how to delete pof account

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What is a money market account?

A money market account is an interest-bearing account at a bank or credit union—not to be confused with a money market mutual fund. Sometimes referred to as money market deposit accounts (MMDA), money market accounts (MMA) have some features not found in other types of accounts. Most money market accounts pay a higher interest rate …

How many transactions per month can you do with a money market account?

Money market accounts have the government-mandated six-transactions-per-month limitation mentioned earlier, which money market mutual funds do not. The companies that offer them, however, can place limits on how often depositors can redeem shares or require that any checks they write be for over a certain amount.

What is high yield checking account?

Like high-yield savings accounts, these accounts offer interest rates that rival and sometimes exceed those of money market accounts. They also share the high-yield savings accounts’ principal weakness, which is that they may have more complicated requirements, such as a minimum number of debit transactions each month. Frequently they also impose a cap—for example, $5,000—above which the high interest rate does not apply. In other respects, high-yield checking is like regular checking, with unlimited checks, a debit card, ATM access, and FDIC or NCUA insurance. 3 ? 1 ?

How much does FDIC cover MMA?

The FDIC covers certain types of accounts, including MMAs, up to $250,000 per depositor per bank. If the depositor has other insurable accounts at the same bank (checking, savings, certificate of deposit), they all count toward the $250,000 insurance limit. 1.

How long does a CD last?

A certificate of deposit (CD) is like a savings account with a fixed duration, such as three, six, nine or 12 months, or multiple years up to 10. In exchange for locking in their money for that period of time, depositors generally get a higher rate of interest than they would with a regular savings account. However, if they withdraw their money (or part of it) early, they’ll pay a penalty, usually in the form of lost interest. Some CDs (known as liquid CDs) don’t penalize depositors for early withdrawals but pay a lower rate of interest. CDs are FDIC- or NCUA-insured but typically offer no provision to write checks, withdraw funds with a debit card, or add to the balance after the initial purchase. 3 ? 1 ?

Why do money market accounts have higher interest rates?

Money market accounts are able to offer higher interest rates because they’re permitted to invest in certificates of deposit (CDs), government securities, and commercial paper, which savings accounts cannot do. The interest rates on money market accounts are variable, so they rise or fall with inflation.

What are the advantages of a credit union?

Their advantages include higher interest rates, insurance protection, and check writing and debit card privileges. Banks and credit unions generally require customers to deposit a certain amount of money to open an account and to keep their account balance above a certain level.

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