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Personal Banking - Frequently Asked Questions
1. Money Market Options
1.1 What is a money market account?A money market account is similar to a savings account that lets you earn higher interest rates for higher balances. Your funds are liquid. Certain types of transactions are limited to a total maximum of six per monthly statement period.1
1.2 What is the minimum opening deposit?The minimum opening deposit is $2,500 for a MoneyMarket account or $10,000 for a High Rate MoneyMarketSM account.
1.3 Is there a balance required to avoid a monthly fee?No regular Monthly Service Charge if you maintain a minimum daily balance of $2,500 in a MoneyMarket account or $10,000 in a High Rate MoneyMarket account.
1.4 Are transactions limited?Yes. Federal regulations limit certain types of withdrawals or transfers from your money market account to a combined maximum of six per monthly statement period. If you exceed this limit, we are required to convert your account to one not subject to transfer limitations or close your account.1
1.5 How does Union Bank compute interest?The interest rate depends on market conditions and your daily balance. We compound and pay interest monthly.
1.6 Can I open an account with Union Bank® if my account history has been reported to ChexSystems?All new accounts are verified through ChexSystems. Please inquire at any Union Bank branch for our ChexSystems guidelines.
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2. Money Market Features
2.1 Can I receive a combined monthly statement for all my accounts?Yes. You can combine up to 20 Union Bank money market, savings, and checking accounts into one organized monthly statement.
2.2 How do I start banking online?If you have a money market account, you can start banking online today.1 Learn more about online banking.
2.3 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.
2.4 Is an ATM or debit card available with my money market account?Union Bank offers an ATM or debit card with every account.2
2.5 Can this account be used for Overdraft Protection?Yes, you may link your money market account to your checking account for Overdraft Protection.1
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