They No Longer Want The (Regulation) D: Major Rule Change in Banking Affects a Lot of Bank Clients!
The Notorious Banker
English - April 25, 2020 20:55 - 42 minutes - 39.4 MB - ★★★★★ - 54 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Woke up Friday Morning to a press release from the Federal Reserve that was Retweeted out by Notorious Banker Follower @kentumin which mentions the suspension, or at least the recommendation to suspend Regulation D, an 80+ year old rule that actually impacts more bank customers now than back when.
Long story short, it eliminates the penalty of using your savings account more than 6 times a month, a penalty that happens a lot more often with the advent of mobile banking and the relative ease of moving money around with that tool. I discuss my very first bank account when I was 15 years old, which introduced me to Regulation D to the tune of $81 the first month I had the account. How that delinquency actually delayed my employment at Bank of America ever so slightly, and how I used to find creative ways to circumvent the rule with the customers I opened accounts for.
Regulation D was a big reason why I dislike savings accounts, and now, it's likely gone for good, although big banks don't have to abide by the recommendation!
Short but very sweet news bite that impacts a lot of people
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