- Money Market Account
Why should I choose a Money Market Account rather than opening a CD?
Unlike a CD, the funds in your MMA are not tied to a specific term so you have easier access to funds. However, Money Market accounts are limited to 10 withdrawals per month before an excessive withdrawal fee of $20 is incurred.
Can I have direct deposit to my Money Market Account?
Yes, if you are an active Delta employee, you can complete the Authorization for Payroll Deduction/Direct Deposit form. You will need to select "Checking" and in the Share ID section enter 35. Once completed, mail to the address on the form or fax it to us at 404-677-4893.
If you are not a Delta employee, you will need to set direct deposit up with your employer and list your account number. For personal MMA accounts, they need to be coded as a Checking Account and you will need to provide your employer or other financial institution with the "checking type" number that is located on your MMA checks.
Can I use my Visa Check Card to access my Money Market Account?
Your Visa Check Card will not give you access to your Money Market Account. ATM cards for an MMA can be issued which can only be used to withdrawal funds at an ATM. Money Market ATM cards cannot be used for Point of Sale (POS) transactions, such as paying at the gas pump or grocery store. Remember that you are not permitted to make more than ten (10) ATM withdrawals per month from the Money Market account.
When accessing funds at an ATM with your Money Market ATM card, choose Checking Account to access the Money Market account.
Can I transfer funds from my Money Market Account online or by using Audioline?
Yes. There are several ways you can transfer funds from your Money Market Account to another share or loan:
Limitations on the number of transfers may apply - Click on Reg D FAQs for more information.
- Transfer funds via Online Banking
- Audioline - Audioline recognizes an MMA account as a Checking Account (ID 35)
- Transfer from Savings to MMA - Choose service code 73# and enter your MMA account number ID for the Checking Account number, ex: 35
- Transfer from MMA to Savings - Choose service code #37 and enter your MMA account number ID for the Checking Account number, ex: 35
- Member to Member - Choose service code 28#
- Transfer from MMA to Loan - Choose service code 35# and enter your MMA account number ID for the Checking Account number, ex: 35
- Request to transfer funds via the online secure Message Center
Can I have more than one Money Market Account?
Yes, there is no limit to the number of Money Market Accounts you may open.
Can Money Market Account checks be certified?
Delta Community CU is unable to certify Money Market Account checks due to the restriction of 10 withdrawals on this type of account.
If I have a Money Market Account (MMA), can I order a different check design from an outside vendor?
Yes. However, please be advised of the following:
Checks ordered from an outside source will generally require a larger order than is necessary. This is important to consider since check writing limitations exist on an MMA. The available checks ordered from Delta Community CU come in a box of 40.
Additionally, ordering checks from an outside vendor means providing your account number and routing information to an unverified third-party. We cannot guarantee the safety and privacy of that information once you release it.
Remember that if you order Money Market checks through the credit union, the fee is deducted from the MMA and counts toward the 10 withdrawals limit per month.
- Options for Trust Accounts
- Does Delta Community CU offer Trust Accounts?
At this time Delta Community Credit Union is not accepting trust or estate documents for accounts to be opened. We do offer accounts that can contain designated POD beneficiaries. These are commonly known as "Payable on Death" or P.O.D accounts.
A member can designate a POD beneficiary or beneficiaries on their Savings Account, Checking Account, Additional Savings Account, Money Market Account or Certificate of Deposit Account. A POD may be any natural person, a trust, or any corporate entity such as a profit, not-for-profit, or charitable organization. If the POD has a Social Security Number, it must be provided. A joint owner and POD may not be the same person. By designating a POD on an account, the funds in the account are payable upon the death of the primary and joint owners on the account. If more than one POD is named on a share, funds will be dispersed equally to the PODs.
If designating a trust as a POD, include the name of the trust as it should appear on the account, as well as the date it was established.
To name P.O.D.s to your current accounts you may submit the Designation of Beneficiary Form.
- Joint owners access to opening and closing a MMA
- Can a joint owner open or close a Money Market Account?
A joint owner can not open a MMA, but they can close the account.
- Check Image CD Discontinuation
- The Check Image CD product was discontinued in 2009. As financial institutions and merchants continue to convert checks into electronic payments for processing, the number of actual paper checks presented for payment is significantly reduced resulting in fewer images to provide you with the Check Image CD.
Delta Community currently offers alternatives to the Check Image CD that will allow you to continue to quickly and conveniently access your check history.
- If you re currently enrolled in eStatements, you can access check images directly from your online statement. Simply click the link to the cleared check and you can print or save it for your future reference. Your eStatements history is stored from the month you joined the credit union and check copies are available for the last 7 years.
- You can also retrieve your cleared checks through your account history available via Online Banking. Your account history can be accessed by logging to Online Banking then clicking History in the Tools and Services menu. You can normally access up to six months of history with this method.
- You can request copies of check images for a nominal fee at any Delta Community branch, by calling or submitting a request online via the secure Message Center.
- Dividend rate FAQs
- Do the dividend rates ever change? If so, how often and how much notice is given?
Yes, the dividend rates are subject to change on a monthly basis and are posted on the first day of the month in the Delta Community CU branches and on our web site. The rate changes are also reflected on each monthly statement.
How are dividends calculated?
Dividends are calculated on a daily basis. You take your previous balance and multiply by the interest rate and then divide that by 365. This is the daily interest earned. You take this and multiply by the number of days your balance stayed that amount. Any time your balance changes; you will have to perform this calculation.
How does the credit union compute dividends (interest) on Savings/Checking Accounts during leap years, considering there is an extra day?
The dividend payment is based on the actual number of days in the month and the actual number of days in the year. Therefore, during a leap year, the number of days is based on 366. Our dividends are earned on a daily basis.
I'd like to have my dividends mailed to me in the form of a check. Is this possible? How would I set this up?
You may have your dividends deposited to another share or issued by check and mailed to you. To set this up send a message from the secured Message Center or fax us a written, signed request to the Back Office Teller Department at 404-677-4789. Please indicate your correct address for verification purposes.