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A Money Market Deposit Account (MMDA) is a deposit account that is considered a share (savings) account, but upon which checks can typically be written, subject to restrictions.
MINIMUM BALANCE
A minimum deposit of $2,500.00 will be required to open an account and to maintain the account. A tiered account structure will be used in order to retain higher account balances in return for a higher rate of interest.
The structure will be as follows:
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$2,500.00
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$9,999.99
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$10,000.00
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$24,999.99
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$25,000.00
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$49,999.99
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$50,000.00
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$99,999.99
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$100,000.00
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and over
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DIVIDEND
Dividends will be paid monthly according to the daily balance. No dividend will be paid if the balance falls below $2,500.00 at any time during the month. No dividend will be paid if account is closed prior to the end of the month. The dividend rate will be set quarterly. Due to the minimum balance requirement, the dividend rate will always be paid at a higher rate than the regular share accounts. The rate paid on a MMDA will, however, be lower than the rate on a certificate account because of the term requirements on certificate accounts. Refer to your most recent Truth In Savings disclosure. RESTRICTIONS
A MMDA is not considered a transaction account; therefore it is subject to the same restriction as a regular share account required by Regulation D which limits the number of certain transfers that a member can make from a regular share (savings) account. No more than six transfers or withdrawals are permitted per calendar month by check, ACH, telephone or home banking.
This account will not be eligible for overdraft protection, or overdraft privilege.
An ATM/Debit card will not be issued with this account.
This account cannot be used as collateral on any loan account.
A MMDA will be subject to closure for continual attempts to exceed the withdrawal restrictions.
FEES
A fee for failure to maintain the required minimum balance will be assessed. Refer to current Fee schedule found in the Truth In Savings disclosure.
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