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Money market accounts combine the features of checking and savings accounts, but they place additional restrictions on your money, which limits their usefulness as checking account replacements ...
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
Prior to April 24, 2020, Reg. D required banks to limit the number of transfers or withdrawals from savings deposit accounts, a term that includes both savings accounts and money market accounts ...
Money market accounts typically provide higher interest rates than traditional savings accounts and are federally insured, offering both flexibility and security. ... Restrictions on withdrawals: ...
Regulation D was known directly to the public for its former provision that limited withdrawals or outgoing transfers from a savings or money market account. No more than six such transactions per statement period could be made from an account by various "convenient" methods, which included checks, debit card payments, and automatic transactions such as automated clearing house transfers or ...
(Savings and money market accounts are considered savings deposit accounts.) Before the restrictions were lifted, unlimited withdrawals from an ATM or a bank teller were permitted from savings ...
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