Earn an outstanding rate

MECU's Money Market offers outstanding rate.

The MECU Money Market accounts generally offer savers a happy medium between MECU's Share Savings account and a Certificate of Deposit because it provides a high yield and liquidity.

You can deposit as much as you want to in either of MECU's Money Market Accounts. A minimum deposit of $500 is required to open a regular account. In the event your average daily balance for the entire month drops below the disclosed minimum balance, no interest will be posted to your account and you will be charged a fee as listed on the current Rate and Fee schedule.

The interest rate is variable and subject to change at any time by order of the Board of Directors. Typically, the interest rate on Money Market accounts will be between MECU's Share Savings dividend rate and its 12-month Certificate of Deposit interest rate. Interest will be posted to your account and you will receive a statement monthly.

And unlike money market accounts offered by brokerage firms, your investments are federally insured to at least $100,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. Additional coverage provided through Excess Share Insurance Corporation to a combined total of at least $175,000.

Premier Money Market Accounts

Looking for a better rate, MECU’s Premier Money Market offers a high rate and allows you to earn more on your money while continually building your savings. A minimum opening deposit of $50,000 is required to open the Premier account. Interest is calculated by the average daily balance method.

Access your funds in a variety of ways

You can access your Money Market Account in person, by mail, at MECU ATMs*, by Money Market or MECU check, Telephone Teller and through MECU’s web site (your account).

There are several convenient ways to deposit or withdraw from your Money Market account. When you open your Money Market account, you can choose to get a supply of money market checks. This supply of Money Market checks to access your account will last about a year, if you were to write the maximum number of checks allowed per month.

Unlimited deposits and withdrawals per calendar month which are made -
• In person at a MECU branch
• By mail
• At any MECU ATM*
• By automatic deposits through Direct Deposit or payroll deduction

Limited transactions: No more than 6 per calendar month in accordance with Regulation D, with no more than 3 transactions by check by way of:
• Telephone Teller transfers/withdrawals and/or
• Money Market Check (no more than 3 check transactions can clear per statement period) and/or
• Official MECU check made payable to a third party

* If you already have an existing MECU ATM card or debit card, when you open your new Money Market account online, that account can also be accessed at MECU ATMs. Premier Money Market Account may not be accessed at the ATM.

Transfer and withdrawal limits on a Money market account

Transfer and withdrawal limits on Money Market accounts are regulated by law. You are allowed to make unlimited deposits, with no limit to the deposit amount to your Money Market account...and Direct Deposit and Payroll Deduction are available

In accordance with Regulation D, during any one month, no more than six (6) withdrawals or transfers to another credit union account of yours or to a third party by means of pre-authorized or automatic transfer, Telephone Teller or PC can be made. No more than three (3) of the six may be made by your MECU Money Market checks or a MECU official check made payable to a third party.

You will incur a fee for every check paid over three (3) per monthly statement cycle. MECU will automatically pay the check but the fee(s) will not be charged until the end of the statement cycle, which is monthly. A check will still be paid if it takes your balance below required minimum balance, but will be returned for non-sufficient funds (NSF) if it takes the Money Market Account balance below $0.00. No overdraft protection service is allowed for this type of account. Refer to the current Truth-in-Savings Disclosure for fees on standard services such as check and statement copies, stop payments, and returned checks.

MECU reserves the right to close your Money Market account if you violate the transaction terms and conditions outlined above three (3) months (consecutive or nonconsecutive) within a twelve (12) month period.

Funds in the Money Market Account will be transferred to your Checking or Share Savings account if the names listed on the account of the Money Market Account are the same. If this is not the case, a check will be issued to you to close your account and you will be notified in writing of this action.

Setting up an Automatic Transfer

Recurring Transfer can also be used with your Money Market account. By signing up online for "Recurring Transfer", you can have money automatically transferred from a MECU account into your Money Market account. You select the dollar amount and the frequency ... weekly, bi-weekly, or monthly. With Recurring Transfer, you can save all the money you need. So as soon as you open your Money Market account, go to the "Transfer" page and set up recurring transfer. Then sit back and watch your money grow.

For more specific details about each account, refer to the MECU disclosures made pursuant to the Truth in Savings Act, Expedited Funds Availability Act and Electronic Funds Transfers. This information will be given to you when you open a savings account and is available at any time upon request. Click here to see our current rates.

You may open your Money Market account on line - right now

1. Click here to check out our great MMA rates.
2. Log on to online banking and select "Account Services". Here you will be able to open your money market account by either transferring funds from an existing MECU account or by check. The account will be opened provisionally pending the verification of your identity, but opened accounts will start earning our exceptional money market rate today!.* After the account is opened we will send you verification and a form to order free checks.

If you don't yet have your online banking PIN, click here to get your PIN today online. It's simple, it's free and it only takes a few moments. Then you can open your money market account today and take advantage of all the other great MECU online services.

* For accounts opened by check, interest will start today provided your initial deposit is postmarked within 7 days of today.

You can also open accounts in person or by mail. Visit a branch or call out Telephone Service Center to request an application. You must be a MECU member in order to open either Money Market Account.

All MECU savings accounts pay you a high return on your investment. Deposits are federally insured to at least $100,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. Additional coverage provided through Excess Share Insurance Corporation to a combined total of at least $175,000.