Money Market Deposit Accounts (MMDAs) are available to individuals who seek higher rates of interest with limited check writing and transfer capabilities. A minimum initial deposit of $1,000 will open a MMDA which earns a fluctuating rate of interest that increases depending on the account's daily ledger balance. If the account balance falls below $1,000 at any time during the statement cycle, a $10 account maintenance fee will be assessed.

Federal law limits a MMDA to six withdrawals during a statement cycle, of which three may be made by check, draft, or similar payment order. An excessive withdrawal fee of $10 will be charged for each withdrawal in excess of six during a statement cycle. We are required by law to close or reclassify a MMDA with four or more withdrawal infractions during a twelve-month period.