Money Market Investment Account

This type of account is designed for the high balance savings customers who want to earn a higher rate of interest but desire greater liquidity than is offered by certificates of deposit. Interest rates are subject to change every Tuesday and are posted in the bank lobby. Interest is paid monthly and is paid from date of deposit up to date of withdrawal.

During any month that your account fails to maintain an average balance of $2,500, there will be a fee of $12.50 assessed against your account.

The following limitations are imposed by law:

  1. No limit on the number of deposits.
  2. No limit on the number of withdrawals made in person.
  3. No limit on withdrawal or transfers to another account of the depositor if made in person, by mail, by messenger or by ATM.
  4. You may not make more than 6 transfers and withdrawals from your account per month by means of preauthorized or automatic transfer or telephone, data transmission (including fax, e-mail or internet) agreement or by check, draft, debit card or similar order payable to third party. Repeated violation of these rules may require the bank to close the account as a Money Market account.

Additionally, the bank will provide a check register and 40 checks at no cost. Money market accountholders may also participate in check safekeeping if they desire. However, because only three checks per month are allowed the monthly check processing fee of $3.00 is waived for money market accounts.

Any of the previously mentioned accounts that are closed by the depositor within 90 days will be subject to a $20.00 early closing fee.