Why can we only make six savings-to-spending transfers per month?

Note: Recently, the Federal Reserve has removed the limit on the number of transfers a person can make from a savings account to a spending account. This means that you can make an unlimited number of transfers and withdrawals from your Chime Savings Account into your Chime Spending Account!

Normally, Federal regulations limit the number of transfers from the Savings Account to a Spending Account to six (6) per month. The law states that after six transfers have been initiated within a month, the individual has to wait until the following month to initiate another transfer. This may change again in the future, and if it does, we’ll let Chime members know

Was this article helpful?
72 out of 107 found this helpful