In these dangerous times, most government agencies are trying to help citizens whichever way they can. The Federal Reserve announced that customers would be able to withdraw as many times as they want from their savings account- without having to pay any fee.
The Central Bank of the US has temporarily suspended the rule which prevents customers from withdrawing without expenses for more than 6 times a month. This is because the pandemic around us has made it all the more important that we have a stable cash flow at all times.
Yet, the Banks also released a statement mentioning that this didn’t necessarily mean that lenders would have to adhere to this plan and offer unlimited withdrawals – and can always renege on the offer.
It can be assumed that the Central Bank is undergoing severe economic threats from the pandemic. Precisely why they are using everything at their disposal to combat this terror which does threaten to destroy the entire economy.
