A money market fund acts as a secure savings investment with higher returns than a standard savings account. Although money market funds don’t have federal backing, the Securities and Exchange Commission oversees the money market fund securities to ensure that they are financially sound. Similar to savings accounts regarding liquidity, you have access to your money market funds when you need them. Move money market money quickly and easily by transferring it out or depositing it into your account.
Step 1
Set up online banking to enable the transfer of money market money via computer. Visit your financial institution to arrange online banking. Expect to create a secure username and password. You will receive the login information and instructions for how to use the bank’s online banking services.
Step 2
Log in to the financial institution website with your account credentials.
Step 3
Access your money market fund within your account. Enter the amount of money you wish to transfer into or out of the account. Enter the account number of the account where you wish to transfer the money or where the money is originating. Submit the transaction.
Step 4
Check your account to verify that the money transferred into or out of your money market fund. Verify your other account balances as well.
References
Tips
- Visit your financial institution in person to move money market money as well. Provide your account passbook and give the bank representative the details about the transfer you want to make.
- Many banks also offer transfers with other banks and brokerages. Expect to fill out special paperwork for these transfers.
Warnings
- Check with your financial institution to ensure that you do not exceed monthly limits on transfers. Ensure that you stay within money market balance requirements.
Writer Bio
Kathryn Hatter is a veteran home-school educator, as well as an accomplished gardener, quilter, crocheter, cook, decorator and digital graphics creator. As a regular contributor to Natural News, many of Hatter's Internet publications focus on natural health and parenting. Hatter has also had publication on home improvement websites such as Redbeacon.