All amounts up to $250,000 are fully insured by the FDIC .
What is a Money Market Account?
A money market account is a savings account that lets you earn higher interest rates . Unlike a CD, the funds in a money market account are easily accessible; however, withdrawals are limited by number and type .
Withdrawal Limitations for Money Market and Savings Accounts
Deposits are unlimited; however, Debit transactions on Money Market and Savings Accounts are limited by law. Telephone, third party (checks, drafts & debit card transactions) and preauthorized transfers are limited to six per month. Preauthorized transfers include, but are not limited to, transfers processed through Online Banking or Bank7 Voice.
Limited withdrawals exceeding six per month have a $3.00 fee per withdrawal . If withdrawal or transfer limits are exceeded, the account type may be changed or account may be closed.
What Is the FDIC?
The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC – insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Why Is FDIC Insurance Important to You?
All FDIC – insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of all insured banks to ensure these standards are met. Despite these safeguards, some insured banks fail. If your insured bank fails, FDIC insurance will cover your deposit accounts, dollar for dollar, including principal and any accrued interest, up to the insurance limit.
Historically, insured funds are available to depositors within just a few days after the closing of an insured bank. Since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.
What’s not FDIC insured?
The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank.
The FDIC also does not insure U.S. Treasury bills, bonds, or notes. These are backed by the full faith and credit of the United States government – the strongest guarantee you can get.