Good news! The Federal Reserve has amended Regulation D to delete the six-per-month limit on convenient transfers from a savings account. Credit unions have lobbied for this change for years. This action will make it easier for us to allow you access to your funds, which is vitally important as we all deal with the impacts of the COVID-19 pandemic.
What this means for you:
You are no longer restricted to six remote transfers from your savings accounts. Previously, after consumers reached the limits, they could only access funds through an ATM or branch visit. Remote transfers include Online Banking transfers, phone requests for share to share transfers, cashier’s checks payable to a third party, and wire transfers to a third party. You may now make an unlimited number of transfers and withdrawals from your savings without leaving the safety of your home.