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Has any relief been provided relative to reserve requirements and the six convenient transfer limit on savings deposits associated with the Federal Reserve's Regulation D?

Yes. Effective March 26, 2020, the Federal Reserve reduced reserve requirement ratios to zero percent. On April 24, 2020, the Federal Reserve announced an interim final rule to amend Regulation D to delete the six-per-month limit on convenient transfers from the “savings deposit” definition. The 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 recent action reducing all reserve requirement ratios to zero rendered this regulatory distinction unnecessary.

FRB Services - Reserve Account Administration Application Frequently Asked Questions

Interim Final Rule - Regulation D: Reserve Requirements for Depository Institutions

Federal Reserve Savings Deposit Frequently Asked Questions