A money market account is similar to a regular checking account except with limitations on the number of checks, deposits and transfers that can be made each month without a fee. Money market accounts often pay a higher interest rate than checking or regular savings accounts, but usually require a larger amount of money to open and maintain the account. Closing a money market account is similar to closing a checking account, but it’s important to know what fees may be assessed when closing the account.
Review your account documents that you received when opening the money market account for account closing procedures. If you do not have a copy of your account documents, log onto the bank’s website and see if the information is contained there. If the information is not on the bank’s website, make a note of the phone number for customer service or the nearest bank branch.
Call the bank and ask if there is a penalty for closing your account. Ask if interest will be paid for the month if you close the account before the last day of the month. If you can wait the length of time to avoid the early closing penalty or at least until the end of the month to collect the interest deposit for the month, then it is smarter to wait.
Visit a local branch of your bank and request a bank representative close out your account. If your bank provides account closing service online, you can close out your account that way. The bank will mail you a check for the balance in the bank account or transfer the money to another account you’ve provided.
- Farm Bureau Bank: Money Market Account
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Kaye Morris has over four years of technical writing experience as a curriculum design specialist and is a published fiction author. She has over 20 years of real estate development experience and received her Bachelor of Science in accounting from McNeese State University along with minors in programming and English.