Today, the Federal Reserve Board issued an Interim Final Rule to eliminate the debit limitation for “savings deposits”.
Prior to this issuance, savings account customers were prohibited from making more than six transfers or withdrawals per calendar month or statement cycle (or similar period of at least four weeks).
This interim Final Rule will immediately allow customers to make an unlimited number of transfers and withdrawals from their savings accounts. It also, obviously, eliminates the requirement for institutions to prevent excessive withdrawals and/or monitor for violations. Keep in mind, this change does not require institutions to eliminate the six-debit limitation or any fees assessed by the institution.
The Fed’s Savings Deposits Frequently Asked Questions provide other useful information regarding this change.
Make sure you subscribe to our blog to get the most up-to-date Banking Regulation information. https://store.bankerscompliance.com/#/Registration?keyword=&type=