Questions members frequently ask about Savings and Money Market accounts

Is my money safe in a Savings and Money Market account?
Your Lake Trust Money Market accounts along with your other Savings accounts are insured up to a total of $250,000 by the National Credit Union Administration (NCUA), the federal regulator and insurer for credit unions.

I already have a Savings account. Why should I move it to Lake Trust Credit Union?
It's convenient to conduct your financial business at one location. Your Savings may also earn more at Lake Trust – our dividends are generally higher than most area banks, and we have no monthly fees, which can save you money.

Can I make withdrawals from my Savings and Money Market accounts?
Withdrawals from all Savings and Money Market accounts are limited by Regulation D (Reg D). This is a federal regulation all financial institutions must follow. It puts restrictions on the number of withdrawal transactions through electronic channels that are allowed on Savings and Money Market accounts. Reg D limits these withdrawals to six (6) per month.

Transactions that count towards Reg D limitations:
Transactions or withdrawals made to another account of yours at Lake Trust if made by:

• Pre-Authorized Transfer (including ACH or overdraft transfers)
• Internet Banking
• Automated Phone Banking
• Telephone (staff-assisted)

Transactions or withdrawals to a third-party if made by:

• Pre-Authorized Transfer (including ACH)
• Internet Banking
• Automated Phone Banking
• Check (available on Money Market only)

Transactions that DON'T count towards Reg D limitations

• Deposit transactions
• Transactions or withdrawals made:
  • In person at a branch
  • By mail request
  • At an ATM
  • Withdrawal by check payable to yourself requested through Automated Phone Banking
• Pre-authorized (automatic) transfers made for:
  • Repayment of a Lake Trust loan
  • Payment of a service fee at Lake Trust

Is overdraft protection available on my Money Market account?
Yes, but Reg D limitations apply.

How often is interest calculated and paid on my account?
Interest is calculated on your daily balance and paid monthly.

What is the minimum balance to open a Money Market account and earn interest?
Opening a Money Market account requires a $1,000 minimum balance. There is no minimum daily balance to earn the disclosed annual percentage yield. $1,000 minimum daily balance is required to avoid a $10 monthly fee. There is no minimum balance to open a regular Savings account.

My investments are at a brokerage firm. Why would I want a Lake Trust Money Market account?
When you have funds deposited in a Lake Trust Money Market account, you pay no commissions.

Mon - Fri • 8:30a - 5:30p