I have always had just a simple checking and savings account with the SECU but recently I attended a financing class and the teacher kept saying to invest into money market deposit accounts. I have never heard of MMDA until then and have been poking around on the internet to see what I could learn about them and they seem much better than a regular savings account. So why do more people not use these accounts? What am I missing?
Usually there are higher minimum balances and limits on the number of withdrawals (checks plus ATMs) per month you can make.
I don't have a bank account at all, and use a brokerage account instead. Worth looking into if you don't need to make a lot of face-to-face txns and want to hold stocks.
You must spread some comments around before flaming the Moderators again.
IIRC you can get a MMDA for free from BoA if you keep a certain minimum balance across all your accounts. I have one but it's not all that different from regular savings - just a slightly higher interest rate.
You may find the personnel at your local SECU branch very helpful in providing helpful information about a variety of financial services available. As a longtime customer, I have added to my business with SECU because of the excellent range and quality of services and the lower fees charged. You can always talk to a person and never have to deal with the anonymous voice menus common with larger commercial enterprises.
If you have other questions, PM me.
Before you ask, no, I'm not on the board of directors!