How it Works:
When customers open the Central Community Money Market Account, they will choose a nonprofit from the Bank’s approved list to receive an annual donation from Central Bank. The Bank’s annual donation will be 15 (or .0015) basis points of year-to-date average ledger balance of accounts that have selected an organization on December 31st.
For example, if the year-to-date average ledger balance of accounts that have selected a nonprofit organization on December 31st is $150,000, the organization would receive $225 (calculation below).
$150,000 X .15% (or .0015) = $225
How to Open a Central Community Money Market Account:
Step 1: Visit a Central Bank location to open a Central Community Money Market account.
Step 2: Select an organization from Central Bank's approved list of nonprofits.
Step 3: That's it! Just maintain your account and Central Bank will take care of the rest.
Central Community Money Market Account Details:
Account Designed For:
Offered to any individual, business or corporation.
Minimum Opening Deposit:
$2,500
Key Benefits:
Tiered interest rates, so the more you save, the more you earn.1
Fees:
For consumers, the monthly maintenance fee is $10 if the daily balance falls below $2,500 any day of the monthly statement period. For businesses, the monthly service fee is $10 if the daily
balance falls below $2,500 any day of the monthly statement period.
Fee of $10 for each withdrawal/transfer in excess of six per monthly statement period.
Individuals see Special Handling Fees for Personal Accounts for other fees that may apply.
Businesses or corporations see the Business Fee Schedule for other fees that may apply.
Transaction Limitations:
You may make no more than six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts and debit card or other similar transactions from your account per monthly statement period. Excessive withdrawals may require the account to be converted to a demand deposit account.