EUGENE, Ore. -- When opening a new bank account, you have a few decisions to make, including whether you want a regular checking account or a money market account.
KEZI 9 News talked to Oregon Pacific Bank President and CEO Ron Green to learn more.
What’s the difference between checking and money market?
Both types of accounts allow you to write checks, but a money market account has limitations, Green said. Typically, you’re limited to three checks per month and a number of pre-authorized withdrawals, such as ATM withdrawals. Transfers to your checking account and online payments are also restricted.
With a checking account, those limits are not in place.
A money market account is like a savings account and you can tie it to your online banking or your debit card and you can make transfers back and forth, but it does have limited debit privileges, checks and pre-authorized withdrawals.
So, if you need to write a lot of checks, make sure you’re doing it on your checking account, Green said.
If you have a banking or finance question for Green, click here.
- Ask The Banker: Money market accounts have limitations
- Ask The Banker: Banks in limbo over marijuana money rules
- Ask The Banker: Joint bank accounts and the right of survivorship
- Ask The Banker: What to do if your bank account gets hacked
- Ask The Banker: Paying off loans
- Ask The Banker: Health insurance after retirement
- Ask The Banker: Avoiding check fraud
- Ask The Banker: Be cautious with Bitcoin
- Ask The Banker: Is mobile banking secure?
- Ask The Banker: Mobile deposit a safe way to put money in the bank