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Money Market Account Advantages
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- Usually provides a higher return than interest checking accounts and some regular savings accounts.
- Limited number of Drafts may be drawn against the account payable to third parties.
- Eligible for alternative 24/7 Access to Funds for Deposit and Withdrawal transactions.
- Regulation CC requires banks to make funds deposited in transaction accounts available within specified time periods. Although a savings account, this account enjoys Reg CC's Expedited Funds Availability.
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| 24/7 Funds Access |
| Telephone Banking - Inquiry and Transfers to other Gibraltar Accounts |
FREE |
| ATM Access - Inquiry and Transfers To/From other Gibraltar Accounts. Deposits may be made at Gibraltar owned ATMS |
FREE at Gibraltar owned ATMS |
| Interest and the Annual Percentage Yield (APY) |
| This is a Tiered-rate Account. The interest rates on this account are variable. At our discretion, we may change the interest rates on this account at any time. This account has a floor rate. The interest rate for your account will never be less than the floor rate, currently 0.35%. Minimum Daily Balance to Obtain MAXIMUM APY
Minimum Daily Balance to Obtain MINIMUM APY
The APY assumes interest will remain on deposit. A withdrawal of interest will reduce earnings.
| Current Rates
100,000.00
500.00
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This is a Tiered-rate Account. Each day a daily periodic rate, determined by the Tier in which the Current Principal Balance falls, is applied on the entire Current Principal Balance.
For example on a 2-Tier Account where Minimum Balance for Tier-1 is $200.00 for a 1.000% rate and 1.00% APY and the Minimum Balance for Tier-2 is $5,000.00 for a 1.490% rate and 1.50% APY; On a $5,000.00 current principal balance, the entire $5,000.00 current balance will accrue at the 1.490% rate.
Maximum Daily Balance to accrue using a daily periodic rate corresponding to the MAXIMUM APY
Minimum Daily Balance to accrue using a daily periodic rate corresponding to the MINIMUM APY | See Current Rates for Tiers applicable to
this account.
100,000.00
500.00 |
Minimum daily Principal balance required to accrue
Interest accrues daily. We use the daily balance method to calculate interest on your account, which applies a daily periodic rate to the Principal in the account each day.
Interest will not accrue on those days where the minimum balance falls below the required minimum balance to accrue.
Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
If you close your account before interested is credited, you will forfeit the interest accrued for that time period. |
500.00 |
| Account Features |
| Minimum Initial Deposit to Open Account |
2,500.00 |
| Minimum Daily Balance to waive Monthly Account Service Fee |
500.00 |
Monthly Check Limit - checks written to third parties | 3
| | Account-Specific Fees |
| Monthly Account Service Fee |
8.00 |
Per Check Fee on checks over monthly check limit
| 15.00 |
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| Account-Specific Limitations
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- You must be of contractual age to open a transaction account, 21 in the State of New Jersey. If you are under 21, but over 16 years old, you may be a joint accountholder with a parent or legal guardian as joint accountholder.
- Federal Regulation limits the number of withdrawals and transfers from your money market deposit account, per calendar month or statement cycle to no more than six (6) withdrawals or transfers, regardless if made by: draft, check (MMDA), debit card, telephone, On-line, or similar order made by you, or as a preauthorized or automatic transfer, to: yourself, to another account held by you at Gibraltar or another institution, or to a third party. No more than three (3) of the six such transfers may be made payable to third parties. If you exceed these regulatory limits and we contact you and you continue to exceed them, we may close your account and place the funds in a demand deposit account, at which time you will receive notice of our action and will include a disclosure of the demand deposit account’s terms.
- Requires timely review of the Account Statement for Unauthorized Use or Errors.
- Monthly Statements. We will send you monthly statements reflecting account activity, service charges and interest earned, if any. You have 10 days from the time we mail your statement to you to notify us of any errors, forgeries or alterations. See the Electronic Funds Transfer Disclosure for error handling on these items.
- Drafts or checks and deposit tickets used for this account must contain specific security features that are provided by the Bank's authorized check vendor. We may return unpaid any other form of draft or check.
- We may return unpaid any draft or check incompletely or defectively drawn.
- Insufficient ( NSF ) and Uncollected Funds. If you write drafts or checks for more than you have in your account, these items may be returned for insufficient funds. The same is true if the items are drawn on uncollected funds. We will charge your account a fee for each item presented in accordance with our current schedule of charges.
- Post Dated and Conditional Checks. If you date a check with a date later than the date you wrote it or put a condition for payment on it, we will not be obligated to honor your special instructions. We process checks when presented and assume no liability for payment or non-payment contrary to your special instructions. In addition, we will return any such item unpaid and charge the applicable fee should there be insufficient or uncollected funds when presented for payment.
- Stop Payments. If you do not want us to pay a check or draft that you have written or an ACH or automatic debit you have authorized, you can order us to stop payment on it. You can stop payment on an item by phone, in person or by mail. Your stop order takes effect when we record it on your account record. We will send you a confirmation form by mail. Oral stop orders will be removed after 14 days, and must be confirmed in writing to extend to six months. Written stop orders are good for 6 months only. You must place a new stop order every 6 months if you want us to continue to stop an item. We charge a fee for each stop order. Stop orders must include the account number, the item number, the name of the payee, and the date and exact amount of the item. We are not required to stop payment on your checks or drafts if they are certified or accepted, or if we have otherwise agreed to pay them.
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| This Account is governed by the terms disclosed above and the following:
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General Terms for Deposit Accounts
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Expedited Funds Availability Act. Disclosure must be provided at account opening.
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