Wamu Banker’s Pen

So. I promised myself this would simply be a forum to educate people on what I think are obvious, but overlooked, paradigms of personal finance. And possibly other topics (though my econ background doesn’t help with cooking — and i expected economics at university would be like home economics in high school!). I promised myself it wouldn’t be the typical blog-slash-opportunity-to-bitch.

Well, I found something to bitch about. So that promise has gone out the window by post #2.

Today WaMu charged me $20 for “excess activity” in my savings account (two $10 charges). Upon calling, I was told that it’s an FDIC-mandated charge placed on savings accounts, essentially as a way of differentiating them from checking accounts, called Regulation D. And that it comes into effect after six transactions per billing cycle. And that there was nothing they could do about the charges. And a number of posts on the internets seem to confirm this.

However, a number of posters on the internets haven’t looked at the FDIC regulations.
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