What's New? Elimination of Reg D Transfer Limit

The Federal Reserve Board has made a temporary revision to allow savings account holders to make an unlimited number of transfers or withdrawals. Banks may (but are not required to) eliminate the limitation of six transfers or withdrawals per month in order to allow people greater access to their personal savings during the coronavirus pandemic and time of economic uncertainty and widespread unemployment. The change also does not prohibit banks from charging their customers fees for transfers or withdrawals beyond the six transfer limit.