Savings Account Talk: Limit Of Six Transfers?

This came up when I googled "banker" so I'm rolling with it

I was approached yesterday by a young gal (happens all the time) that wanted me to complain about something I had never heard of: There is a limit of the number of times you can transfer money out of your savings account. I thought, "Huh?" But then she told me she had both been charged fees and had a savings account closed (and reopened with a new number) when she exceeded four transfers.

Then she said it was a "federal regulation."

I thought, "Baloney. It's your bank screwing you around."

But, lo and behold, there is a federal regulation that limits the transfers (what is defined as a "transfer" is kind of complicated) to six per month. (It looks like a bank can make the number less and create its own fees for violations, but the reg is silent about that.)

I had no idea.