Insured Investment Account (Money Market)
Your Insured Investment Fund requires an opening balance of $2,500. Accounts under $2,500 earn interest at the NOW Account rate. Accounts with balance of $2,500 to $25,000 earn interest at the posted money market rate. Accounts with balances of $25,000 earn interest at a premium money market rate. Check all current rates which are subject to change daily. Interest will be credited and compounded monthly.
You may make as many withdrawals as you wish from your Insured Investment Fund by mail, in person at a teller window, or via Automated Teller Machines. Federal regulations limit pre-authorized transfers (e.g., automatic transfers to other accounts, insurance payments etc.) and telephone transfers to six per statement period. Included in those six transfers is a maximum of three checks per statement period. If more than three checks or 6 transfers are completed in a statement period, a fee of $6.00 will be assessed. In addition there will be a $ .30 charge for each check over 3 or each transfer over 6 during a statement period.
A transaction will be considered complete on the day it is posted to your account (e.g., a check written late in one statement period and clearing the Bank early in the following statement period will be counted among the transactions of the later statement period.) Your Insured Investment Fund is free of monthly maintenance fees if you maintain a minimum daily balance of $500 during the statement period and do not exceed the above transaction limitations.
Should you prefer not to keep a $500 minimum daily balance your maintenance fee will be $6.00 per month plus $ .30 per debit. (Including any other charge against your account and any withdrawals via your CheckCard from Automated Teller Machines not owned by Great Midwest Bank).