NEW Federal Reserve Rule + Second Stimulus Check 4-27-2020
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Today we’re talking about the new Federal Reserve rule that will affect all bank accounts as well as the second stimulus check proposal of $2,000 + $1,000 per month
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Today we’re talking about the new federal reserve rule “Regulation D” which is a change to all bank accounts regarding our savings accounts. It’s a federal law that prevents the consumer, from making more than 6 withdrawals or transfers from our savings accounts OR money market accounts PER MONTH.
These rules were in place to protect the banks so that they could have enough money in their system to meet minimum money or “reserve requirements.” The federal reserve is now allowing all banks to get rid of the 6 per month withdrawal / transfer limit. This will allow for more freedom to pay with, and move your money across accounts without being penalized.
However, there is a catch because the policy on the federal reserve website reads, “ The interim final rule permits, but does not REQUIRE, depository institutions to suspend enforcement of the six transfer limit”.
This means….the Federal Reserve ALLOWS, but does not REQUIRE this from banks, so some banks may opt out of this change and actually continue doing business as usual while sticking to their old rules and fee structures.
The second stimulus proposal for the CARES Act is now in phase 3.5, and some of the proposals include free rent, and $2,000 for each and every person in the United States ages 16 and older. You can also be claimed as a dependent, not have a social security card, or even be a citizen. After that, you will be given a DEBIT card, where the government will deposit $1,000 stimulus money each and every month for up to 1 year after the illness is over.