Withdrawal and Transfer Limits on Savings Accounts Temporarily Suspended
The Federal Reserve Board has temporarily suspended Regulation D – a law that limits the number of convenience transactions from savings deposits to six per month.
In response to financial distress caused by the COVID-19 pandemic, this decision allows for an unlimited number of convenience transfers and withdrawals from savings deposits at a time when access to funds is more urgent.Read the official Federal Reserve announcement
What does this mean for you?
Transfers and withdrawals from your Fortifi Bank savings or money market accounts are temporarily unlimited. There is no penalty for exceeding the usual six-per-month restriction.
What type of transactions are usually limited to six-per-month?
A convenience transfer or withdrawal includes any of the following:
- Online transfers to another internal or external account
- Transactions made by telephone
- Pre-authorized, automatic, or recurring transfers (i.e Bill Pay)
- Order or instruction by check, draft, or debit card
Withdrawals or transfers made in person, by messenger, by mail, or by ATM are always unlimited.
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