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Personal Banking - Frequently Asked Questions

High Rate MoneyMarket Account

1. In general, what is a money market account?

2. What makes the High Rate MoneyMarket account different from a regular Union Bank MoneyMarket account?

3. Does the money in the linked checking account earn interest, too?

4. What is the advantage of having the two linked accounts?

5. Can I use my money market account to cover unintentional overdrafts on my checking account?

6. What is the minimum opening deposit?

7. Is there a balance required to avoid a monthly fee?

8. What are the transaction limits on the High Rate MoneyMarket account?

9. How does Union Bank compute interest?

10. Can I receive a combined monthly statement for all my accounts?

11. How do I start banking online?

12. Can I check my balance on the telephone?

13. Is an ATM/debit card available with my High Rate MoneyMarket account?

1. In general, what is a money market account?

A money market account is a savings account that lets you earn higher interest rates for higher balances. Unlike a CD, your money in a money market account is easily accessible, and you have the convenience of being able to write up to six checks per monthly statement cycle.1
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2. What makes the High Rate MoneyMarket account different from a regular Union Bank MoneyMarket account?

The High Rate MoneyMarketSM account offers a higher rate of interest than offered by our regular MoneyMarketSM account.

It is linked to any personal checking account, and the combined balance in the two accounts determines the interest rate you earn on money in the High Rate MoneyMarketSM account. When the minimum daily ledger balance in the two accounts combined is at least $10,000, all the money in your High Rate MoneyMarketSM account is eligible to receive the special higher interest rates that apply to the High Rate MoneyMarket account.
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3. Does the money in the linked checking account earn interest, too?

If you use a Tiered Interest Checking account or Signature Banking Tiered Interest Checking account, the money in that account earns the current rate for that checking account type, so all of your money is working for you. If you use another type of checking account, you will not earn interest in that account, but your balances will still count toward your total for the interest paid in your High Rate MoneyMarketSM account.
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4. What is the advantage of having the two linked accounts?

Seamless money management is the key benefit. The High Rate MoneyMarketSM account itself gives you many convenient ways to access your money, including checks, ATM, and point-of-sale. But because the number of transactions is limited by regulations for all money market accounts, it may not be ideal for daily use. Because the High Rate MoneyMarketSM account and a personal checking account work together, you have the ability to allocate your money between the two accounts the way that works best for you. Keep your money in the High Rate MoneyMarketSM account until you need it -- for example, at monthly bill-paying time -- then move what you need into your checking account.

As long as the combined minimum daily ledger balance is at least $10,000, the funds in your High Rate MoneyMarketSM account remain eligible for the special higher interest rate. If they go below that level, your High Rate MoneyMarketSM account still earns the regular Union Bank MoneyMarketSM interest rate.
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5. Can I use my money market account to cover unintentional overdrafts on my checking account?

Yes. When you enroll in Deposit Overdraft Protection, funds will be automatically transferred from your MoneyMarket or High Rate MoneyMarket account to your linked checking account as needed.1 Learn more about overdraft protection.
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6. What is the minimum opening deposit?

The minimum opening deposit is $10,000.2
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7. Is there a balance required to avoid a monthly fee?

We waive the regular monthly service charge if you maintain a minimum daily ledger balance of $10,000.2
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8. What are the transaction limits on the High Rate MoneyMarket account?

Federal regulations limit certain funds transfers from your account to a combined maximum of six per monthly statement cycle. If you exceed these limits, we are required to convert your account to one not subject to transfer limitations or close your account.1
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9. How does Union Bank compute interest?

The interest rate depends on market conditions and your daily balance. We compound and pay interest monthly.
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10. Can I receive a combined monthly statement for all my accounts?

Yes. You can combine up to 20 Union Bank MoneyMarketSM, savings, and checking accounts into one organized monthly statement.
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11. How do I start banking online?

If you have a High Rate MoneyMarketSM account, you can start banking online today. Learn more about online banking.
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12. Can I check my balance on the telephone?

Yes. You can check your balances and even handle some transactions over the telephone.1 Learn more about Telephone Banking.
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13. Is an ATM/debit card available with my High Rate MoneyMarket account?

Union Bank offers an ATM/debit card with every account.3
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