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Restrict Withdrawals to Face to Face Transactions

Question: 
Can we offer a Money Market account, but restrict withdrawals to face to face transactions or transfer to another account within our bank? That would mean no access to withdrawals by check, ACH or debit card.
Answer: 

by Randy Carey:

You can limit access to the account in any manner you choose. You just need to make sure your disclosures are clear and conspicuous, along with any of your marketing materials.

Answer: 

by Ken Golliher:

We used to call that a "savings account." wink

The "money market" label was intended to indicate it was a savings account that was subject to check. Suggest you revert back to the original label.

First published on 05/06/2018

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