Federal Reserve Changes Reg D To Allow 6 Checks Per Month in Money Market Accounts - Savings - Checking - CDs Article - savings accounts, federal reserve, checking account

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Federal Reserve Changes Reg D To Allow 6 Checks Per Month in Money Market Accounts

Article Submitted by: ktexas
Savings - Checking - CDs

Tags: Savings accounts, Federal reserve, Checking account, Money market accounts, Regulation d, Checks.

One downside to money market accounts and savings accounts as compared to checking accounts is that you are limited in the number of third-party withdrawals. This is based on the Federal Reserve's Regulation D. In short, Reg D limits the number of electronic withdrawals (like ACH transfers) to 6 per month. However, checks were limited to only 3 per month. This check limit has now changed. Effective July 2, 2009, the check limit is now the same as the other types of withdrawals.

Submitted: Sep 6, 2009 Views: 167 Comments: 0 Likes: 3

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