- 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. You may set up direct deposit with your employer by providing them your account number and routing number. Ensure that your employer lists your personal MMA as a checking account rather than a savings account to avoid any issues with your deposit.
Can I use my Visa Debit Card to access my Money Market Account?
Your Visa Debit 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 a withdrawal from checking 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 in your 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 from using Secure Email located under Additional Services from within your Online Banking
Can I have more than one Money Market Account?
Yes, you may open more than one Money Market account and can do so online using your Online Banking or by phone by contacting our Member Care Center at 800-544-3328.
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. Click here for additional details about POD accounts.
- 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.
- 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 within Online Banking from the Secure Email under Additional Services or fax us a written, signed request to the Research Advisor Department at 404-677-4789. Please indicate your correct address for verification purposes.
- Rerunning Checks and ACH items
- Will my check or ACH be rerun against my account a second time before it is returned as NSF?
If you make a deposit by after the item was first presented, and your "Available Balance" reflects a balance that will cover the posting of the item, we will rerun your check or ACH. (i.e. Checks that tried to post at 8pm need to have funds deposited by 12noon the following day. ACH items that tried to post at 7am need to have funds deposited by 12 noon same day.) The original posted fee is non refundable and will not be reversed.