What are the differences between a Certificate of Deposit and a Money Market Deposit Account?
|Money Market Deposit Account||Certificate of Deposit (CD)|
|Recommended for:||Low-risk rainy-day fund||Long-term deposits|
|Withdrawal Restrictions:||Six transactions per month||Withdrawal penalty before maturity|
|Miscellaneous Fees2:||Excessive transaction fee||Early withdrawal penalty|
|Minimum Balance to open:||$25,000||$25,000|
|Minimum Daily Balance to earn APY:||$2,500||$25,000|
2Certain transaction and service charges may apply. Refer to Disclosure & Schedule of Fees.
To login to your account, click on the ‘Login’ button on the top right hand corner of the homepage. You will be asked to enter the username and password you created at the time of registration.If you are having issues with username or password, click on the ‘I can’t access my account’ link located underneath the login button. You will be prompted to enter your telephone number that you provided at the time of registration, and your username. We will then send you a temporary password for you to login.
Yes! Our TotalDirectBank mobile app is available for download on the App Store and Google Play.1
1Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.
- You can open a separate CD (minimum is $25,000)
- At the time of renewal, you can add funds to the principal balance.
What are state restrictions?
Each state has its own set of laws designed to protect investors against fraudulent sales practices and activities in its territory. As a result, a state restriction will vary by the issuing bank and offering. TotalDirectBank can conduct business anywhere in the US with exception of American Samoa, Florida, Guam, Northern Mariana Islands, Puerto Rico and US Virgin Islands.
Does my Money Market Account become Inactive?
Yes! If you do not make any deposits or withdrawals from your account (passive ACH debits and credits are not deemed transactions or if you fail to maintain contact with the Bank (example: return of mail to the last known address for the account, etc.) your account will become inactive in 16 months and deemed dormant after eighteen (18) months of inactivity for your money market accounts. Please refer to our Deposit Agreement.
Does my Certificate of Deposit become Inactive?
Yes, your certificate of Deposit will become dormant if there is no contact for five (5) years from the 1st renewal of your CDs, if no activity (meaning deposit, withdrawal, or another account) has taken place on the CD. Please refer to our Deposit Agreement.
How do I reactivate my Inactive/Dormant account?
You can reactivate your Inactive account by making a deposit or withdrawal from your external bank account or for Dormant accounts by sending us an email to Contactus@totaldirectbank.com with the following details:
- Your Full Name
- Last four digits of your account number
- Request to reactivate your account
Currently, TotalDirectBank does not have a transfer option. Please check with your other Financial Institution Online Banking for their external transfer option and link your TDB account.
TotalDirectBank does not have an external transfer option at this time. Please refer to your external bank for the dollar transfer limits.
How do I withdraw my funds or close my certificate of deposit if the validated account is closed?
Should you decide to redeem/withdraw or not renew your certificate of deposit, we will return the funds to the account that funded the certificate of deposit. In the event the account that funded your certificate of deposit is no longer available, we will perform heightened security procedures prior to returning your funds in order to verify and protect your funds on deposit with us.
How can I close my Money Market Deposit Account?
Should you decide to close your account, please set up the transfer from your other Financial Institution External account Online Banking and pull funds or you may send us an email to Contactus@totaldirectbank.com with instructions.
If I close my Money Market Deposit Account before interest is credit, would I receive that interest?
If you close your account before interest is credited, you will not receive the accrued interest. If the balance of the account ends with a zero balance at the end of the related term, all interest otherwise due to you is forfeited and shall not be paid for such term.
Will I earn interest if my Money Market Deposit Account balance falls below the minimum required to earn the Annual Percentage Yield?