So, I got an email from my bank about "Regulation D":
which places a limit of six withdrawals or outgoing transfers per month from savings or money market accounts via several transaction methods. Transactions counted against the limit include "preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by check, draft, debit card, or similar order made by the depositor and payable to third parties." Transactions not counted against the limit include "mail, messenger, automated teller machine, or in person or when such withdrawals are made by telephone (via check mailed to the depositor)."Violating this limit results in a $15 fee (at my bank) and repeatedly doing so will force the account to be converted to checking or closed.
I'm posting this because it never ceases to amaze how deep the state reaches in its control and regulation of every aspect of our life. This is another example of the government screwing us over, and violating our basic rights of customers and businesses to make their own contracts. It is another example out of a billion that we've long abandoned the title "free country". We supposedly learned long ago to separate the church and state; it's about time we do this to banking (and everything else).