FlexTier Money Market Account FAQs
What is the FlexTier Money Market Account?
Just like its name implies, the
FlexTier Money Market Account
flexes right along with the amount of money you have on deposit in your money market account. When your deposit balance increases, and reaches the next highest “tier,” it earns a higher corresponding dividend rate. This means that the more money you keep on deposit, the more you earn. The
FlexTier Money Market Account also offers you check writing ability.
Find
more information on the
FlexTier Money Market Account rates.
What is the minimum opening deposit amount for a FlexTier Money Market Account?
The minimum balance required to open a
FlexTier Money Market Account is $2,000.00. A daily periodic rate is applied to the full amount of principal in the account each day unless the current day’s balance drops below the minimum required balance. If the balance drops below the required minimum, the
FlexTier Money Market Account will not earn dividends for that number of days.
Are there any fees for this account?
There are no fees associated with utilizing the check writing capability and balance flexibility of the
FlexTier Money Market Account. As with all of our money market account products, the first three (3) withdrawals each month are free. Please see the fee schedule for associated fees for ordering checks, returned drafts and withdrawals in excess of three from the
FlexTier Money Market Account.
Do you offer the Standard Money Market anymore?
No. As of January 2, 2008, we no longer offer the Standard Money Market Account. All Standard Money Market Accounts have been converted to
FlexTier Money Market Accounts.
If I write a check from my FlexTier Money Market Account but do not have sufficient funds, is my FlexTier Money Market Account eligible for courtesy pay or overdraft protection?
No. Neither courtesy pay nor overdraft protection is offered on this account; therefore, it is important to ensure there are enough funds in your account to cover all transactions.
Can a FlexTier Money Market Account be used for my checking account’s overdraft protection source?
No, effective January 2, 2008, all money market accounts have been removed as overdraft protection sources for any checking account.
Will the Select, Premier and Jumbo Money Market Accounts be changing also?
No. The Select, Premier and Jumbo Money Market Accounts will remain unchanged. The
FlexTier Money Market Account is offered as a convenience to members who desire a more flexible and liquid money market account. Members who wish to earn higher rates may continue to use the Select, Premier and Jumbo Money Market Accounts.
Did my suffix change when my Standard Money Market Account converted to a FlexTier Money Market Account?
No. Converted accounts remained unchanged, with the exception of the added features that are offered with the new
FlexTier Money Market Account.
Are there limitations on withdrawals from the FlexTier Money Market Account?
Yes. Regulation D applies to all savings accounts, which includes the
FlexTier Money Market Account. In compliance with Federal Regulation D limitations, no more than six (6) pre-authorized, automatic, telephone, fax, online banking, or audio response transactions may be made in any month. No more than three (3) of the six (6) transactions may be made by check. As with all our money market account products, the first three (3) withdrawals each month are free. For more information, view the Regulation D
disclosure.
What happens if more than three checks try to clear my account in a one-month period?
Due to Regulation D, any check exceeding three (3) per month will be returned unpaid and the returned check fee will apply.
Can I convert an existing Money Market Account or open a new FlexTier Money Market Account over the phone?
Yes, with the proper account verification.
How can I get checks for this account?
You may initially request checks for your
FlexTier Money Market Account in person or over the phone with a password. If you do not want a full box of checks, you can come into a branch and receive temporary checks (see
fee schedule for applicable fees).
Can I use the FlexTier Money Market Account as collateral for a loan?
No. Elevations Credit Union does not offer loans on the
FlexTier Money Market Account. If you are requesting a share secured loan, you may open a Select, Premier or Jumbo Money Market, a Certificate for a specified term, or place the funds into the Regular Savings Account to be used as collateral.
Can I view my FlexTier Money Market Account online?
Yes, you can view all your account activity, including checks that have cleared the account.
