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.
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Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!