Ally 6 transaction limit fees returning to Ally

[MJ]

I just got off with an Ally supervisor about the status of the 6 transaction limit fee being "waived". She stated that at Ally, the fee waive will expire July 18. Even though the Federal Reserve Board did not mention an end date in their press release, they apparently left it up to the institutions to "self" regulate whether they will continue to gauge, I mean charge a fee for those that do not pay attention to their monthly transactions per account. I setup multiple accounts to pay my bills to get around the 6 trans restriction. On the plus side, at least, Ally chose to waive the fee for 120 days, over a month before the Fed made the announcement. I was hoping that after the April 24th Fed announcement Ally would either suspend until further notice or eliminate that fee.

 

[Sunset]

I have a brick and mortar (B&M) bank which pays all my bills.
Then I just need to transfer once per every so many months to/from Ally to max my savings, leaving enough in the B&M bank to pay bills.

 

[FANOFJESUS]

Set up an Ally checking account then you will not be limited to 6 It is easy to move money between the two. Are you writing checks out of the online saving to pay your bills?

 

[MJ]

First, all my payments are handled electronically not with paper checks. I have an Ally checking account but prefer having my money in the higher interest savings account having the payments withdrawn from there. They work just like a checking account except for the 6 trans limit but with much better interest rates which of course, have come down big time over the last year. I have several just to pay my bills electronically.

 

[Dtail]

First, all my payments are handled electronically not with paper checks. I have an Ally checking account but prefer having my money in the higher interest savings account having the payments withdrawn from there. They work just like a checking account except for the 6 trans limit but with much better interest rates which of course, have come down big time over the last year. I have several just to pay my bills electronically.

I keep my money in the Ally Savings account, then transfer to BOA monthly to pay bills. You can just do the same with Ally checking once a month, then pay everything from there.

 

[GalaxyBoy]

I transfer from Ally to Schwab once per month as well.

Of course, the difference in interest between the Ally savings and checking accounts is only 0.9%.

 

[MJ]

I transfer from Ally to Schwab once per month as well.

Of course, the difference in interest between the Ally savings and checking accounts is only 0.9%.

I have been doing this for several years when the savings rates were much much higher while the checking account rates were always extremely low. Of course ,now it has become somewhat of a mute point.

 

[FANOFJESUS]

First, all my payments are handled electronically not with paper checks. I have an Ally checking account but prefer having my money in the higher interest savings account having the payments withdrawn from there. They work just like a checking account except for the 6 trans limit but with much better interest rates which of course, have come down big time over the last year. I have several just to pay my bills electronically.

So you are having companies draft out of your saving account from their end. Not something you do on the Ally end of the deal.

 

[jazz4cash]

I had no idea they had suspended Regulation D. I never understood the logic of this rule, and after digging around today it makes even less sense to me. I just make 2 automatic transfers monthly to cover regular bill payments pushed from from checking. That leaves 4 transfers per month for extraordinary events.

 

[catotx]

Switch over to Marcus. They have eliminated the monthly 6-withdrawal limit

"Due to a change in federal law, you are now free to make more than six withdrawals or transfers from your Online Savings Account in a monthly statement period. At this time, there is no limit to the number of withdrawals or transfers you can make."

https://www.marcus.com/us/en/faqs#limits

 

[MJ]

So you are having companies draft out of your saving account from their end. Not something you do on the Ally end of the deal.

Yes. You set up a auto payment on the website of your credit card, utility companies, insurance, your government owned taxes etc.

 

[MJ]

I had no idea they had suspended Regulation D. I never understood the logic of this rule, and after digging around today it makes even less sense to me. I just make 2 automatic transfers monthly to cover regular bill payments pushed from from checking. That leaves 4 transfers per month for extraordinary events.

There is no restrictions from checking, only savings and money market.

 

[FANOFJESUS]

Yes. You set up a auto payment on the website of your credit card, utility companies, insurance, your government owned taxes etc.

Thanks MJ I am learning a lot from you.

 

[jazz4cash]

There is no restrictions from checking, only savings and money market.

Yes, that's what I was saying also.

 

[MJ]

Yes, that's what I was saying also.

I misunderstood when you mention you had 4 more transactions, I thought you were referring in checking.

 

[jebmke]

I set up all my CC payment dates and direct debits at the beginning of the month. Money moves to checking and goes out in about 2-3 days. so there really isn't a reason to store money in the bank for long.