Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.
Under normal circumstances, banks would charge members an excess withdrawal fee or close a savings account if the member surpassed the transaction limit, but the Fed is making it easier for people to access their savings during the coronavirus pandemic. This rule can make it easier for you to access your emergency fund during the pandemic, but you may be able to find ways to cut costs before resorting to tapping into your savings.Federal law requires banks to penalize members who make more than six transactions per month from their savings accounts. A bank may charge you a fee, or it might close your account if you exceed the limit a certain number of times in a year.