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Frequently Asked Questions: Money Markets

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Popular Questions
  • What is a money market account?
    A money market account is a variable APY account similar to a savings account which typically earns a higher interest rate compared to savings for customers who do not need frequent access to their funds.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?
    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • How can I access my money?
    You may always visit a branch to withdraw funds from your account. Some money market accounts allow access via checks, others allow via an ATM card. Specifics for each money market can be found in the Fees and Features Guide.
  • Are there any transaction limits on a Money Market account?
    Deposits and incoming transfers are allowed any time.

    Federal regulations limit the number of certain types of withdrawals and transfers from money market accounts to no more than six per statement period; these include online transfers, automatic interest transfers, preauthorized or automatic debits, preauthorized telephone transfers and outgoing wire transfers.

    No more than three of the six legally permissible transactions may be made by check, debit card transactions or similar orders to a third party.

    If transaction limits are exceeded 3 times or more over any 12-month period, we will convert the account to a non-interest bearing checking account. We may act sooner if transaction limits are significantly exceeded during any one month. Transactions in excess of these limitations will be assessed an excessive transaction fee. Please refer to the Fees and Features Guide for additional information.

    Please note that withdrawals and transfers made at our branches or ATMs do not count against these limits.

     

  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?
    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • How can I access my money?
    You may always visit a branch to withdraw funds from your account. Some money market accounts allow access via checks, others allow via an ATM card. Specifics for each money market can be found in the Fees and Features Guide.
  • Are there any transaction limits on a Money Market account?
    Deposits and incoming transfers are allowed any time.

    Federal regulations limit the number of certain types of withdrawals and transfers from money market accounts to no more than six per statement period; these include online transfers, automatic interest transfers, preauthorized or automatic debits, preauthorized telephone transfers and outgoing wire transfers.

    No more than three of the six legally permissible transactions may be made by check, debit card transactions or similar orders to a third party.

    If transaction limits are exceeded 3 times or more over any 12-month period, we will convert the account to a non-interest bearing checking account. We may act sooner if transaction limits are significantly exceeded during any one month. Transactions in excess of these limitations will be assessed an excessive transaction fee. Please refer to the Fees and Features Guide for additional information.

    Please note that withdrawals and transfers made at our branches or ATMs do not count against these limits.

     

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