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Regulators let banks give people more access to savings in the pandemic Rule change didn t require banks to drop the limits.
By Ann Carrns New York Times May 8, 2021 8:00am Text size Copy shortlink:
A year ago, as the U.S. economy shut down during the pandemic and millions lost their jobs, the Federal Reserve Board changed a banking rule to give people easier access to the money in their savings accounts.
The board allowed banks and credit unions to offer customers unlimited withdrawals or payments from savings accounts each month. The change also applied to money market accounts hybrid accounts that typically pay slightly higher interest rates and that come with an ATM card and limited chec