Money Market Deposit Account
A Money Market Deposit Account (MMDA) is a restricted interest-bearing checking account for customers who want an account paying higher rates and the ability to withdraw funds. No more than six transfers or withdrawals allowed per cycle, of which three of these to third parties. A $3.00 charge per check over this limit is strictly enforced. Repeated violations could result in the account being closed. Unlimited withdrawals and transfers can be done in person. The interest rate and annual percentage yield may change without notice at our discretion.
Features:
- Interest rate and annual percentage yield depends upon the applicable rate tier.
- Free easy to manage and store Image Bank Statement
- Free 24 hour account information via Internet or Direct Access Automated telephone system
- Free Debit or ATM Cards
- Opening Balance requirement of $1000.00
- Statement Binders available
- Interest deposited to the account monthly
- Minimum $1000.00 balance to avoid service charge; otherwise $10.00 monthly service charge
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