Fed Ends Limits on Withdrawals and Transfers From Savings Accounts

In its continuing effort to support households experiencing financial difficulties during the COVID-19 pandemic, the Federal Reserve announced that banks can now let customers take an unlimited number of transfers and withdrawals from their savings accounts. 

Depository institutions are no longer required to limit transfers and withdrawals to six per month, but they are not obligated to suspend enforcement of the previous limit, according to the Fed.

Its interim final rule, which amends its Regulation D, takes effect immediately because “financial events associated with the coronavirus pandemic have made such access more urgent,” according to the Fed.