Money Market Accounts
Missouri Credit Union (MCU) members can now earn money market rates without sacrificing security or liquidity with MCU's Money Market Account (MMA). As a benefit to our members, MCU offers this insured account with a low minimum balance of $1,000 (with no minimum balance fees) plus pays a higher rate than other liquid accounts.
- NO minimum balance fees;
- NO minimum withdrawal amount;
- NO monthly service charges;
- NO per check charges;
- Low cost personalized checks;
- Deposit automatically with payroll deposit;
- $1,000 minimum balance requirement to earn interest, but no below minimum balance fee;
- Competitive interest calculated on your average daily balance and paid each month;
- Up to six preauthorized, automatic, telephone or MCU Call24 or MCU@Home transfers or withdraws per month; and
- No more than three of these six withdrawals may be made by check or debit to third parties. Each check or debit over three will have a $10 charge.
Rate Information — For current rate information, please ask a MCU personal financial officer at any of our Columbia or Jefferson City locations for a current rate sheet.
Frequency of Rate Change — We may change the interest rate on your account at any time.
Determination of Rate — Rate will be based on the average yields of the various money market rates for Central Missouri financial institutions as reported by Bank Rate and/or Data Track.
Compounding and Crediting Frequency: Interest will be compounded every month. Interest will be credited to your account every month.
Interest Period — The interest period is monthly. The interest declaration date is the last day of the month. If you close your Money Market Account before interest is paid, you will not receive the accrued interests nor will they be posted to your account on the last day of the month.
Minimum Balance to Open the Account — You must deposit $1,000.00 to open this account and maintain an average daily balance of $1,000.00 to earn the disclosed interest rate. There is no minimum balance to maintain.
Daily Balance Computation Method — We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the balance in your account each day and is credited to your account monthly on the last day of the month.
You must maintain an average daily balance of $1,000.00 in your Money Market Account to earn the disclosed interest rate and annual percentage yield. No interest will be earned on the day(s) your ending balance is below $1,000.00.
Accrual of Interest on Non-Cash Items — Interest begins to accrue on the business day you deposit non-cash items (for example, checks) to your account.
Transaction Limitations — During any calendar month, you may not make more than six withdrawals or transfers or debits from your Money Market Account to another credit union account. If you exceed the transfer limitation set above, your account will be charged $10.00 for each item that exceeds the limit.
Fees — Any other applicable fees or restrictions for this account are listed in the Terms and Conditions of Your Accounts disclosure.