Money Market Account FAQ
The answers to the following questions are displayed underneath each question. Click on the questions to open/close the answers.
What is a Money Market Account (MMA)?
A Money Market Account is similar to a savings account but earns a higher dividend rate and requires a higher minimum balance than a savings account. However, there are restrictions on activity which the Credit Union must enforce.
Is the Money Market Account insured?
Yes. All savings accounts are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.
Can I have only a Money Market Account?
No. All members must first open a savings account.
Does the Money Market Account require a minimum balance?
Yes. A minimum $2,500 balance is required. If the Money Market Account balance falls below the required minimum balance, the account will be subject to a monthly service charge.
Does the Money Market Account require a minimum daily balance to earn dividends?
No. The Money Market Account does not require a minimum daily balance to earn dividends. All funds in the Money Market Account earn dividends.
Are there any other service charges associated with the Money Market Account?
Yes. Other service charges may be applied. Refer to the current Service Charges Schedule for additional information.
Can I write checks from my Money Market Account?
No. The Credit Union's Money Market Account is similar to a savings account. At this time, the Credit Union does not offer Money Market checking accounts.
What is the dividend rate paid on the Money Market Account?
To see the current dividend rates paid on our Money Market Account, view our rates.
Are the dividends earned on the Money Market Account credited the same as a Savings, and Checking Account?
Yes. Dividends on the Money Market Account are compounded daily and credited quarterly.
How often will account statements be generated?
A Money Market Account statement will be generated at least quarterly, unless you also have a checking account, then a monthly statement will be issued. Members with free Online Banking can check their balances and activity daily.
What are some of the benefits of a Money Market Account?
Some of the other benefits include higher rates, liquid money and no maturity dates.
Can I deposit checks into my Money Market Account using Mobile Deposit?
No, presently only checking accounts can receive checks via our Mobile Deposit service.
Can I use any of our Electronic Services to access my Money Market Account?
Can payroll deduction be set up to deposit funds into a Money Market Account?
Yes. Deposits can be made through ACH, Direct Deposit and Payroll Deduction. You can also make deposits to your Money Market Account through Bank-by-Phone, our Branch networks (lobby & drive-thru), night deposit drop off and by mail.
Can any Prime Savings Account joint member close a Money Market Account?
Yes. Any individuals listed as a joint owner on the Prime Savings Account may withdraw and/or close the Money Market Account.
Are there any restrictions or penalties when closing a Money Market Account?
There are no restrictions or penalties when closing a Money Market Account. If you close your Money Market Account before dividends are credited at the end of the quarter, you will receive closing dividends.
Can I use a Money Market Account as an additional Overdraft Protection option?
Yes. Your Money Market Account can be used as an additional Overdraft Protection option for your checking account. However, in accordance with the limits set by Federal Regulators, overdraft transfers are limited to 6 per month.
Can I pledge a Money Market Account as collateral for a loan?
Yes. You can use a Money Market Account as collateral for a loan.
Will my Money Market Account continue to earn dividends held as collateral?
Yes. A Money Market Account will continue earning dividends while the funds are on hold.
How do I get a Money Market Account?
Visit any one of our many convenient branches to open your Money Market Account today.