The central bank introduced interest rates on checking accounts which induced people to move funds from savings to checking accounts.
Explanation:
Federal legislation restricts the amount of deposits or loans that you may make from a bank or credit union savings or money market account to six per month. When you reach the cap, the bank may charge you a fee — or you can close your account or convert it into a check account.
Another method to transfer funds from investments and bank accounts is through the use of online payment services such as PayPal, Venmo, etc. You must first transfer money out of your savings account to the corresponding payment app wallet and then submit the necessary amount from the bank to the check account.