The Federal Reserve Board announced on April 24, 2020 that it has amended Regulation D (Reg D) to permit banks to allow their customers to make more than six payments or withdrawals per month from their savings and money market accounts. This was done in part to give customers easier access to their funds during the COVID-19 pandemic. It is one of the many actions the Fed has taken in the last two months to combat the economic effects of the pandemic. On May 13, 2020, the Fed confirmed that they have no plans to re-impose the restriction.
Therefore, Parke Bank has updated our policy to allow unlimited withdrawals or payments (per month/statement cycle) as long as the funds are available. This change will allow you, our customers, greater flexibility and the opportunity to take advantage of the interest rates on savings and money market accounts.
This recent regulation change is not yet reflected in the “Transfer Limitations” section of our Terms and Conditions document.