What is a Money Market Account?
A money market account is a dividend-earning savings account with limited transaction privileges that can be liquidated at any time without risk of loss or penalty.
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What is the minimum initial deposit for Money Market accounts?
You must deposit a minimum of $100 to open your Illini Draft or Members Money Market accounts. Better dividends are earned on higher deposit at varying tiers depending on the type of account selected. Please see the Money Market Rates for details.
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When are dividends paid?
All dividends are compounded and paid monthly and monthly statements are mailed to members.
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How do I regularly add to the balance?
To set up automated savings, members may have money deposited into this account through Direct Deposit, Payroll Deduction, or Automatic Transfer.
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Why are there limited transfers or withdrawals from this account?
The federal government set up regulations for savings accounts under Regulation D. Any transfers or withdrawals, after the 6th will be denied.
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Why did I get charged a $10.00 fee on my Members Money Market account? My average daily balance is over the minimum required.
The fee is not based on an average daily balance, but on daily balance. If your account ever goes below the minimum balance required, the fee is charged for that month. However, even if you happen to go below that balance several times during the month, you will only be charged the fee once. If you do find yourself going below the minimum balance required, the credit union does offer a money market account with no fall below fee.
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