Money Market Accounts

With this economy, we’re all concerned with saving money and a savings account is the most well-known way of doing it. On the May 31^st blog post I mentioned another way: CDs (Click here for more information: http://mysystematic.blogspot.com/2012/05/saving-money-with-cds.html ). This week, I’d like to talk about another saving venue, money market accounts.

A money market account (MMA) is a deposit account that is considered a savings account for some purposes, but is an account that acts like checking with interest. With MMAs, checks can typically be written with certain restrictions. They also usually pay higher interest (the interest is based off current rates in the money markets) and have higher minimum balance requirements (sometimes $1000-$¬2500) than either savings or checking with interest. Because MMAs bear interest AND allow for check writing, they are not legally demand deposit accounts.

Since MMAs are not considered transaction accounts, they are subject to the regulations on savings accounts: only six withdrawal transactions to third parties (e.g. the electric company for a bill payment) are permitted per month. Banks are required to discourage customers from exceeding these limits, either by imposing high fees on customers who do so, or by closing their accounts. Banks are free to impose additional restrictions (for instance: some banks limit their customers to six total transactions). ATM, teller, and bank-by-mail transactions are not counted towards the total number of transactions.

If you have any more questions about money market accounts, stop by our 318 South Avenue location or give us a call at 417.862.5036. Here at Systematic, we want to help you find the best saving option for you. Systematic Savings Bank is a Member FDIC.

Taking care of business

At Systematic, we care about local businesses. That’s why we buy from Springfield’s downtown businesses and that’s why we’ve added new products and services to meet the needs of our customers with businesses or thinking about starting a business. In addition to business checking and savings, we also offer small business checking and not for profit checking. If you have any questions about our products or services don’t hesitate to stop in or contact us! Systematic Savings Bank is a Member FDIC.

This week on Facebook, we posted a link that suggested four things that the “someday entrepreneur” might be interested in looking into for inspiration and motivation. Today I wanted to take that concept one step further and research additional websites that may continue to help you solidify your business plans. If you’re interested in any of the following, please follow the links provided.

How to brainstorm a great business name:   http://www.entrepreneur.com/article/223694

How to start your business in Missouri:   http://www.business.mo.gov/

Taxes and your business:   http://www.irs.gov/businesses/small/article/0,,id=99336,00.html

Good luck with your entrepreneurial journey! If you liked today’s blog or have any questions, please comment below. I’d love to get your feedback.

Make a statement

Here at Systematic Savings Bank, we are proud to announce that we have new product offerings for our customers. The one I’m particularly excited about is our greener banking option. With our new online banking program you can view your account balance, history, statements or you can pay bills at your convenience with a click of the mouse. Systematic Savings Bank is a Member FDIC.

In this short blog I’d like to focus on the advantages and disadvantages to paper vs. online statements. It’s important to be aware of the pros and cons so that you can make more knowledgeable banking decisions and can choose what’s really best for you and your situation.

I found these pros and cons on ehow.com for your review!

Paper Bank Statements

Pros

·         Easy to file in a filing cabinet

·         You have a tangible copy

·         Power outages have no effect on access to your files

Cons

·         Environmental impact

·         Vulnerable to tampering and identity theft through mail

·         Some banks may charge a fee to have your statements mailed to you

·         Potential for clutter

Online Bank Statements

Pros

·         Convenient and easily accessible anywhere

·         Extremely easy to save on your computer

·         You can  save multiple copies in multiple formats for extra safe-keeping

·         Lessens your carbon footprint

Cons

·         You may lose information to a computer glitch or power outage

·         If you have inadequate security protection installed on your computer, information can be stolen through phishing or hacking

If you have any questions or comments about this week's blog, don't hesitate to reply below or contact Systematic Savings Bank! Also, don't forget to stop by the square tomorrow anytime from 7 p.m. - 9 p.m. for Sounds on the Square.