I got a call from them saying that I exceeded the “account transaction limit”, which is something like 3 online transfers a month or something.
They told me they will shut down my savings account, but in place give me a new checking account (free). So instead of a savings, I will have 2 checking accounts.
At first I thought this was mandatory, but they said they needed my permission. I understand that there IS a government imposed limit, but why shut down my savings account altogether? They seemed very persistent about it.
Is this some sort of financial tactic? will my credit score go down if i shut down my savings? what should i do.
They can do this. You always have to read the fine print. This will not have any effect on your credit rating. I think that I would look for another bank, maybe BAC.