{"id":919,"date":"2022-08-05T13:48:35","date_gmt":"2022-08-05T13:48:35","guid":{"rendered":"https:\/\/www.tohefcu.org\/wph\/workarea\/accounts\/savings-and-money-markets\/money-market-faq\/"},"modified":"2022-08-10T18:59:53","modified_gmt":"2022-08-10T18:59:53","slug":"money-market-faq","status":"publish","type":"page","link":"https:\/\/www.tohefcu.org\/wph\/workarea\/accounts\/savings-and-money-markets\/money-market-faq\/","title":{"rendered":"Money Market FAQ"},"content":{"rendered":"\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1659707511473\"><strong class=\"schema-faq-question\">What is a Money Market Account?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1659707527765\"><strong class=\"schema-faq-question\">Is there a minimum deposit?<\/strong> <p class=\"schema-faq-answer\">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.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1659707545699\"><strong class=\"schema-faq-question\">How much is the dividend?<\/strong> <p class=\"schema-faq-answer\">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! <a href=\"https:\/\/www.tohefcu.org\/wph\/workarea\/rates-and-fees\/account-rates\/\">Rates<\/a> and tiers are subject to change monthly.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1659707570771\"><strong class=\"schema-faq-question\">Can I write checks against this account?<\/strong> <p class=\"schema-faq-answer\">Because a Money Market account is a savings account, checking privileges are limited to six checks per month. Checks must be written for $250 or more. There is a <a href=\"https:\/\/www.tohefcu.org\/wph\/workarea\/rates-and-fees\/fees\/\">fee<\/a> for checks presented for under $250 and for more than six checks presented in one calendar month.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1659707610277\"><strong class=\"schema-faq-question\">Why are checks limited?<\/strong> <p class=\"schema-faq-answer\">Federal Banking Regulations limit the number of withdrawals or transfers from a savings account to another account or third party to six per month.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1659707623326\"><strong class=\"schema-faq-question\">Where do I sign up?<\/strong> <p class=\"schema-faq-answer\">Just visit either branch office and one of our Member Services Representatives will be glad to help you!<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":0,"parent":331,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-919","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - 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