The Town of Hempstead Employees Federal Credit Union is pleased to offer our members a better way to save! Our Money Market Account is designed for savers looking for a high yield, liquid savings account! This flexible, convenient account also allows check writing* convenience! Open the account with an initial deposit of $2,500 and start making more on your money. This account is tier-structured, allowing you to earn a higher Annual Percentage Yield as your balance reaches different levels. Come in to speak with our Member Service Representatives and open your new Money Market Account today!

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*Federal Regulations limit check writing to 6 per month. A per item fee of $10 is charged for each additional check. Please check Fee listing for other applicable fees.

MONEY MARKET ACCOUNT FAQ SHEET
FREQUENTLY ASKED QUESTIONS

What is a Money Market Account?

        A Money Market is a flexible, convenient, high yield savings account. It is a great alternative for members looking for a higher yield, but do not wish to tie up their funds in a Certificate.

Is there a minimum deposit?

        Yes, we require an opening deposit of $2,500.00. If your account falls below the $2,500.00 you will automatically earn the regular savings dividend rate. If your account falls below $500.00 at any time during a month you will be charged a monthly service fee for that month.

How much is the dividend?

        The Money Market account is a tier structured account and the dividends increase at specified levels of the tier. The more you save the more you earn! The highest tier is $50,000 and over! Rates and tiers are subject to change monthly.

Can I write checks against this account?

        Because a Money Market account is a savings account, checking privileges are limited to 6 checks per month. Checks must be written for $250 or more. There is a fee for checks presented for under $250 and for more than 6 checks presented in one calendar month.

Why are checks limited?

        Federal Banking Regulations limit the number of withdrawals or transfers from a savings account to another account or third party to 6 per month.

Where do I sign up?

        Just visit either branch office and one of our Member Services Representatives will be glad to help you!