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Money Market
Savings Account
Basic Requirements:
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Minimum required balance: $2000.00
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Authorized Withdrawals/Transfers: 6 per
month
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Withdrawals:
Only through branch offices -- in cash
or corporate check (no personal check
writing or ATM withdrawals).
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Transfers To/From your Credit Union
Savings or Checking Account:
May be done at any branch office (in
person or via telephone), through our
free online Internet Banking Service
(link on our home page at) and/or
through Access-24, our 24/7 audio
response telephone system.
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Dividend Frequency/Terms: “Average daily
balance” – accrued monthly and paid quarterly
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Dividend Tiers:
Current Tier Levels
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$2,000 - $9,999.99
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$10,000 - $24,999.99
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$25,000 -
$49,999.99
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$50,000 – $99,999.99
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$100,000 &
over
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Deposits: In-office deposits, credit
union account
transfers, Direct Deposit, and/or payroll
deduction.
Frequently Asked Questions:
Q: Will I lose any dividends if I transfer the
funds in the middle of a dividend period?
A: No – as long as you do not
“close” the old share account before the end of
the dividend period. At quarter-end, dividends
will be paid to that account right up to the day
you transferred the funds into the money market
account.
Q: Why can’t I write checks against my Money
Market Savings balance?
A:
Our primary objective was to pay our “savers” a
higher rate of interest. If we offered check
writing privileges on this account, the check
processing costs would significantly reduce the
funds available for dividends – thereby
defeating our objective.
However, as shown in the next question, it is
still very easy to access your credit
union funds via check or ATM.
Q: Can I still get access to my funds without
having to come to the office?
A: Absolutely. You can easily transfer
funds from the money market account into your
credit union checking account or regular
savings account – and then withdraw those funds
via personal checks, our ATM card, and/or our
Debit card. To make transfers you can:
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Call any branch office (instant access);
and/or,
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Use Access-24, our 24/7 audio response
program (instant access)
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Use our internet home banking program
(delayed access to transferred funds).
Q: Do I have to transfer my entire savings
balance into the Money Market Account?
A:
No. In fact, if you don’t have
your checking account with us, we recommend that
you keep your regular share account open. Then
if you need emergency access to funds, you can
transfer money to savings and use our free ATM
card to make a withdrawal at any ATM. Just
remember to keep at least $100.00 in the Regular
Share account to avoid low balance fees.
Q: How do I make deposits?
A: There are several ways: you can make
deposits:
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At any of our branch offices;
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Via internal account transfers;
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Through payroll deduction;
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And, indirectly through our
ATM program at any Price Chopper Service
Desk.
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The first step is to deposit the funds
into your savings or checking account.
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Then after the 2 day hold – transfer the
funds into your Money Market Account.
Q: What if I need more than 6
transfers/withdrawals in a month?
A:
In accordance with Federal Regulation D, we can
only allow a total of 6 withdrawals/ transfers
per month. If there is an emergency, we will
make an exception, however, that transfer must
be done during normal business hours as it
requires a manual system override and the
transaction will incur a $5.00 excessive
withdrawal fee.
Q: Can I have my mortgage payment automatically
deducted from the Money Market account?
A:
Yes. You can set up automatic monthly
payments through your mortgage holder and earn
money market interest on those funds until they
are withdrawn through the ACH. Just remember
that the ACH withdrawal does count as 1 of your
6 monthly withdrawals/transfers.
Q:
How
do I open the Money Market Savings Account?
A:
Easy – simply call your branch office, and ask
us to open a Money Market account and then tell
us how much you would like to transfer into that
account (must be at least $2000.00).
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