to do everything in his power to waive these fees. If he cannot find a way I assure you there will not be a 21st year in our banking relationship. That really takes the gain out of bargain!!!!:desk::desk:
I don't know if it is really true or not about the government rule. I have an account with Navy Federal Credit Union and I have done over 5 transactions in 1 month and never got charged a fee. That really sucks I hope they waive the fee for you. Better read the fine print!!
Sounds like my credit union - that is why I use a checking account. I am only allowed so many transactions on my savings accounts. I do not remember the limit - or the fees. I also recall that the tellors always do transactions on the checking account and then transfer to savings; it seems that did not count as a transaction. I will have to ask them about this. I can tell you this if I was to sell on ebay I would open a second checking account at another bank and not use my primary checking account.
most banks have some sort of savings account that has limitations. u just need to get a seperate checking account or you can also link credit cards to paypal.
That really is a tough pill to swallow. I belong to a credit union and they are terrible. I use them to cash my check and I have a savings there but they really stink when it comes to regulations. I applied for a credit card there and I was refused, well I wasn't refused, I refused as the percentage was ridiculous. You will be very lucky if you get them to turn things around for you. good luck
That really stinks. I basically set up a dedicated checking acct for ebay/paypal only. To me it is easier to keep the coin stuff seperate from everything else and if someone hacks it, there is less they can get.
It's a federal law for some reason. I never understood the point of it when I worked at the bank...but if I remember right it has to do with legally making a savings account different from a checking account. You may be stuck...and that's unfortunate. Since federal law requires them to charge those fees they might not be able to legally wave them. The same would be true of any bank you might choose to do your businesses with. So, as irritating as it is...you might want to consider if it really is worth finding a new bank after 20 years if the new bank would do the exact same thing.
Sorry about your luck I would try to tell them your average monthly transactions are less than 5 and see if that flies.
I will put this into the learned something new category, I have been a member of my credit union for over 30 years and if they did mention those fees, It had slipped my mind. I also like the idea others have stated about a dedicated checking account simply for coins, and hobbies stuff.
I see your in Illinois. I know this is really to late to say but why a credit Union here. I thought with a bank on almost every corner around me, there would be a real contest for the cheapest ones. And as to ebay? Again, if your in Illinois, why use ebay. There are coin shows every Sunday around the Chicago area, many more South of here too. Why pay pay pal, postal costs, insurances and not really know what you've bought till it gets there. I would guess there are hundreds of coin stores around this state too. And too with the coin dealers at flea markets, just way to much for anyone to use ebay. One flea market by me last Sunday had at least 15 coin dealers. None of the banks around me charge for checking, cash station withdrawals or deposits, etc. One doesn't even charge for new checks.
Credit Unions and Banks have different federal rules. That's why CU's call it a Shares Account vs a Savings Account. Banks don't refund a portion of interest paid each year either. Pluss's and Minus's to both.
I get an email from my bank every once in awhile stating that I'm exceeding the amount of withdrawals per period per blah blah... I never got charged so I ignored them. I have my paypal linked to a secondary account and I now bet that it is a savings account. I'll have to switch it to a checking account. Good info, Thanks!
Update, the way it stands right now, it looks like somehow the VP was able to get the:hatch: fees waved. They did not deduct them from my account this week so I think all is well. a lesson learned, read all the fine print.
