Notice: We will be closed Thursday, Nov 23rd and Friday, Nov 24th for Thanksgiving.

Money Market

Minimum To Open: The minimum required to open a Money Market account is $2,000.00.

To Earn Interest: The account must have a balance of at least $2,000.00 to earn interest.  You must maintain a balance of $2,000.00 in your account each day to earn the disclosed annual percentage yield (APY).

Rate Information: The interest rate and annual percentage yield may change each interest period as determined by the Board of Directors.  This is a tiered balance account.  Each tier may have the same rate or rates may vary.  The balance in the first tier covers $2,000.00 to $24,999.99; the second tier covers $25,000.00 to $74,999.99; the third tier covers $75,000.00 to $124,999.99; the fourth tier covers $125,000.00 to $199,999.99 and the fifth tier covers balances $200,000.00 and above.  See current rate schedule for rate and APY.  Rates are subject to change without notice.

Daily Balance Computation Method: Interest is calculated on a daily balance method which applies a daily periodic rate to the account balance each day the balance is $2,000.00 or more  For calculation purposes, the interest period should never be less than 28 days nor more than 31 days.

Crediting and Compounding: Interest will be credited as of the first of each month for the amount earned during the prior month and compounded monthly.  Interest will be available for withdrawal on the first business day after the interest has been credited.  If the account is closed before the end of a month, the accrued interest will not be credited.

Accrual of Interest on Non-Cash Deposits: Interest will begin to accrue on the business day a non-cash item (i.e. deposited check) is credited to the account.

Fees and Charges: You agree to pay the fees and charges that pertain to this account listed in the “Service and Fee” schedule, which is a separate disclosure.  Fees may reduce earnings on account.

 

Collateral: These funds may not be pledged as collateral on a loan while the funds are in the money market; however, the funds may be transferred to the share/savings and then be used as collateral on a credit union loan.  This account may not be pledged as collateral at any other financial institution.

Transaction Limitations: During any statement period, you may not make more than six withdrawals from or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, or similar order to a third party. If you exceed these limitations the transaction will not be completed and may be subject to a fee and or closure by the credit union.

Overdraft Protection: Overdraft protection may be authorized from your Money Market account, subject to the transaction limitations above.  Overdrafts are transferred in amounts as needed depending on the amount available and the type of transaction.

The National Credit Union Share Insurance Fund: This federal fund insures member accounts up to $250,000.00 aggregate total.

Excess Share Insurance: This is a private insurance company that insures accounts up to an additional $250,000.00 aggregate total.

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