Money Market Account FAQ
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Money Market Account FAQ
The answers to the following questions are displayed underneath each question. Click on the questions to open/close the answers.
Yes. All savings accounts are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.
No. All members must first open a savings account.
No. A minimum balance is not required to open or maintain a Money Market Account.
No. The Money Market Account does not require a minimum daily balance to earn dividends. All funds in the Money Market Account earn dividends.
Please refer to our current Service Fee Schedule for service fees that may be applied.
No. The Credit Union's Money Market Account is similar to a savings account. At this time, the Credit Union does not offer Money Market checking accounts.
To see the current dividend rates paid on our Money Market Account, view our rates.
Yes. Dividends on the Money Market Account are compounded daily and credited quarterly.
A Money Market Account statement will be generated at least quarterly, unless you also have a checking account, then a monthly statement will be issued. Members with free EdFed 24/SEVEN can check their balances and activity daily.
Some of the other benefits include higher rates, liquid money and no maturity dates.
No, presently only checking accounts can receive checks via our Mobile Deposit service.
Yes. You may use the following electronic services to access your Money Market Account.
Yes. Deposits can be made through ACH, Direct Deposit and Payroll Deduction. You can also make deposits to your Money Market Account through Bank-by-Phone, our Branch networks (lobby & drive-thru), night deposit drop off and by mail.
Yes. Any individuals listed as a joint owner on the Prime Savings Account may withdraw and/or close the Money Market Account.
There are no restrictions or penalties when closing a Money Market Account. If you close your Money Market Account before dividends are credited at the end of the quarter, you will receive closing dividends.
Yes. Your Money Market Account can be used as an additional Overdraft Protection option for your checking account. However, in accordance with the limits set by Federal Regulators, overdraft transfers are limited to 6 per month.
Yes. You can use a Money Market Account as collateral for a loan.
Yes. A Money Market Account will continue earning dividends while the funds are on hold.
Visit any one of our many convenient branches to open your Money Market Account today.