Automatically move money between your ECCU checking or savings account† and a money market deposit account that earns interest and is federally insured up to $30mm.
A checking account† option that, based on an established target balance, automatically moves money between your ECCU checking account† and ECCU’s off-balance sheet Insured Money Market Reserve3 deposit account.
A money market account† option that, based on an established target balance, automatically moves money between your ECCU money market account† and ECCU’s off-balance sheet Insured Money Market Reserve3 deposit account.
1. As part of set-up, your ECCU relationship manager reviews your cash needs and helps you establish a designated minimum (target) balance for your ECCU checking or savings account. This target balance will then remain in your ECCU account.
2. Your ECCU account balance is reviewed at the end of each business day. This occurs after all daily transaction obligations are met.
In either instance, your end-of-day balance will always be your target balance.
3. Insured Money Market Reserve3 Account – One account available from online and mobile banking but where funds are automatically allocated in insured amounts of $250,000.00 with participating credit unions and banks which are federally insured by NCUA and FDIC3. Learn more.
Funds in excess of your target balance are automatically swept and earning interest… funds that would otherwise be idle are now earning additional interest that can be invested back into ministry!
Because the accounts are linked, you can be sure that funds are available to cover daily and unanticipated expenses. Even better, the sweep allows you to manage your cash automatically reducing a need for daily monitoring, forecasting and making manual transfers between accounts.
Insured Money Market Reserve makes it easy and convenient for you to protect the funds entrusted to you. With federal insurance in a single program3, you don’t have to open and manage multiple accounts with several different financial institutions.
See Insured Money Market Reserve for current rate and fee information.
† Available with select ECCU checking and savings products. Contact an ECCU Relationship Manager to learn more.
1. APY is Annual Percentage Yield. APY assumes that dividends remain on deposit for one year. Withdrawal of dividends and fees could reduce earnings.
2. Please refer to ECCU's Account Agreement and Disclosures and Account Information and Fee Schedule for complete information. All account rates, agreements, terms, and conditions offered are subject to change without notice. For current dividend rates and annual percentage yields, call Member Services at 800.921.1130 or internationally at 714.671.5705.
3. Program is subject to ECCU Availability. Funds participating in the Insured Money Market Reserve program are deposited into deposit accounts at participating banks, which are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each category of legal ownership, including any other balances a bank customer may hold directly or through other intermediaries, including broker-dealers. The total amount of FDIC insurance in an account depends on the number of banks in the program. If the balance in the account is greater than the FDIC insurance coverage in the program, any excess funds will not be insured. Customers should read the Program Terms and Conditions carefully before depositing money into the program and for other important customer disclosures and information. To assure their FDIC coverage, customers should regularly review banks in which their funds have been deposited, and notify ECCU immediately if the customer does not want to allocate funds to a particular bank or banks. The Insured Money Market Reserve program is administered by Stable Custody Group II, LLC.