How to Open a Money Market Checking Account
Opening a money market checking account is similar to opening a regular money market account. The exception is that it typically has higher interest paid for the required balance. Also, it works similar to a checking account with writing checks.
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Instructions
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Select a bank based on the features you desire. Bankrate is a website that offers comparison listings, which may assist in finalizing a good financial match. There are strictly online banks, and there are traditional brick-and-mortar establishments to select among. Use this resource to make the process easier.
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Provide the data and deposit necessary for the bank to open the account. Also, find out what the requirements are to maintain the account in good standing without fees or at least excessive ones. For instance, how many checks are allowed to be written per month? What are the penalties for going over the limit? Learn as much as possible about this specific type of account at the selected banking institution.
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Keep record of the event. Write down the banking officer's name and contact information. Request documentation for paid interest rates associated with the account opened. Every consumer needs to know what she can expect in return for trusting the bank.
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Set up a follow-up contact. This may be helpful to make a better relationship with the banker and could help avoid future bank fees that are not necessary. For instance, maintenance fees are easily waived at most institutions.
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Tips & Warnings
Check your credit score before entering the bank to see if you meet minimum standards. Remember, every time someone pulls credit information that lowers the score. The amount it is lowered by varies, but it will show up on your financial record.
