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Contributor
I was charged 55$ for 16 transfers between my checking account and savings I was never told I would receive charge like this. Since when can't u move ur own money around

6 REPLIES

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Like you, I'm not sure when this became a thing, but supposedly it's a tax law now that you can't withdraw more than 6 times a month from your savings account and at which point you pay fees. I was also told that if you have so many transactions within a month, the savings account also becomes a checking account (for whatever reason), and that's supposed to be the same with all banks. I'm sorry to hear about this experience, but at least now you know I guess!

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Yes, it is a law that all banks have to abide by. It was implemented a few years ago. USAA notified their members via postal mail and email if your account was set up for it. I had some similar charges. Just transfer more at one time. There isn't a limit on the amount, just a limit on the number of times.
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This has been around for at least 10 years..by law you're only allowed a certain amount of transfers per month between savings and checking accounts...when I found out, I just change saving to a checking and make as many transfers as I want.
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Definitely don't agree. I have another bank account with someone else other USAA and I can make multiple transfers with the fees or conversion. Why is this just with USAA? Which law tells me that if I make more than 6 transfers my savings switches to a checking? No one has been able to tell me or show me either.
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It's definitely not USAA's fault, I knew about that, it's the same for all banks now, best bet is to transfer enough funds so you don't have to go back and make other transfers from your savings account
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same thing occured with me! i dont see how they can charge to use your own hard owned money.