FEDERAL RESERVE REMOVES LIMIT ON TRANSFERS & WITHDRAWALS

Through Regulation D (Reserve Requirements of Depository Institutions), the Federal Reserve imposed limitations on account holders, allowing only six withdrawals or transfers per month from a “savings deposit” account.  With the impact of COVID-19, the Federal Reserve Board recently amended Reg D to suspend that limitation, providing relief to those who need greater access to funds during this time. With this amendment, you are now able to make an unlimited number of transfers and withdrawals from your savings deposit accounts. Please note that Reg CC rules do still apply on large transfers and withdrawals.

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