Saturday, January 14, 2012

Federal Regulation D

Today there was a message on my answering machine from my bank with an "urgent" message.  I was worried that it might be fraudulent charges so I immediately called.  I was informed that I was getting close to violating Regulation D of the Federal Reserve board.  That sounded pretty serious to me.

Then the bank representative told me what Regulation D was: it limits the number of online transfers you can make between your accounts to 6 times a month.  I had already made 5 transfers and the month is only half over (I would explain why but it is no more your business than it is the Federal governments business).

I can't imagine what could possibly be wrong with making more than 6 online transfers.  Nor can I imaging why the Federal Reserve board thinks it's any of their business.  It's my money and my relationship with my bank.

It seems I've heard talk of the need for more financial regulation out of Washington DC.  No Thanks!