Money Market Account Extra - MMAX

An account structure that provides depositors with the ability to secure FDIC insurance on large deposits that would otherwise exceed the normal insurance limit of $250,000. The MMAX structure allows banks to attract large depositors, including retail, commercial and public entities.

Through the program, banks can accept deposits well above the FDIC-insurance limit from any one retail or commercial customer in money market deposits. The funds are then distributed into deposit accounts among multiple banks in IDC's Deposit Network. No more than $250,000 can be deposited in any one bank.

The advantage of MMAX accounts is that instead of being covered only up to the FDIC deposit-insurance amount, the individual can have more funds insured. For example, if Arthur had $500,000, he could use the MMAX structure to have two banks each hold $250,000; thus, the FDIC would insure the full $500,000.

Depositors can open and contribute to an MMAX account through any of IDC’s network banks nationwide. They are limited to a specified number of withdrawals from their MMAX account.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Money supply — Finance Financial markets Bond market …   Wikipedia

  • money — moneyless, adj. /mun ee/, n., pl. moneys, monies, adj. n. 1. any circulating medium of exchange, including coins, paper money, and demand deposits. 2. See paper money. 3. gold, silver, or other metal in pieces of convenient form stamped by public …   Universalium

  • money — noun ADJECTIVE ▪ big ▪ There is big money in golf for the top players. ▪ easy ▪ He started stealing as a way of making easy money. ▪ bonus …   Collocations dictionary

  • Individual Savings Account — An Individual Savings Account (ISA; pronounced /ˈaɪsə/) is a financial product available to residents in the United Kingdom. It is designed for the purpose of investment and savings with a favourable tax status. Money is contributed from… …   Wikipedia

  • Sweep account — A sweep account is an account set up at a bank or other financial institution where the funds are automatically managed between a primary cash account and secondary investment accounts.In banking, sweep accounts are primarily used as a legal… …   Wikipedia

  • Mark (money) — 1923 50 Million Mark this amount was worth about US$12 million (US 1923) 9 years earlier, but only $1US when printed; it was worthless a few weeks later. Mark (from a merging of three Teutonic/Germanic languages words, Latinized in 9th century… …   Wikipedia

  • Hot money — is a term that is most commonly used in financial markets to refer to the flow of funds (or capital) from one country to another in order to earn a short term profit on interest rate differences and/or anticipated exchange rate shifts. These… …   Wikipedia

  • Mad Money — Infobox Television show name = Mad Money with Jim Cramer caption = Logo for the Mad Money television show genre = Talk show, investment creator = director = developer = presenter = Jim Cramer voices = narrated = theme music composer = opentheme …   Wikipedia

  • Credit card — Personal finance Credit and debt Pawnbroker Student loan Employment contract Salary Wage Empl …   Wikipedia

  • Islamic banking — Banking A series on Financial services …   Wikipedia

  • United Kingdom — a kingdom in NW Europe, consisting of Great Britain and Northern Ireland: formerly comprising Great Britain and Ireland 1801 1922. 58,610,182; 94,242 sq. mi. (244,100 sq. km). Cap.: London. Abbr.: U.K. Official name, United Kingdom of Great… …   Universalium


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.