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Accounts: Money Market Account

 

Description:

  • An account that pays interest on your balance but limits the number of transactions. 

Requirements:

  • Minimum balance to open - $2,500.
  • Restricted to six (6) transfers to another account or third party by preauthorized, automatic, or telephone transfer per statement cycle. Of these, no more than three (3) can be by check, draft, or similar order to third parties. 

Benefits:

  • Interest Paid on account monthly.
  • Interest is compounded monthly.   

Cost:

  • No service charge unless balance falls below $2,500. If balance falls below $2,500 on any day during the statement cycle, a service charge of $15 will be imposed.
  • A per item fee of $10 will be imposed for each withdrawal in excess of six (6) per month.

 

 

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