On April 24, 2020, the Federal Reserve (Fed) amended Regulation D (Reg D) which limited bank customers to six electronic transfers or withdrawals from a savings or money market account per month. The amended Reg D now allows for unlimited transfers and withdrawals; however, individual banks and credit unions may still have limits in place. In fact, many institutions still have those limits in place.
At SoFi, we believe in better banking and helping you get your money right, which is why we have followed the Federal Reserve’s lead and allow for unlimited transfers and withdrawals from your SoFi Checking and Savings account.
For more information, please see the Federal Reserve’s FAQs linked below: