FAQ: Savings > Money Market Accounts

• How is a Money Market account different from a checking account?

  Your Wright-Patt Personal Capital Money Market gives you withdrawal and check-writing privileges like a regular checking account; however money market accounts are typically used more as a savings account and not a daily transaction-based account.

• What are Regulation “D” Account Limitations?

  Federal Regulation "D" for depository institutions limits the number of certain withdrawals and transfers made from specific types of deposit accounts. As a result, certain transfers from TrueSaver, Secondary Share, and Personal Capital Money Market Accounts will be limited to 6 transactions per month, effective February 1, 2000.

  If you exceed the federally-mandated limits, some transactions you expect to occur will not be processed, and some payments from your account may not be made.  This includes any home banking transfers, or overdraft advantage.

  The following transactions or combination of transactions are limited to 6 or fewer each month:

  • Automatic payments made via the ACH system (also known as pre-authorized electronic funds transfers) from Secondary Share, TrueSaver, or Personal Capital Money Market Accounts.
  • Transfers to your other deposit accounts within Wright-Patt Credit Union.
  • Transfers from Secondary Share or TrueSaver and Personal Capital Money Market Accounts made by telephone, including Call-24 transfers and fax requests.
  • Transfers made from Secondary Share or TrueSaver and Personal Capital Money Market Accounts made via Internet Home Banking.
  • Transfers from Secondary Share or TrueSaver accounts to a checking account to cover NSF checks.

  You are allowed an unlimited number of the following types of transactions from a Secondary Share, TrueSaver, or Personal Capital Money Market Accounts under Regulation D:

  • ATM transactions
  • In-person transactions
  • By-mail transactions
  • Transfers to any of your loan accounts at the Credit Union.

• Are my deposits insured?

  Yes – your deposits at Wright-Patt Credit Union are federally insured up to a total of $250,000 per ownership interest by the National Credit Union Association (NCUA).