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#1415009 - 07/14/10 07:25 PM MMA to checking other options?
melmac Offline
Junior Member
Joined: May 2010
Posts: 45
We are trying to find a solution for a very large new customer. They have a large amount in their MMA investment at all times, they want to keep a very minimum amount in their business checking account. However, the customer writes very large checks quite often and therefore we have to transfer out of the MMA acct to the checking to cover. Well in a matter of 10 days there was 5 transfers. Is there some other way to do this for the customer? another type of account, would it be better to let the checking acct be overdrawn for the week then on Fridays transfer enough to cover the OD and the minimum amount wanted in the checking acct? Oh and none of the transfers have been in person. He is stating the bank he left was able to work this out without a problem. Help!

And yes you can probably tell from my description I am a newbie!!

Thanks
Mel

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#1415012 - 07/14/10 07:29 PM Re: MMA to checking other options? melmac
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
If this is a sole proprietorship, I believe he is eligible for a NOW account. Would that be feasible?
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#1415014 - 07/14/10 07:33 PM Re: MMA to checking other options? Doug Hendrickson
melmac Offline
Junior Member
Joined: May 2010
Posts: 45
Nope corporation....

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#1415021 - 07/14/10 07:46 PM Re: MMA to checking other options? melmac
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,294
Galveston, TX
"He is stating the bank he left was able to work this out without a problem."

Sure it was no problem - why did he leave then???? He is limited to 6 such transfers a month - end of story. Letting the OD's accumulate free of charge until Friday is just a tactic to get around the transaction limitations and the regulator are going to see right thru that tactic.
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#1415052 - 07/14/10 08:15 PM Re: MMA to checking other options? rlcarey
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Another investment option is a repo.
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