Our Understanding Banking Products course has been updated to reflect changes in retirement savings limits and changes made to Money Market accounts during the global pandemic.
Earlier this year, the federal government made a rule change that may affect the way you use your savings or money market account.
Regulation D is a federal banking rule that affects how banks and credit unions are able to classify certain types of bank accounts. On April 24, 2020, the Federal Reserve Board announced changes to Regulation D that have the goal of making it easier for people to access their savings deposits without penalty, “at a time when financial events associated with the coronavirus pandemic have made such access more urgent.”
Due to these recent changes to Regulation D, you may be able to get easier access to the money in your savings or money market account, but you also still may have to pay fees to your bank or credit union for doing so.
This foundational course is part of the career growth for front-line employees through the Certified Modern Branch Professional – Level 1.