Federal Reserve scraps transfer count limits on savings accounts

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BrandonBogle
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by BrandonBogle »

Cheez-It Guy wrote: Sun Aug 30, 2020 6:03 pm So if this change is indeed permanent, and if Marcus has no fees for exceeding the old limit, is there any good reason not to change my credit card autopay to the Marcus savings account instead of big bank no-interest checking? I have three cards, so that would be up to three additional debits per month. Would mean less time with the payment funds sitting in a non-interest-bearing account.
Inertia.

And people like me who still maintain a check register. I only do so for my primary checking account, so everything funnels through it so I record it along the way.
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Cheez-It Guy
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by Cheez-It Guy »

anon_investor wrote: Sun Aug 30, 2020 6:07 pm
Cheez-It Guy wrote: Sun Aug 30, 2020 6:03 pm So if this change is indeed permanent, and if Marcus has no fees for exceeding the old limit, is there any good reason not to change my credit card autopay to the Marcus savings account instead of big bank no-interest checking? I have three cards, so that would be up to three additional debits per month. Would mean less time with the payment funds sitting in a non-interest-bearing account.
Do it . I have a dedicated Ally savings account used for just that purpose.
Thanks for the push. Done!
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Cheez-It Guy
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by Cheez-It Guy »

BrandonBogle wrote: Sun Aug 30, 2020 6:58 pm
Cheez-It Guy wrote: Sun Aug 30, 2020 6:03 pm So if this change is indeed permanent, and if Marcus has no fees for exceeding the old limit, is there any good reason not to change my credit card autopay to the Marcus savings account instead of big bank no-interest checking? I have three cards, so that would be up to three additional debits per month. Would mean less time with the payment funds sitting in a non-interest-bearing account.
Inertia.

And people like me who still maintain a check register. I only do so for my primary checking account, so everything funnels through it so I record it along the way.
Pretty easy switch. It gets rid on an annoying monthly process where I have to calculate the total of all credit card bills, add in my utility bills, and make a monthly transfer from savings to checking. I'll still have to do it for utilities, but one is always the same amount, so that drops things to one unique bill per month. Less hassle to manage.
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BrandonBogle
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by BrandonBogle »

Cheez-It Guy wrote: Sun Aug 30, 2020 7:03 pm
BrandonBogle wrote: Sun Aug 30, 2020 6:58 pm
Cheez-It Guy wrote: Sun Aug 30, 2020 6:03 pm So if this change is indeed permanent, and if Marcus has no fees for exceeding the old limit, is there any good reason not to change my credit card autopay to the Marcus savings account instead of big bank no-interest checking? I have three cards, so that would be up to three additional debits per month. Would mean less time with the payment funds sitting in a non-interest-bearing account.
Inertia.

And people like me who still maintain a check register. I only do so for my primary checking account, so everything funnels through it so I record it along the way.
Pretty easy switch. It gets rid on an annoying monthly process where I have to calculate the total of all credit card bills, add in my utility bills, and make a monthly transfer from savings to checking. I'll still have to do it for utilities, but one is always the same amount, so that drops things to one unique bill per month. Less hassle to manage.
I hear you. For me, it typically is once every 6 months I make a savings transfer. Otherwise, my cash flow is handled on automatic with my paycheck and direct deposit selections (which includes an Ally deposit per paycheck).
hudson
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by hudson »

A Penfed representative just told me that they still have the 6 transfer limit on savings account...no change.
UpperNwGuy
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by UpperNwGuy »

hudson wrote: Tue Sep 15, 2020 9:26 am A Penfed representative just told me that they still have the 6 transfer limit on savings account...no change.
So does Navy Federal Credit Union.
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Cheez-It Guy
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Re: Federal Reserve scraps transfer count limits on savings accounts

Post by Cheez-It Guy »

I switched my credit card autopay preferences to my Marcus savings account as indicated earlier in this thread. Payment for two cards just drafted with no issues. Withdrawal / debit count at 8 for September. No fees. Looks workable for those potentially interested in doing the same.
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