Regulation D temporarily suspended due to COVID-19
On April 24, 2020, the Federal Reserve announced that it would temporarily suspend Regulation D due to the coronavirus outbreak. This means that banks and credit unions can waive the excessive transaction fee and allow you to make unlimited withdrawals from your savings and money market accounts.
What does this mean for me?
Although Regulation D is suspended, it’s not being enforced. Many banks and credit unions have waived withdrawal fees, but some have not. Check with your bank to see if they’ve made any changes to their policy. If they have, you can safely withdraw money from your savings to cover any financial hardships you may face during the coronavirus pandemic — without having to worry about paying penalty fees in the process.