The Money Market Account is a special high-yielding limited share draft account in which a member may write his or her own withdrawal drafts.
The Money Market Account is available to any member, 18 years or older, who opens the account with a minimum balance of $1,000.00.
The dividend rate will be announced in advance monthly and will be determined by current money market rates and the Credit Union's return on short-term investments. Dividends are earned from the date of deposit to the date of withdrawal, and are paid on the last day of each calendar month. Dividends are calculated on whole dollars. Average Daily Balances of less than $2,500.00 will not earn dividends.
A. Six transactions are allowed per statement cycle. Three of these can be checks, drafts or similar order to third parties. (Statements cycle is currently calendar month.)
B. The basic insured amount covered by the National Credit Union Share Insurance Fund per member under current law insured to at least $250,000.00. (IRA accounts are insured separately from other accounts.)
C. A $10.00 service charge will be assessed if the balance is below $1,000.00 at any time during the month.
D. A $5.00 service fee will apply for each transaction over six per statement cycle.
E. The Credit Union may require a sixty (60) day notice, in writing, of intent to withdraw funds from this account.
*There will be Special Checks for this account.