A money market account offers limited check writing and a competitive rate of interest. It is designed for households or businesses wanting easy access and a better return on “extra” funds.
- Minimum balance to open – $1,000.00
- Minimum daily balance to earn APY – $1,000.00
- No monthly fee with daily balance of $1,000 or more
- Interest is compounded daily and paid monthly
- Larger deposit balances pay higher rate
- Purchase own deposit slips and checks
- Service Charge of 5.00 if balance falls below $1,000.00 any day of the month
- Excessive Item Charge after six withdrawals/debits per statement cycle – $10.00 each
Regulation D limits transfers and withdrawals, for purposes of this limit, include preauthorized, automatic transfers (including but not limited to transfers from the savings deposit for overdraft protection or for direct bill payments) and transfers and withdrawals initiated by telephone, facsimile, or computer, and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties to six per month.