Comments on: Emergency Fund Savings: Money Market Or Savings Account?

By: vickie

vickie — Thu, 04 Aug 2011 14:47:28 +0000

Craig I’m gueessing from your statement you either are a citbank Online employee or your invested in Citibank in some form. Why hasn’t the word “Off Set” been mentioned while promoting banks, onlineor otherwise? Well that was a dumb question of mine wasn’t it? Federal Credit unions are the way to go for any type of account. Owned by the people for the people. Banks fall way short of the concept. They are owned by the investors for the investors oNLY..

By: vickie

vickie — Thu, 04 Aug 2011 14:32:48 +0000

Why would you want to keep your hard earned money in a bank? Legal loopholes permits banks to do whatever they want at their discretion. Do you have a credit card or other type of loan at the same bank you have a checking or any type of savings account? Read the fine print on your credit card and other statements and you will see in very small writing the words Off Set. Your savings of any type are safer in a federal credit union that is owned by the people. As long as we the people give our money to the banks for supposedly safe keeping they have the power. It has been proven many times over that alittle power just makes bank want more and they do not handle power well, can anyone say Government Bail Out?.

By: Ryan

Ryan — Wed, 03 Aug 2011 20:32:32 +0000

Vickie, I’m sorry for your loss. I would contact the bank general manager and ask them to replace the money in the account and set up a payment plan to cover the credit card debt. If they are not willing to do this then I would consult the services of a lawyer to intervene on your behalf.

By: vickie Mckasson

vickie Mckasson — Wed, 03 Aug 2011 20:11:50 +0000

I’ve recently experienced just how insecure a money market savings account actually is. It is the actual bank or institute you should be in fear of taking your money if you also have a credit card through the same bank. My husband had a money market savings account and also our mortgage and a credit card. He recently passed away and the bank through a law called Off Setting took all but one dollar out of his money market savings account to pay on that credit card which by the way was not in default. They assured me it was legal and I assured them it was cruel and unethical. I was always under the impression a MMSA for your retirement was safe. My impression seems to be wrong. Any advice on this situation?

By: Ryan

Ryan — Tue, 13 Jul 2010 13:13:17 +0000

Virginia, you can check for lost money (see Find Missing Money – Unclaimed Paychecks and Other Property), but other than that, I'm not sure which courses of action are available. best of luck.

By: Virginia

Virginia — Tue, 13 Jul 2010 12:16:37 +0000

Have a money market account and the origininal document and deposit slip dated 1982. The bank can’t find any record of it being refunded or not. How do we proceed now? Researched the Comptroller for New York and can’t find anyting.

By: fredct

fredct — Thu, 06 May 2010 18:16:05 +0000

Doesn’t make any sense to me. They’re likely wrong. Rather than banging your head against a brick wall, how about transferring your money to a checking account and sending it from there?

By: Teresa

Teresa — Tue, 04 May 2010 16:27:48 +0000

I was wondering if anyone might be able to provide any insight as to why an EFT from a Money Market Account (not MMF) would not be considered the same as and EFT from a regular checking account for the purposes of making a contribution to a Health Savings Account. The HSA trustee says that an EFT from a MMA doesn’t meet IRS requirements for contributions. IRS Publication 969 say, “Contributions to an HSA must be made in cash. Contributions of stock or property are not allowed.” I don’t understand why a contribution made via an EFT from a Money Market account would not be considered cash.