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

4. Can I use my High Rate MoneyMarket account for overdraft protection on my checking account?

5. What is the minimum opening deposit?

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

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

8. How does Union Bank compute interest?

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

10. How do I start banking online?

11. Can I check my balance on the telephone?

12. Is an ATM or 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 period.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 MoneyMarket account. It is linked to any personal checking account.
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3. 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 regulation 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 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 earns the Union Bank® regular MoneyMarket interest rate.
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4. Can I use my High Rate MoneyMarket account for overdraft protection on my checking account?

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

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

Yes, you can avoid the Monthly Service Charge if you maintain a minimum daily ledger balance of $10,000.2
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7. 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 period. If you exceed these limits, we are required to close your account or convert your account to one not subject to transfer limitations.1
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8. How does Union Bank compute interest?

The minimum daily Ledger Balance in your High Rate MoneyMarketSM account will determine the interest rate. We compound and pay interest monthly.
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9. Can I receive a combined monthly statement for all my accounts?

Yes. You can combine up to 20 Union Bank savings, money market and checking accounts into one organized monthly statement
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10. 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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11. 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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12. Is an ATM or debit card available with my High Rate MoneyMarket account?

Yes.3
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