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Federal Reserve Suspends Six-Limit Transfer on Savings Accounts

The Federal Reserve Board has no plans at this time to re-impose transfer limits between savings and checking accounts under Regulation D.

Federal Regulation D is a federal law that limits certain withdrawals or transfers to six per month from a savings or money market account.

In April 2020, an interim final rule was made to Regulation D that allowed financial institutions to eliminate the six-per-month transfer limit between savings and checking accounts. The temporary revision provided consumers with added financial support during a time when monetary access was more urgent.

The new ruling is good for both consumers and financial institutions. It allows consumers to have more access to their money, and makes it easier for them to pay bills more frequently online from a savings account.

The Federal Reserve Board is a seven-member body that governs the Federal Reserve System, the U.S. central bank in charge of making the country’s monetary policy. The Federal Reserve Board is considered an independent agency of the federal government.

Please view the Federal Reserve Board’s FAQ for more information regarding Federal Regulation D.

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