Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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^ Ally has no minimum balance and no unreasonable fees, so it seems strictly better.
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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Any FUND can be held at the request of the FUND Managers approval for whatever reason they desire.
Why is it that Hedge Fund Managers still make $2 Billion annually even during depressions and...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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Can't speak to Ally, but generally MM accounts allow you to write a min number of checks per month and savings accounts do not. They are sort of in the middle between a full service checking account...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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Incorrect, straight from the FDIC:
"FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit."
A money...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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So I just signed up for an Ally money market account. I probably should have asked before opening my account, but I've got a question. What is the disadvantage of a money market account, compared...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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I am assuming the money market has a minimum balance requirement and the savings account doesn't? I don't know much about Ally, but I assume their money market rates are also tiered; the higher the...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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I understand that, but that same restriction is on every savings account as well. How is a money market not strictly better than a savings account, given that at least in this case, they have the...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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You could lose money in one of them, their typically not FDIC insured.
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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That's pretty silly.
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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That's no different from a savings account though. My question is how is a money market account not strictly better than a savings account?
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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There isn't much of a difference on the depositor's end between savings and MMA deposit. On the bank's end, the bank is allowed more options to invest your money when it is in a MMA - thus,...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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The temptation factor is pretty damn real and was for me when I was younger and just starting out on my own having very little knowledge or experience with finance. To put it to you this way, when I...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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The "great benefit" is the .95% interest that it gives. Sure it's not much, but it's .95 percentage points more than my checking account (note it's an infinite percent better, I hate when people...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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Lot of stupid is running rampant in this thread.
Money market (brokerage)
NOT FDIC or NCUA insured (there will be huge warnings about this)
expenses/management fees
6 withdrawal / month...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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Either way, watch out for Bank's Foreign Transaction Fees of 3% or higher. This includes withdrawing overseas.
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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I have not seen any great benefits with Ally's MMA, other than the ability to write checks. In a way, I see that more of a disadvantage than advantage, that's why you have a checking account; to...
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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In the clauses and Terms and conditions, they determine if you are allowed to withdraw or not from the account. They can suspend your account at will. This will occur with the next Great Depression....
Disadvantages of a money market account
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Thread created 01-16-2013 by thegreatj03
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http://www.citizensbank.com/savings-and-cds/money-market-savings.aspx
*Annual Percentage Yield
Rates accurate as of 1/17/2013 and subject to change before or after account opening. Rates apply to...
