Wednesday, February 10, 2010

MSUFCU

I just deposited a check at the MSUFCU Union Branch, and she tried to get me to create either a Certificate or an IMMA. I have no idea if those are better for them or she was just being friendly.
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6 comments:

Greg said...

You get higher interest rates in IMMA and Certificates of Deposit. CODs also give the bank/credit union more flexibility with your money because you can't withdraw it for a certain period of time; no idea if IMMAs are better for them.

February 10, 2010 at 2:37 PM
Becca Farnum said...

Yeah. That was what I figured. I think I'm waiting until after Israel's paid for, though, just 'cause I have no idea yet how much I am paying and how much I'll get in scholarships.

February 10, 2010 at 3:05 PM
Charlie said...

You should get an IMMA unless there are fees for being under the limit (I think the only penalty is lower interest). The only restriction on you is that you can do electronic withdrawals a limited number of times per month - I think 6? Unless you have over a gazillion dollars, it's basically a savings account with higher interest and (slightly) limited withdrawals.

Although at current rates it may not be worth the time it takes to set up the account :-).

February 11, 2010 at 8:31 AM
Anonymous said...

IMMA minimum check amount is $500.00. It is good for big purchases, and you do get interest while waiting to make them.

granna

February 11, 2010 at 2:39 PM
Charlie said...

Current interest rate is 0.7%, with a minimum balance of $2,000. If you dip below the minimum there is a $5 fee. "Just say no." :-)

February 11, 2010 at 4:42 PM
Becca Farnum said...

That's what I was thinking...didn't seem all that high...

February 11, 2010 at 4:50 PM

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