Answer: Unlimited (as of 4/24/20)

Questions:

• Why do you think the Fed wants to give people greater access to their personal savings at this time?
• Most people have two accounts at a bank: a checking account and a savings account. Do you think that people think about these accounts differently in how they use them?

• Do you think it will be difficult for the Fed to change the rules back to only allowing 6 withdrawals per month from a savings account?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CNN):

The Fed removed the previous limit of six transfers or withdrawals per month in order to allow people greater access to their personal savings during this time of economic uncertainty and widespread unemployment. The Fed said financial events associated with the coronavirus pandemic have made access to savings accounts more urgent. There is also an increased need for people to be able to access their money remotely since bank branches and other in-person options have been shut down.

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.