FAQ Consumer Loans

The money market account earns a higher interest rate and it has check writing privileges.

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Which money market account is best for me?

Description Rate change frequency Minimum balance to open and avoid fee Minimum balance fee

Money Market Monthly $2,500 $15

Premier Money Market Monthly $10,000 $25

Investor’s Advantage Weekly $100,000 $25

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What is the difference between a savings certificate account and a money market account?

Both have a higher interest rate but in a certificate your money is locked up for a set term while with a money market account your money is liquid.

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What is the difference between a money market account and a checking account?

The money market account earns a higher interest rate but you are only allowed to write up to 3 checks a month.

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Is there a monthly service fee on the money market account?

No.

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What is the minimum balance required to open a money market?

The minimum balance for a money market account is $2,500. If your balance falls below the minimum, you will be assessed a $15.00 service fee at the end of the month.
The minimum balance for a Premier Money Market and Investor Advantage are $10,000 and $100,000 respectively. If your balance falls below the minimum, you will be assessed a $25.00 service fee at the end of the month.

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Will I receive an ATM card?

No, but you can transfer funds from your money market account to your savings or checking account that has ATM access and withdraw from there.

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When is interest on the money market account paid?

The interest earned for the previous month is deposited in your account on the last day of the next month.

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Are my money market account deposits insured?

Yes, they are insured for up to $350,000 by the NCUA and American Share Insurance.

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How is the rate determined?

Honda FCU sets rates on money market accounts to correspond to current market conditions. These rates are reviewed on a monthly basis for Money Market and Premier Money Market and weekly for Investor's Advantage and are subject to change.

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Is there a fee to close the account?

No.

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How long must I wait to reopen the account?

6 months.

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Is there a fee for the checks?

The checks are complimentary. You can also choose not to order checks.

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How many withdrawals can I make a month?

You can make 6 withdrawals or transfers a month, 3 of which can be checks.

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What happens if I need to write more checks than 3 a month?

If more than 3 checks try to clear your account a month, those checks will not be honored and the account will be subject to closure by the credit union.

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Can I use my money market account as overdraft coverage for my Honda FCU checking account?

Yes, you can as long as the number of transfers/withdrawals required does not exceed 6 each month.

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