logo BUSINESS MONEY MARKET CHECKING

Start earning interest with a balance of at least $500 (maintain $2,500 to avoid fees). Interest tiers are stepped at $25,000, $100,000 and $500,000. The account is insured by the FDIC.

Money Market transactions are federally regulated to no more than six (6) convenience withdrawals per monthly cycle.

To avoid the limits, consider the following:

  1. Six (6) or Less of These:
    • Checks
    • Internet and automatic withdrawals
    • Transfers out
    • Anytime Line Transfers
    • Bill-pay debits
  2. Unlimited:
    • ATM withdrawals
    • In-person withdrawals using an “Advice of Charge” slip

Fees: Over-the-limit withdrawals cost $10 each. A balance-requirement fee of $8 per month is imposed unless a current balance of at least $2,500 is maintained at all times.

Legislation to raise the withdrawal limit on Money Market accounts to 24 per month has been proposed several times, but never approved. For the time being, the Federal Reserve requires banks to maintain reserves on transaction accounts (i.e. checking), but not on Savings or Money Market accounts. Regulators look closely at the accounts to make sure the transaction limits are being enforced.

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