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This page was printed from: https://www.farmbureaubank.com/Deposits/MoneyMarket |
Money Market Account
A Money Market Account from Farm Bureau Bank offers the liquidity you need with the higher interest rate you want. More robust than a traditional checking account, it’s just as easy to use.
Money Market Account Overview
| Overview | |
|---|---|
| Minimum Initial Deposit | $100 |
| MMSA with E-Option |
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| Monthly Service Fees | None. There are no fees on this product for normal use or to open or maintain the account. |
| Minimum Daily Balance | None |
Money Market Account Rates
*Annual Percentage Yield. Interest Rates and Yields shown are effective as of 11/20/2009. Farm Bureau Bank deposit accounts are FDIC insured up to $250,000 per depositor through December 31, 2013. Fees could reduce earnings on the account. Interest rates and corresponding APYs may change at the bank’s discretion.
On May 20, 2009, FDIC deposit insurance of $250,000 per depositor was extended through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts, which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)
Minimum initial deposit for Money Market Accounts is $100. Federal guidelines restrict withdrawals from Money Market Accounts. Excess withdrawals incur a $5 transaction fee.
Money Market Account – Additional Information
E-Option
E-Option for your Money Market Account gives you the convenience of viewing your monthly statements online without the hassle of sorting through paper statements in the mail. Earn a higher interest rate on every dollar you deposit by choosing E-Option.
Visa® Debit Card
Your Money Market Account comes equipped with a free debit card that can be used to withdraw funds from more than 300,000 ATM machines worldwide.
Checks
Checks are free with a Farm Bureau Bank Money Market Account.
Interest
Our competitive rates allow you to earn interest tiered to reward higher balances.
Money Market Account - Terms & Conditions
Rate Information - The interest rates and annual percentage yields for all Farm Bureau deposit accounts are determined at the discretion of the Bank.
The interest rates and annual percentage yields may change at any time. The interest rate for your account will be based on the following daily balance tiers:
Money Market Account
- < $2,500
- $2,500 - $24,999
- $25,000 - $ 49,999
- > $50,000
E-Option - If you select the E-Option for your transaction account, you will earn interest on all balances at a rate above the standard rate for the selected account type. If you select the E-option, you will not receive monthly statements via mail unless the Bank is required by applicable law to provide such statements. Transaction history will be made available through the Internet at farmbureaubank.com.
| Crediting Frequency | Interest will be credited monthly. |
|---|---|
| Compounding Frequency | Interest will be compounded daily. |
| Daily Balance Computation Method | Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. |
| Minimum Balance to Open | The minimum balance to open a Money Market account is $100.00. |
| Accrual of Interest on Noncash Deposits | Interest will begin to accrue on the business day you deposit noncash items (e.g., checks) into your account. |
| Effects of Closing an Account | If you close a transaction account within 90 days from the original account opening date, a fee will be assessed. If you close your account by check before interest is paid, you will not receive the accrued interest. |
| Transaction Limitations | Federal law limits 6 withdrawals per statement cycle. For transactions exceeding federal requirements, see Account Fees. |
Money Market Account – Fee Schedule
| Replace lost ATM/Debit card | $5.00 |
| Check printing | Fee depends on style of check ordered |
| Nonsufficient funds items (each) including withdrawals made by check, in person, ATM, or other Electronic means, regardless of whether the item is paid or not | $25.00 |
| Stop Payment – all items | $25 |
| Deposited checks returned unpaid: | |
 Accountholder’s check from another financial institution |
$20.00 |
| Third party check |
$5.00 |
| Outgoing wire transfer | $20.00 |
| Account research | $15.00 per hour, ½ hour minimum |
| Copy of statement, special statement, or account activity printout | $5.00 |
| Copy of check (per check) | $1.00 |
| Account closed within 90 days | $25.00 |
| Excessive withdrawals from Money Market Account | $5.00 per item |
| Cashier’s Check | $5.00 each |
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 Equal Housing Lender. Farm Bureau Bank is an Equal Opportunity Employer. |