Hi, I have a question about Netbank's Money Market account. First, how stable has the rate / fee structure been in the past? Second, how quickly can one transfer funds between a money market and checking account? Any experiences? thanks.
I have a question about Netbank's Money Market account. First, how stable has the rate / fee structure been in the past? Second, how quickly can one transfer funds between a money market and checking account? Any experiences? thanks. egoldschl Transfers between Checking and MM (and the reverse) are available in every way the next business day. If you click the 'update' button imediatly after entering the transfer, you can see the transaction, but I'm not sure if that amount is available for billpay and such untill the next day. As far as fee's go, I haven't been charged for any fee for the 2 or 3 years I've been with them, except for interest on the overdraft protection line of credit. Because of the recently implimented fees for using the line of credit, I opened the MM acount. There is no fee for overdrafts that can be covered from the MM account.sjcosta38Steve Costa
At far as I know the Netbank's Money Market Rate has been steady.I had no problems in transfering funds from money market to checking. It is immediate and Netbank updates the balances at that time.
I used to have an account at NetBank, and I, too, never had any problems transferring money from one account to the other. When you transer the money from checking to money market or vice-versa, the transfer is immediate. For statement purposes, it might not be posted until the next business day, but it is available immediately.The NetBank money market rate has been very steady. Last year it shot up to 6.00%APY, where it remained until just a week or two ago. Even now, it is still 5.75%APY, which is still an outstanding rate.You might want to also check out National InterBank at www.nationalinterbank.com. They offer 4.00%APY on interest checking and 5.65%APY on money market, both accounts offering NO monthly fees and NO minimum balance requirements. They also offer real-time posting of transactions. I have also heard that they will offer ACH transfers (like CompuBank offers) and credit/debit card deposits in the first quarter of this year (at least that is their target date).
Second, how quickly can one transfer funds between a money market and checking account?Of course there is free overdraft protection from you money market account to cover checking account activities. http://www.netbank.com/banking_checking_overdraft.htm
Pardon my ignorance, but what exactly are "ACH transfers"? Thank you.
See my prior posthttp://boards.fool.com/Message.asp?mid=13627052
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