LAS VEGAS — (04-25-20) — The Federal Reserve Board announced Rule Changes to Personal Bank Accounts due to the coronavirus COVID-19 crisis on Friday.
The new rule amends Regulation (D), allowing consumers to make unlimited withdrawals or transfers from savings to checking accounts instead of being capped at six per month..
Watch Fed Rule Changes on Personal Bank Accounts
Banks and credit unions are now able to immediately suspend this regulation, giving customers an unlimited number of transfers and withdrawals “at a time when financial events associated with the coronavirus pandemic have made such access more urgent,” according to the statement.
Article by: Paul Goldberg, Staff Writer
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