The Federal Reserve announced a ruling amending Regulation D which allows banks to suspend limits on certain kinds of transfers and withdrawals that may be made each statement period on savings and money market accounts. Prior to this ruling, the limit on certain kinds of withdrawals and transfers for these types of accounts were 6 per statement cycle.

This update to Regulation D is welcome news for those who may need to access their funds due to urgent needs caused by the COVID-19 Pandemic and were concerned about exceeding those limits. This ruling allows us to remove that inconvenience so that our clients may access their funds as needed without having to worry about limits and fees.

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