Money Market

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• + What is a money market account and how does it work?

  A money market account offers flexible, high-yield savings that earns interest while continuing to provide access to your funds any time, day or night. You can access your funds without penalty anytime. 

• + How can I access my money market funds?

  You can view and access your available money market funds immediately through UFCU Online Banking, Mobile Banking, Phone Banking, or by stopping by any location.

• + Is there a minimum balance required for a money market account?

  There is a minimum deposit required to open a money market account ($2,500). When money market accounts have a zero balance, they will be closed automatically. But any account with a balance of $.01 or more can remain open.

• + How is interest calculated?

  Interest is calculated daily, compounded and credited monthly.

• + How is my interest paid to me?

  Interest is posted monthly to your money market account. The transaction description will appear in your account history and statement as “dividend.”

• + Can my interest or dividends be posted to another account?

  No.

• + Where can I find the current money market rate?

  Visit our Personal Money Market or Business Money Market page to learn about the most current rates.

• + Will my funds be covered by deposit insurance?

  Yes, they are eligible for insurance. Federally chartered credit unions, such as UFCU, are federally insured by the NCUA and offer a safe place for you to save your money, with deposits insured up to $250,000 per individual depositor. Similarly, banks who are federally insured by the FDIC have the same insurance protections. For more information, please refer to our Personal Account Disclosures.

• + Does overdraft protection work with my Money Market account?

  Yes. Overdraft Protection Transfer allows funds to be transferred from a UFCU account, such as savings, money market, or line-of-credit. Just let a UFCU representative know that you’d like to designate your money market account for overdraft protection.

• + How do I close my money market account?

  Please visit a location or call (800) 252-8311 to close your account. You may move your funds into a regular savings account or discuss other options with a financial advisor on our CFS Investment team.¹

• + What happens to my accrued interest if I close my money market in the middle of the month?

  Dividends accrued are paid when a MM Share (or the Account) is closed mid-month.

• + How does the Money Market Bonus Dividend work?

  If your account qualifies, you will earn a higher dividend for balances less than $10,000. Our Bonus Dividend option allows you to earn even an additional .05% APY on balances less than $10,000 in Money Market Share deposits. We’ll automatically apply your bonus dividend rate when you perform at least 10 qualifying checking account transactions in a single month, including your debit card purchases.

¹ Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. UFCU has contracted with CFS to make non-deposit investment products and services available to credit union members.