NEW YORK (CNNMoney) — As other banks recoil from the customer wrath they faced after attempting to introduce debit card fees, TD Bank is rolling out a brand new fee and hiking others.
Starting in December, TD Bank (TD) savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account. Transactions include online transfers from their savings account to other accounts, as well as phone and debit card withdrawals.Citing a federal rule known as Regulation D, which limits the number of transactions customers can make from their savings accounts to six, other banks including Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500) already have similar fees in place.
Transaction fee
Regulation D is a real thing and my credit union has been enforcing it for about 5 years. It’s a weird regulation tho.
i’ll bet dollars to donuts it has something to do with Homeland Security (as if). They just continue to make our lives harder.
Nah, it’s all about the benjamins. They need to raise some more dough for their next trip to the casino, and not screwing peons is like leaving money on the table.
With the crappy interest rates on offer, you might as well stuff your money in a mattress.
i know nothing about regulation D, but I DO know that my credit union treats me much better than TD Bank EVER did. TD’s abusive behavior is in fact the reason I am at a credit union now.