The Federal Reserve is temporarily waiving limits on the number of ACH savings account withdrawals and transfers that bank and credit union customers can make. Typically, account holders are limited to six “convenient” transactions per month. The Fed has eased that so that banks can ensure consumers have greater access to their funds, if needed.
This will “allow customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent,” the Fed said in a statement.
Savings accounts usually serve as emergency funds for consumers. More than 26 million Americans have applied for unemployment benefits over the last five weeks due to the COVID-19 pandemic.
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Source: Federalreserve.gov and “Federal Reserve Waives Limits on Number of Savings Account Withdrawals, Transfers,” USA Today (April 24, 2020)