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Contributor

I still get the six-limit per month "warning" message when attempting to transfer from my USAA savings; however, it looks like the Fed Reserve has removed the limit effective Friday, April 24th. Is there just a delay in implementation or does this not apply? (exerpt from federal reserve press release below).

 

Thank you

 

"The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the 'savings deposit' definition. The interim final rule allows depository institutions immediately to suspend enforcement of the six transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent.

 

The regulatory limit in Regulation D was the basis for distinguishing between reservable 'transaction accounts' and non-reservable 'savings deposits.' The Board's recent action reducing all reserve requirement ratios to zero has rendered this regulatory distinction unnecessary."

1 REPLY

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Hi @CubsMom! Thank you for reaching out. USAA will be waiving the limit and fees on transfers and withdrawals from savings accounts, with an effective date of April 23, 2020. If you made a transfer or withdrawal on or after April 23 and were charged a fee, we will automatically credit your account with no action required from you. Thank you! ~Holland