DVDBob said:niicceem said:DVDBob are you saying I can pay unlimited number of bills using online billpay feature and I wouldn't get penalized? have you done it?
the following from the fine print is what confuses me.
"By federal regulation, not more than six preauthorized, automatic, online or telephone transfers or withdrawals are permitted per statement cycle. Three of these six transfers or withdrawals may be made by check or debit card (also known as Point-of-Sale (POS) withdrawal)"
Sorry, I don't really know as I only plan to use ACH transfers with my account. From what you cut and pasted, it looks like there is a cap of 6 total tranactions no matter what method is used. I have found that Flagstar Customer Support is very responsive and very polite over the phone, so just give them a call and ask!
Just to clarify this point, I emailed Flagstar about this and here was their reply:
An unlimited number of deposits or withdrawals are permitted in person, by mail, or ATM. By federal regulation, not more than six preauthorized, automatic, online, or telephone transfers or withdrawals are permitted per statement cycle. Three of these six transfers or withdrawals are permitted by check or debit card (also known as Point of Sales (POS)) withdrawal. Bill pays will count against the six total transactions per statement cycle. If you write checks or use the debit card three times during the statement period, you would only have three bill pay transactions for the months. If no checks are written or the debit card is not used, you have six transactions or bill pays for the statement cycle to use.
For clarification purposes the limit is only on "preauthorized withdrawals."
An excess preauthorized withdrawal fee of $10 may be charged for each preauthorized, automatic, online, or telephone transfer or withdrawal in excess of six during a statement cycle.
They also claim that they only do a soft pull, but some of the other posters above claimed it was a hard pull. Then again, those posts were fairly old, so maybe the policy has changed. |
