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Money Market Savings Account (MMSA)

MMSA: To open an MMSA, you must first be a member of FRB Federal Credit Union (i.e., own a Share Savings Account with a $25.00 minimum balance).

  • Minimum balance:  $2,500
  • Penalties:  The MMSA has a $10.00 monthly fee if at any time during the month the balance falls below the required $2,500 minimum.

TRANSFERS AND WITHDRAWALS: You may transfer and/or withdraw funds from your MMSA account as often as you want under the following conditions: in person, by mail, by messenger, by automatic teller, to pay your FRB FCU loan, to have funds mailed directly to you or as distributions of your direct deposit. Federal regulations limit the number of certain types of transfers and/or withdrawals you can make from your MMSA account to six per calendar month. The types of transfers and withdrawals that are limited are those requested by fax, telephone, Internet, pre-authorized transfers or MMSA checks. Excessive transactions that are limited by the regulation could result in account closure. FRB FCU encourages you to use blue or black ink when writing MMSA checks.

CURRENT RATES AND FEES: The dividend rate and the annual percentage yield for Money Market Savings Accounts are disclosed on FRB FCU’s current Dividend Rates and Annual Percentage Yields (APY) Schedule. Fees and charges that may be assessed are disclosed on FRB FCU’s Fees and Charges Schedule.

OVERDRAWN ACCOUNTS:  The owner and joint owner (if any) agree to be jointly and severally liable for negative balances on any accounts in which either or both owners have an ownership interest including any overdrafts, regardless of the cause, and agree to immediately deposit sufficient funds to cover the negative amount of the overdraft.  The owner and joint owner (if any) agree that FRB FCU has the right to transfer funds from any accounts, in which either have an ownership interest, to correct a negative or overdrawn amount on any account, on which either of their names appear. The owner and joint owner agree to reimburse FRB FCU for all costs of collection, including reasonable attorney's fees and court costs.

INSURANCE: Your shares are backed by the assets of FRB FCU. The shares in all your individual accounts are aggregated and insured against loss up to a total of $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. If you have an IRA, it is separately insured up to $250,000. Joint accounts are insured separately from individual accounts up to $250,000 by NCUA.

DIVIDENDS: Dividends accrue daily on account balances.  Dividends are a division and distribution of earnings among members after all expenses have been paid and the required amount has been set aside for reserves. Dividend rates are declared prospectively by the Board of Directors in the month preceding the dividend period. The dividend rates and APY may vary weekly as determined by the Board of Directors. Dividends at FRB FCU are earned on deposits, including non-cash deposits, from day-of-deposit to day-of-withdrawal, or until the account is deemed closed, whichever is earlier. An account is deemed closed as of the day you instruct us to close the account. Dividends are computed using the daily balance method by applying the daily periodic rate to the full amount in your account at the end of each day. Dividends for the MMSA are compounded monthly and credited on the last business day of the month in which they were earned. The dividend period is monthly, beginning the first day of the month and ending the last day of the month. For example, the beginning date of the first dividend period of a calendar year is 1 January and the ending date of such dividend period is 31 January. All other dividend periods follow this same pattern of dates.

PAYMENT OF CHECKS: By requesting an MMSA, you authorize FRB FCU to pay MMSA checks signed by you or your joint owner (if any) of this account and to charge the payments against the MMSA. Each negotiated MMSA check will be charged to the MMSA as of the date of receipt of the payment order by FRB FCU. FRB FCU will not be responsible for delaying payment of post-dated checks. FRB FCU is authorized to refuse checks which exceed funds available in the MMSA. A fee will be assessed in the amount shown on FRB FCU's current Schedule of Fees and Charges for each refused MMSA check. The owner and joint owner (if any) may request that payment of an MMSA check be stopped by providing notification to FRB FCU. A fee will be assessed in the amount shown on FRB FCU's current Schedule of Fees and Charges for each stop payment request. The owner or joint owner (if any) may request copies of paid MMSA checks. A fee may be assessed as provided on FRB FCU's current Schedule of Fees and Charges for each MMSA check copy. Except for negligence, FRB FCU is not liable for any action it takes regarding the payment or nonpayment of an MMSA check. FRB FCU is under no obligation to pay or refuse the payment of an MMSA check on which the date is more than six months old. MMSA checks deposited in other financial institutions may be sent to us electronically.

CHANGE IN TERMS: FRB FCU reserves the right to terminate this agreement. The terms of this account may change upon 30 days’ notice. The right or authority of FRB FCU under this agreement shall not be changed or terminated by you except by written notice to said credit union which shall not affect transactions previously made.

OTHER TERMS AND CONDITIONS: Shares in your MMSA may not be pledged as collateral on any loan. You must notify FRB FCU in writing of an error concerning an item on your monthly MMSA statement no later than the sixtieth day following the day the statement was mailed. If we do not receive your written notice of an error within this time frame, you may not dispute the item. The use of the MMSA is subject to such other terms, conditions or requirements as FRB FCU may establish from time to time. All non-cash share purchases or payments made to the MMSA will be credited subject to final payment of the deposit item. An MMSA may not be used for commercial or business purposes. FRB FCU has the right of assignment of this agreement. FRB FCU reserves the right to enforce a statutory lien against any shares and dividends you have on deposit at FRB FCU if you fail to satisfy a financial obligation you have with us.  We may enforce this right without prior notice to you.

Effective December 1, 2019
Share Type Money Market Shares
$2,500+ $4,999+ $9,999
Rate 0.01% 0.05% 0.10%



What if my balance falls below the $2,500 dividend minimum?

Funds in MMSAs that fall below the minimum balance $2,500 will be charged a $10.00 monthly fee.

How can I access my account?

You can access your account by using FRB FCU Net Teller Account Access, an ATM, in person or by phone.

Federal regulation allows a maximum of six transfers and/or withdrawals per calendar month—either by MMSA check, and/or any online or pre-authorized transfers, including those through the Automated Clearing House (ACH), by telephone or fax request. Checks are counted by the date they are paid, not the date they are written.

There are no monthly limits on the number of transfers or withdrawals made in person at a branch, through an ATM or by mail.

What if I exceed the number of authorized transactions within a calendar month?

We'll honor any checks or ACH debits that exceed the monthly limit, but an "excessive item fee" per check will be debited from your account. By law, FRB FCU must monitor MMSA activity. Excessive transactions that are limited by the regulation could result in the incurring of fees and/or account closure.

What happens if I write a check for an amount that exceeds my account balance?

The check will be returned and an insufficient funds fee in the amount shown in the current Schedule of Fees and Charges would apply. Funds will not be transferred from your other accounts or Checking Line of Credit to pay for the overdraft.


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