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What is a principal debit?

What does "MISCELLANEOUS DEBIT EXCESSIVE REG-D TRANSACTIONS FEE Debit" mean?

  • So I log into my online bank account and see this: "MISCELLANEOUS DEBIT EXCESSIVE REG-D TRANSACTIONS FEE Debit" (They charge me $30) What in the world does this mean? Please explain and how I can avoid this! Thank you!

  • Answer:

    Go back to your bank's web site and click on FAQ's and see if there is an answer. Otherwise, call the bank and ask. Some banks offer certain types of accounts that have a limited number of transactions you can do. If you exceed the specified number for your type of account, they can charge you the extra fee. Look at the history of your account and see how many transactions you made. If you make ATM withdrawals every day and you use your debit card everyday or many times each week and you have other transactions, that could cause you to go over the limit.

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Regulation D is a Federal Banking Regulation that covers certain transactions. I'm guessing this is on a Savings Account. Savings Accounts are meant for SAVING money. Regulation D requires banks to limit the number of electronic transactions (like transfers to other accounts, or regularly scheduled withdrawls, or ATM withdrawls) from savings accounts. I think the limit is 6 per month. This restriction does not typically apply to withdrawls made at a teller. If you exceed the number of allowed transactions, your bank will typically charge you a fee for the first (and possibly second) incident. After that, they will typically convert your savings account to a checking account.

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