Federal Reserve Eliminates Savings Account Transfer Limits
In yet another example of how the pandemic is transforming the way people conduct business, U.S. bank customers are no longer limited to the number of withdrawals and transfers they can make to and from their savings accounts. On Friday, the Federal Reserve announced it was scrapping such constraints entirely, with its decision being effective immediately.
Previously, the Fed capped the number of these transactions at six per month. This threshold was enshrined in Regulation D, a federal law. Although customers could exceed this number, they were subject to penalties -- at times onerous -- from their banks.
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Source Fool.com
