Originally Posted by
atwnsw2
Can somebody help me with a small piece of trivia?
My bank started to charge me $40 per $7,500 for the bags that Brinks requires. I remember reading something on this board that said they weren't allowed/supposed to charge for depositing money...
Can somebody provide me with further detail so that I can fight this charge?
[I realize that I can threaten to close my account but my preference would be to have factual support in my case]
Thanks in advance...
I think it's the
Truth in Savings Act. Implemented by
Regulation DD.
Depository institutions shall make the disclosures required by §§ 230.4 through 230.6 of this part, as applicable, clearly and conspicuously, in writing, and in a form the consumer may keep.
Excerpts:
§ 230.4 Account disclosures.
(a) Delivery of account disclosures-- (2) Requests. (i) A depository institution shall provide account disclosures to a consumer upon request. If a consumer who is not present at the institution makes a request, the institution shall mail or deliver the disclosures within a reasonable time after it receives the request and may provide the disclosures in paper form, or electronically if the consumer agrees.
(b) Content of account disclosures. Account disclosures shall include the following, as applicable:
(4) Fees. The amount of any fee that may be imposed in connection with the account (or an explanation of how the fee will be determined) and the conditions under which the fee may be imposed.
(5) Transaction limitations. Any limitations on the number or dollar amount of withdrawals or deposits.
In short, it looks like they need to disclose to you the fees in writing upon request. They are allowed to charge for deposits (banks do it all the time for businesses) as long as they follow the regulations.