Federal Reserve Bank, The Feds Federal Reserve dipped into MY savings account, Internet

is available at this site!

*Just type in 411913 and it appears as 'Consumer Comment #64' at Ripoff Report #411913.

Thank You

are both available at this site!

Just type in 646259 and the first poem appears as 'Consumer Comment #79' at Ripoff Report #646259.

Then type in 608350 and the second poem appears as 'Consumer Comment #21' at Ripoff Report #608350.

Thank You

was the catalyst for the housing boom, which was an 'illusion', and it subsequently caused the collapse of the banking system and the stock market crash in September of 2008, right? It also resulted in the loss of over seven million jobs in the USA, correct?

Let's face it, the fact that millions upon millions of Americans took out ARM's and Interest Only Mortgages to purchase homes and re-finance their homes led to the eventual meltdown of the banking system in the USA.

If you 'Google' this- WHO OWNS THE FED?, and go to the site with the 5 charts, you'll see that Lehman Brothers is listed in 'Chart 1', right?

Now 'Google' this- FRONTLINE: INSIDE THE MELTDOWN, and watch the entire documentary on the web. Listen very closely to what was stated about Lehman Brothers, which eventually went bankrupt!

The Federal Reserve is made up of bankers, who obviously don't understand how markets should function. If they did, then we wouldn't have experienced all of the problems that we encountered throughout 2008, correct?

You can type in 502469 at this site and go to 'Consumer Comment #47' and read "WHO OWNS THE FED POEM".

Thank You

P.S. It's interesting that someone at this website obviously saw the "Collapse of the U.S. economy" coming a year BEFORE it actually took place. (That person does not work for the Fed, and he's not an economist.)

*Just type in 271454 and go to 'Consumer Comment #1' at Ripoff Report #271454 and read the 3rd paragraph of that consumer comment, which was posted on September 3rd, 2007. It's right there in plain English, isn't it?

...let me offer some info.

The activity fee was simple - CHASE gets charged by the fed and charges you, for exceeding savings account activity limits. They probably pad it (charge more than they pay the Fed)but it's their legal right to do so. Honestly they should have closed your account a while ago or asked you to switch to a checking.

The reason for Regulation D has to do with reserve requirements. Banks pay more interest on savings because the money "stays there" longer and therefore is more stable to use to lend out to people. It's not "outdated" - it's necessary to make sure that savings accounts maintain an overall level of balances so they can be used as lending funds. My question is why you wer using a savings account as if it were a transaction (checking) account - it's a SAVINGS account. To SAVE money, and sure, if you need it you can use it, but if you're using it that often, you probably should use a checking account, and move the money over in larger sums less often, then do your transactions out of the checking. This keeps you in Reg D compliance. If you can't handle a checking without overdrafting, I'm not sure how using a savings for this purpose changes that at all. You could try balancing a checkbook to "avoid overdraft usury fees" after all. You're basically admitting you can't handle your finances by saying that.

Bottom line - the bank didn't do anything wrong and neither did the Fed in this case. Plenty of things they've done wrong lately, but not this.

is available at this website!

*Just type in 683114 and it appears as 'Consumer Comment #2' at Ripoff Report #683114.

Thank You.

P.S. Mike, In order to see the people who were pictured at a site mentioned in 'Consumer Comment #4', it is necessary to 'Google' this- WHO CONTROLS THE UNITED STATES ECONOMY? STORMFRONT, and the pictures are available there.

***For some odd reason, the other site no longer has the pictures that were once available.

and the 4 related charts and read them, okay?

Just don't like to see rip offs and like to help prevent them, not just insult victims.

I guess when Edgeman gets ripped off or abused he does nothing about it? Or maybe he never got ripped off because he is super human or super lucky. maybe he lives in a cave in the woods?

Perhaps this poster like many many many other bank customers do not understand reg d? And perhaps this poster was lied to or DECEIVED by the bank regarding the fees?

Unless Edgeman ,you can show us ANYWHERE in reg D that claims the feds charge fees for this..or require the bank to?

Rip off and deception/lies used to collect fees by the bank? Seen this before.

Lets be honest here Edgeman..ever hear of good old honesty? Reg D is outdated. We are at the age now where 6 electronic transactions for a customer can happen in a day. (although some banks have limited it to 3 and 4). Back then in the 80s I think when reg d was put into place, how many electronic transactions were done in a year by a single banking customer? Probably not even 6. They even consider an electronic transfer INTO the bank (a deposit) as it counts against you. Even overdraft protection services linked to your checking counts against you..so if you make a mistake, you get a fee for the overdraft PLUS a fee for reg d violation..quite a racket they got going wouldn't everyone agree?

Think it needs to be updated? I bet the banks do not want to revise anything so what will stop this Edgeman? Yes the customers can prevent this by keeping track of the number of transactions they conduct electronically per month, but how come so many did not know about the fees? And again what is the point really. If you are unlimited using ATMs and in person the transactions can happen anyhow. Seems like taking advantage of the "convenience" of online banking which the banks so verily promote and encourage, customer error, and more contract term issues..once again.

No emotion, just honesty.

Oh and I guess people should not be "emotional" and pissed off when taken advantage of like this? Yeah Edgeman, just let the banks crap all over customers and then judge those who complain..that will really help anyone.

Did the bank explain the reason the Feds are taking out $20.00 a month? I understand regulation D limits access, but what is the charge for?

Here is a list of FAQs regarding reg D from University Credit Union. Can you explain further what has actually happened? This could be interesting.

1. What is Regulation D?
Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts (MMAs) without your physical presence being required. Transfers affected by this regulation therefore include:

    * Transfers made using Online Banking
    * Transfers made using Telephone Banking
    * Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
    * Transfers made by a Member Service Representative on your behalf
    * Pre-authorized, automatic, scheduled or recurring transfers (see below)

You are allowed six such transfers per month, per account.

2. What transactions are not affected by Regulation D?

    * ATM transactions.
    * Transfers made to UFCU loans.
    * Transactions done in person at a branch (including shared branches).
    * Transactions sent in by mail, Express Drop, or Night Drop with an original signature
    * UFCU Bill Pay (which uses funds from your checking account)

3. What are my options once an account has reached its Regulation D limit?
You may complete withdrawals and transfers in person, by mail, or at an ATM.

4. If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?
No, if the Overdraft Protection account is a Savings Account or MMA. In that case, you will receive a notice by mail and incur an Insufficient Funds change for every overdraft attempted beyond your monthly limit. However, if the Overdraft Protection account is a Line-of-Credit loan (which is not affected by Regulation D) the overdraft will complete normally. To apply for a Line-of Credit loan, apply online or contact us.

5. I have authorized a merchant to automatically withdraw payments from my Savings Account or MMA; do these count against my monthly limit?
Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur an Insufficient Funds change. To avoid this situation, make automatic payments using something other than a Savings Account or MMA, such as a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect. Alternatively, consider using UFCU Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.

See page 5 of your account agreement.

https://www.chase.com/index.jsp?pg_name=ccpmapp/individuals/savings/page/chase_savings

You won't get your money back but if Regulation D truly makes you angry you might wish to avoid banks for the rest of your life.

I see that you are located in North Hollywood. There's a user here from the same area who also gets emotional about banks. You two should party.