MMA to checking other options?

Posted By: melmac

MMA to checking other options? - 07/14/10 07:25 PM

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
Posted By: Doug Hendrickson

Re: MMA to checking other options? - 07/14/10 07:29 PM

If this is a sole proprietorship, I believe he is eligible for a NOW account. Would that be feasible?
Posted By: melmac

Re: MMA to checking other options? - 07/14/10 07:33 PM

Nope corporation....
Posted By: rlcarey

Re: MMA to checking other options? - 07/14/10 07:46 PM

"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.
Posted By: BrendaC

Re: MMA to checking other options? - 07/14/10 08:15 PM

Another investment option is a repo.