Question:  What is a MMA (Money Market Account)? 

Answer:  It is a type of share savings account where very little account activity is expected and is normally controlled by assessing fees for excess activity and/or for falling below the required minimum balance of $2,500.  The two key features of this account versus a regular savings account is the added dividend earning potential and the capability to write checks from that account even though it is a special share account.  It is commonly referred to as a Money Market Account. 

Question:  What is the minimum balance? 

Answer:  $2,500.00 each day during dividend period.  If balance falls below this level at any time, a fee is assessed (one $10 fee during calendar month).

Question:  How many withdrawals/transfers may I make from this account? 

Answer:  You may make six (6) per month as limited by Federal law and regulation.  Included are transfers to third parties by means of a preauthorized, automatic, telephonic, home banking or audio response transfer or instruction.  This includes no more than three (3) by check. Exempt are transfers/withdrawals made in person.  If you exceed the limit on preauthorized and automatic withdrawals/transfers, you will be assessed $12 fee for each occurrence.  If you continually exceed the monthly transaction limit, your MMSA may be closed as prescribed by law and regulation.

Question:  Will I need to open a new primary account? 

Answer:    No.  This account will be a sub-account of your primary share account.

Question:  How are the rates determined on this account? 

Answer:    They are set by the Board of Directors from time to time. 

Question:  How are dividends determined and when are they posted? 

Answer:  Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in your account for the dividend period (calendar month).  Dividends are posted on the first day of the month after the dividend period (calendar month)…same as your checking account. 

Question:  Do I need special checks to access this account? 

Answer:  Yes.  Checks should be ordered when this account is opened.

Question:  May this account be used for overdraft protection? 

Answer:    No.
                                                           
Question:  May I set up online bill payment from this account?

Answer:    No.

Question:   May I use my check card on this account?

Answer:  No

Question:  If my account is assessed a fee for failure to maintain required balance or for excessive withdrawals and my account starts the new dividend period below minimum balance requirement, will I be assessed a fee? 

Answer:  Yes, you need to make sure your minimum balance is always at or above the minimum balancerequired of $2,500.  Example: Your balance falls to $1,500 on October 15, and you make a deposit of $1,020 on October 30 to bring your balance up to $2,520.  You are assessed a $10.00 minimum balance fee and $24.00 in excess withdrawal fees on October 31 so that your balance declines to $2,486.00 on October 31.  You did not make another deposit before the fees were assessed on October 31.  So, your beginning balance on November 1 is $2,486.00 and you will be assessed a $10.00 minimum balance fee on November 30. 

Question:  Where can I find out more about this account and/or ask questions? 

Answer:  Check our web site at www.fortknoxfcu.org or call our Member Resource Branch (Extension 6400) or stop by any convenient branch location for additional information.