Exceed Monthly Savings Account Withdrawal Limit

No, this is not for speeding, but for online transfers at my HSBC account.

I got a letter from HSBC tonight dated last Thursday, August 24th. The letter says my savings account at HSBC has a limit of six “preauthorized, automatic, computer or telephone transfer” in any month, calendar or statement cycle month and I have exceeded the limits.

Exceeded the limits? How?

I have been using HSBC for more than a year and this is the first time I got such a letter. I don’t think I did anything differently recently, except the extra T-Bills purchase I added this month. When I increased my weekly purchase of the 4-week T-Bills to $3000, I didn’t amend those previously scheduled purchase as TreasuryDirect doesn’t allow changes to be made on existing orders. So I simply created a separate order of $1000 per week. This, however, makes a total of eight transfers from my HSBC account to TreasuryDirect instead of four. To make sure this is indeed what happened, I logged into my HSBC account and counted the transfers made in August. Exactly seven and the last one was on August 24th, the date that TreasuryDirect withdrew funds for that week’s purchases. So that’s why.

Actually, I was thinking of deleting my existing orders when I added the new purchase. However, when I followed the Delete a scheduled purchase link under the Manage Direct menu, I was afraid that I have to delete some 30 existing orders one by one as it appeared I can only select one order at a time. That’s a lot of work to do! But today I have no choice but deleting all the transactions I have scheduled, even it means I have to do it one by one.

Well, things aren’t as bad as I thought. When I tried to delete one transaction, there was an option of either delete this specific one, or delete all the remaining repeat orders. I chose the latter and all my orders were gone!

Probably I should have tried last time, instead of being intimidated by potentially a large number of clicks required.

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