Last year the Fed revoked the six transactions limit on Savings accounts. Does anyone know why some banks are still enforcing the rule? Did I miss something?
It’s a stupid rule. To help ensure that banks retain an adequate quantity of reserves, they restrict the frequency of withdrawals, but there are loopholes so really the withdrawals are not entirely restricted, enforcement is lax and inconsistent.
It was an annoying and useless rule especially when banks like Ally allowed you to create lots of online accounts, each with its own 6 withdrawal limit.
+1. I just learned that amendments to Reg D also reduced financial reserve requirements to zero! That sounds dicey. I’m trying to assess if the revisions are temporary.