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Important Changes to Statement Savings and Money Market Accounts

April 28, 2020


On April 23rd, 2020, the Federal Reserve announced an INTERIM final rule that banks do not have to monitor the number of transfers and withdrawals that can be made from savings deposits. Therefore, New Tripoli Bank has decided that we will no longer monitor transfers from our customers' statement savings or money market accounts (both for business and personal customers) involving preauthorized withdrawals, online banking or telephone banking transfers.

Should the Federal Reserve change this rulemaking and go back to the six transaction per month limitation, we will notify our customers immediately.

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