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.
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