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
• Phone Banking

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

• Pre-Authorized Transfer (including ACH)
• Internet Banking
• 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, or a staff assisted phone call.
• Withdrawal by check payable to yourself requested through Phone Banking
• Automatic transfers made for a Lake Trust loan or payment of a service fee at Lake Trust.

Is overdraft protection available on my Money Market account?
No, it's not available since the Money Market is a Savings account with limited checkwriting privileges. If this is important to you, we have several checking accounts that offer overdraft protection that might better suit your needs.

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.