Important change to Reg D per COVID-19:
The Federal Reserve Board announced on Friday, April 24, 2020, an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from savings accounts. The interim final rule allows financial institutions to immediately suspend enforcement of the six transfer limit and to allow their customers/members to make an unlimited number of convenient transfers and withdrawals from their savings accounts at a time when financial events associated with the coronavirus pandemic have made such access more urgent.
Regulation D (Reg D) is a federal regulation that applies to all financial institutions. Due to the restrictions set forth by Reg D, certain withdrawals or transfers out of savings and/or money market accounts are limited to six a month. Examples of limited transactions include online banking and automatic recurring monthly transfers out of these accounts. Tips to help manage these accounts and avoid Reg D limits include:
- Use an ATM to transfer funds between accounts
- Visit a branch to transfer funds
- Set-up automatic recurring monthly transfers or debits from your checking account, which is not subject to Reg D
For more information on Regulation D, and the steps you’ll need to take, please review the frequently asked questions below. If you need additional assistance, please contact the Member Service Center at 1-877-TRUMARK.