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 The Money Market Checking Account is a checking account with some restrictions on check writing placed by the Federal Reserve. A minimum deposit of $100 is needed to open this account and an average collected monthly balance of $1500 is needed to avoid a $15 fee.
The Money Market account usually pays a higher rate of interest due to the limited number of checks that can be written per month. Due to the placed restriction on the liquidity of the account, the funds are viewed as being more stable, and therefore a higher rate of interest is usual. Federal regulations limit you to no more than six transfers or withdrawals (or a combination of six transfers and withdrawals) per monthly statement cycle by means of a preauthorized or automatic transfer, order of instruction, or telephonic (including data transmission) agreement. This applies to both transfers to another account at Baytree and to transfers to third parties. No more than three of the six transfers can be by check, debit card, or similar order payable to third parties.
However, there is no limit on the number of transfers for the purpose of repaying a loan and related expenses at Baytree. Also, there is no limit on transfers to another one of your deposit accounts at Baytree or withdrawals paid directly to you when such transfers are made in person, by mail, by messenger service. Similarly, there is no limit on the withdrawals requested by telephone to a personal banker and paid via cashiers check mailed to you. A $20 monthly fee will be applied to your account for violation of the maximum allowance of transfers.
This product pays the same interest rate for all levels of deposit. Rates fluctuate according to market conditions and are subject to change. Interest is compounded and credited monthly. Interest begins to accrue the day cash items are deposited and the business day that non-cash items are credited. We use the daily balance method to calculate interest on accounts. This method applies a daily periodic rate to the principal in the account each day.
This account is best for those who wish to have a safe savings option with the convenience of withdrawal if needed.
This account receives monthly statements with images of written checks included.
An ATM Card is available for this account but not recommended due to the Federal restrictions of withdrawal. The ATM card may be used for the convenience of balance inquiry and transfer between accounts at Baytree without problem. There are no transaction charges for ATM usage within the STAR no fee network. Please refer to the service schedules for details on these services and fees that may apply.
Internet Banking and BillPay services are also available with no annual fees and no transaction charges. Internet banking may incur charges from your On-Line service provider that are not associated with Baytree National Bank & Trust Company.
See how your checking account interest can add up by clicking this interest rate calculator feature.
Click here for a form to help you start to open an account. Just fill out these forms, print them and bring them in to a personal banker at one of our locations. This will save time in the account opening process. Please be sure to bring in a valid picture ID for legal requirements.
Please click here for rates on this product.
See how your checking account interest can add up by clicking this interest rate calculator feature.
Please consult a tax advisor regarding the deductibility of interest.
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