topic Re: Question about transferring to/from a Money Market Account in Personal Finance

Question about transferring to/from a Money Market Account

crrredit — Sun, 14 May 2023 20:58:29 GMT

If you want to transfer from one bank to another's Money Market Account using ACH, and you get to the question of whether the account is a checking or savings account, what do you put? Same question if you're on a credit card account's site and adding a money market account as an external payment account. Technically neither option is correct. Discover has it listed in the pull-down menu for savings when you're looking at their products, and you get that disclaimer about limited monthly transactions like you do for savings accounts, even though they're not enforcing the limit currently.

Re: Question about transferring to/from a Money Market Account

DakotaM — Sun, 14 May 2023 22:41:33 GMT

I think it is closer to a savings account. That said, it doesn't matter what you select in my experience. I've had some specify checking account only and not even give the option for savings, but still been able to link a savings account all the same. Maybe it is a bookkeeping thing with the bank?

Re: Question about transferring to/from a Money Market Account

crrredit — Sun, 14 May 2023 22:57:04 GMT

@DakotaM wrote:
I think it is closer to a savings account. That said, it doesn't matter what you select in my experience. I've had some specify checking account only and not even give the option for savings, but still been able to link a savings account all the same. Maybe it is a bookkeeping thing with the bank?

Yeah, could be just a bookkeeping thing. I think it's closer to a savings account, too. That's how I'll be using it for the most part. I have regular savings and checking at the same bank, so I'll probably just use those accounts to transfer money in from other banks/CUs and then do an internal transfer to the MM account. Trying to consolidate this year and simplify my life a bit.

Re: Question about transferring to/from a Money Market Account

DONZI — Tue, 16 May 2023 07:33:20 GMT

All Money Market Accounts I've had have offered check writing. Fairly cut and dry IMO.

Re: Question about transferring to/from a Money Market Account

Kforce — Mon, 15 May 2023 22:11:59 GMT

I have had many money market accounts.

Some are savings and others checking accounts, although they all advertise "money market"

It does make a difference when linking ACH transfers from some institutions.

Have had issues putting in savings when behind the scenes it was really a checking account.

You need to check with the institution to know the correct account type, or be willing for it not to link and get notified.