Rates Current as of Friday February 10, 2012

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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Banking & CD FAQs

My bank refused to open a NOW account for my business. Why?

A NOW account is an interest-earning bank account with which the customer is permitted to write drafts against money held on deposit. Entities organized or operated to make a profit (e.g., corporations, partnerships, associations, business trusts) may not maintain NOW accounts. However, an individual doing business as (DBA) a sole proprietor or under

Why does a bank pay a check or debit transaction when the account is overdrawn?

National banks can either return the check unpaid or advance sufficient funds to your account to pay the check or debit item. In either case, your bank can assess an insufficient funds fee against your account.

Does the federal government insure money market funds?

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

What rules and regulations determine when a bank must make my money available to me in my account after I make a deposit?

In 1987, Congress passed the Expedited Funds Availability Act, which limits the length of time that a financial institution may hold the funds from a deposited check. The law balances the risks that a financial institution faces from an uncollected check with the needs of customers and depositors. Regulation CC implements the Expedited

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