RESEARCH-1166 FEDERAL CREDIT UNION

Money Market Account

Rates and Fee Information

Definition

For the purpose of this document, the use of the term “Money Market Account” is used interchangeably to refer to our Money Market Account program or money market checking accounts.

Balances & Dividends

Dividends and the annual percentage yield (APY) may change every month.  The daily balance (day in – day out) computation method is used to calculate dividends on money market accounts.

You must deposit at least $5,000 to open your money market account.  There are no restrictions on subsequent deposits.  If you close your account before dividends are paid, you will not receive the accrued dividends.  The daily computation method is used to calculate dividends on money market accounts.  Dividends are paid monthly and are credited to your account.  Tiers are established based on required minimum amounts.  You must maintain, each day, the minimum balance required for a Tier in order to earn the dividend rate for that Tier.  If on any given day your deposit balance falls below the minimum required for a Tier, your dividends will be determined at the rate of the appropriate lower Tier. If at any time during the month, your balance drops below the $5,000 minimum, you will not receive any dividend.

Service Fees/Monthly Charges

There are no per check charges, and there is no monthly service fee. 

Transaction Limitations

During the month, you may not make more than three (3) withdrawals, transfers or checks out of your money market checking account.  If you exceed the withdrawal limit set forth in any statement period, your account will be charged a fee of $20.00 for each transaction in excess of the above limitation. 

Statements

Statements are generated on a monthly basis. 

CALL-24 Access

Your money market account balance is available on CALL-24, our 24-hour phone teller.  You may inquire about paid checks, deposits, and account balance.  You may also transfer amounts to or from savings or make loan payments.

Schedule of Fees

The following is our Schedule of Fees and is subject to change.

Annual maintenance fee                                                                                      None

Monthly service charge                                                                                       None

Per check charge                                                                                                   None

Below minimum balance fee                                                                                 None

Non Sufficient Funds (NSF) check                                                                     $30.00

Stop Payment                                                                                                         $10.00

Check Copies                                                                                                          $5.00

Statement Copies                                                                                                   $10.00

Domestic Wire Transfer                                                                                        $25.00

Foreign Wire Transfer                                                                                           $40.00

Excess transfer fee                                                                                                  $20.00