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Question

Are there any laws in NJ that states I can only withdraw from my personal savings account 6 times a year because Wachovia said that I have exceeded the limit and they closed my savings account.

Submitted: 90 days and 3 hours ago.
Category: Finance
Value: $18
Status: CLOSED
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Already Tried:
I tried looking under NJ dept of banking and insurance and there is nothing pertaining to this kind of law.

Accepted Answer

The maximum withdraw of 6 times per year is not just NJ law. It's the federal banking regulation that the bank is required to follow. Federal Reserve board Regulation D.

 

Hope that helps. Please click Accept if you are satisfied with the answer.

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Expert: Kophy
Pos. Feedback: 100.0 %
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Answered: 8/25/2009

Certified Public Accountant (CPA)

CPA with Big 4 public accounting experience and now working as an Internal Audit Director.

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