Money Market Deposit Accounts
An MMDA is an excellent way to earn higher interest on relatively short term deposits. MMDAs are for funds that need not be accessed quite as frequently. Minimum deposit to open an account is $2,000.00. Interest is paid on collected balances. An unlimited number of withdrawals can be made in person, and you are allowed six pre-authorized withdrawals per month. Three of these withdrawals can be checks. Checks must be written for a minimum of $500.00. No service charge if you maintain a balance of $2,000.00, but if the account falls below this amount, a service charge of $12.00 per month is assessed.
This is a variable rate account, and the Bank reserves the right to adjust the interest rate and annual percentage yield at any time on variable rate accounts.
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