Money Market Accounts offer competitive interest rates with convenient access to your funds.*
Benefits and Requirements
- No annual fees
- Account holders must be of legal age to open account
- Two forms of identification (including one picture ID) required to open account
Eligible Account Holders
- Non-profit organizations
- Trust accounts
- Sole proprietorships
- Interest rate will be the same for accounts with balances ranging from $2,500 to $25,000
- Higher interest rates for accounts with balances over $25,000 and also over $50,000
Balance Computation Method
- The daily balance method is used to calculate the interest on your account. This applies a daily periodic rate to the principal in the account each day.
- Interest is compounded monthly by crediting interest to your account on the last day of each statement period.
- You may make no more than six (6) electronic transfers/withdrawals (includes telephone banking) from a Money Market account per statement cycle.*
The following fees may be assessed to your account:
- $25.00 fee - NSF check or Electronic Funds Transfer paid creating an overdraft (per item) ($75.00 maximum charge per day)
- $25.00 fee - check or Electronic Funds Transfer returned for insufficient funds (per item)
- $25.00 fee - stop payment request (per request)
- $5.00 fee - minimum balance fee imposed each statement period if the balance in your account falls below $2,500 any day of the statement period
- $5.00 fee - checks or Electronic Funds Transfer items paid (per item) in excess of six per statement period *
- $4.00 fee - checks deposited and returned (per check) (This charge only applies to Sole Proprietorships, Partnerships, and Corporations)
- Check printing fees depend on the style of checks ordered
* Federal Regulations limit the transaction activity on these types of accounts.