At long last, a minor change to a Federal Reserve policy is making a major difference to US citizens. The once inescapable six transaction limit is now gone.
The Federal Reserve announced that they’re eliminating the six transaction limit on savings accounts. There will be no penalties for withdrawals or transferring money back and forth, operating in a means similar to a cheque account.
April 24th, 2020, marked the new ruling, taking effect immediately. All around the US, citizens are rejoicing at this small but impactful shift in legislation.
No longer will one have to suffer penalties due to unexpected expenses such as medical bills, accident expenditure, or any other unavoidable movement on the account. It’s an important change for anyone holding a personal bank account.