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Notice of Change to Regulation D

On April 24, 2020, The Federal Reserve Board announced an interim rule to ammend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the "savings deposit" definition. The interim final rule allows depository institutions immediately to suspend enforcement of the six-transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent.

As a result of these changes, Port Richmond Savings will now allow an unlimited number of convenient withdrawals or transfers of funds from savings accounts. This change is effective immediately.

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