Online Banking
Money Market Fund
Enjoy the combined features of a savings and checking plan by opening a Money Market Fund with Bank of New Orleans.
Features of the Money Market Fund are as follows:
Minimum balance to avoid imposition of fees - $500
(A monthly service charge fee of $7 will be imposed each monthly statement cycle if the balance for the monthly statement cycle falls below $500.)
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum average daily balance of $2,500 to obtain the disclosed annual percentage yield. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Accrual of interest on non-cash deposits - Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Transaction limitations - Transfers from a BNO Money Market Fund account to another account of yours or to third parties by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to third parties are limited by the Federal Reserve Regulation D to six per month.
Fees - An excess withdrawal fee of $1 will be charged for each withdrawal in excess of six during a month.
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