Where exactly is there a business that does not use electronic funds transfer when you are writing a check? My friend's mother recently passed away and he has received funds in the form of a money market account. The paperwork came with a checkbook that you are supposed to be able to shop with as long as you write it for $250.00 or more. However , there is a catch. It states that any check that is used electronically, will be null and void. We just went to wal mart and tried to buy a laptop, and we got declined. When he called the trust company, they said something about him not having a check writing history. But then i mentioned to the cashier the non electronic funds policy and she said that thats why we werent able to spend there. She said that most corporate businesses these days have switched over to electronically processing their payments. Please tell me where exactly i can use these checks?
CharlotteW | Former Moderator |
6/30/2009 - 12:32 pm
Welcome to the Business.gov Community.
A money market account is a type of savings account offered by banks and credit unions just like regular savings accounts. The difference between a money market account and a typical checking or savings account is that they usually pay higher interest,have higher minimum balance requirements (sometimes $1000-$­2500), andonly allow three to six withdrawals per month. Another difference isthat, similar to a checking account, many money market accounts willlet you write up to three checks each month. And as you've seen, there can be several other terms and conditions.
I suggest taking the information to the bank where the money market was issued. If a location does not exist in your city, check the internet for a Customer Service toll-free phone number. Usually bank tellers are pretty understanding and are willing to help current account holders to understand the banking system.
CharlotteW | Former Moderator | 6/30/2009 - 12:32 pm
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