What It Is, Limits on Withdrawals Fact checked by SUZANNE KVILHAUG What Is Regulation D of the Federal Reserve Board?
The reserve requirements for financial institutions are outlined in Federal Reserve Board Regulation D. In the past, this monetary policy tool also restricted savings account withdrawals to six per month.
During the COVID-19 pandemic in 2020, this limit was lifted, and reserve requirement ratios were set at zero percent. The Federal Reserve has stated that it will not reimpose the withdrawal limit.
The number of transfers or withdrawals from a savings or money market account was previously limited by federal law.
Despite the fact that that law was repealed in 2020 due to the COVID-19 pandemic, some banks still have withdrawal caps in place.
If you use an ATM or a bank teller to move your money, or if you call the bank and ask it to mail you a check from your savings account, you might be able to get around these limits.
