Money Market Share Account with Draft Access
ABE’s Money Market Share Account is a high-yield investment account with draft access for Credit Union members and their families. It is fully insured up to $250,000.00 by the National Credit Union Administration (N.C.U.A.)
The minimum initial deposit to open a Money Market Share Account is $2,500.00. Subsequent deposits must be at least $200.00, but may be made in any amounts in excess of the minimum.
To maintain your Money Market Share Account you must keep a minimum balance of $2,500.00 in the account. If your balance falls below $2,500.00, no interest will be earned until the balance returns to the minimum.
A Money Market Share Account at your Credit Union offers access to your funds through a special Money Market Share Account draft. Drafts may be written in amounts of $500.00 or more. Drafts in amounts of less than $500.00 are not valid and may not be honored.
You will receive a supply of draft checks at no charge for making withdrawals from your Money Market Share Account. These should not be confused with the draft checks you use for your regular Share Draft Account.
Dividend Rates and Crediting:
The dividend rate on Money Market Share Accounts will be based on Credit Union earnings from secure investments in: US Government Treasury instruments, bank certificates of deposit, and loans to fellow members. This account is designed to earn higher returns than fully-secured money market accounts of US government money market trusts. However, due to the no risk, fully insured nature of this account, it may pay less than uninsured, commercial paper-type money market funds. Dividends will be compounded and credited weekly. The dividends earned on a Money Market Share Account are reinvested into the account automatically upon crediting.
There is no overdraft protection on Money Market Share Accounts.