"Real-life" example of how Momentum!Reserve works
Let's say that Bob wants his money to automatically grow faster and at a higher yield. He already has an existing Share Plus checking and Money Market Plus! account, and he wants to sign up for Momentum!Reserve.Bob reviews his past checking account statements and determines that he needs (at most) $8,000 in his checking account to cover his day-to-day bills and needs. He also decides to leave an extra $2,000 in checking for unexpected or forgotten expenses. Thus, Mr. Jones will ask the bank to set his MoneyLink!Sweep "trigger point" at $10,000. He contacts Share Plus and the Momentum!Reserve is set up that same day.
- Each night, checks, ACH, wires, and other transactions are processed as usual. After all transactions are processed, any extra money in the checking account above the trigger point ($10,000 in Bob's example) will be automatically transferred into the Money Market Plus!
Tonight, Bob ends up with $10,500 in this checking account after his transactions have cleared, so the extra $500 is automatically "swept" into his Money Market Plus!, leaving $10,000 in his checking account.
Before the sweep, Bob had $25,600 in his money market account. Afterward the account grew to $26,100 - earning a 2.50%APY*. Thanks to MoneyLink!Sweep, Bob never has to manually transfer excess money from his checking account into his Money Market Plus!
What happens if Bob writes a big check?
Tomorrow, Bob will write a $12,000 check to pay a college tuition bill (he forgot that his checking balance is $10,000 and did not deposit extra funds to make up the $2,000 difference). When the check is processed, SharePlus will automatically transfer $2,000 from this Money Market Plus! back into checking to cover the overdraft AT NO CHARGE.
Bob will receive a notice of the overdraft transfer reminding him that his checking account balance is now $0 and that he needs to deposit funds back into the account to cover his next checks and transactions. Because Bob uses Online Banking, he can transfer the funds into the checking account himself, or call the bank at 1-800-352-8257.
- Remember... Money Market Plus! is a limited transaction account. Federal regulations limit the number of money market transactions to six (6) per month - including overdraft protection transfers. If you routinely exceed this transaction limitation, SharePlus may transfer the Money Market Plus! account to a Power Plus checking account. There is also $15 fee per transaction that exceeds the six (6) transactions legal limit. If you have any questions about transaction limits on money market accounts please call us at 1-800-352-8257 or visit your local branch.
Bob can change his MoneyLink!Sweep trigger point at any time, but we do require written instructions. He can simply visit a bank branch or Fax written instructions to (972)931-6401.
To sign up or learn more about Momentum!Reserve powered by MoneyLink!Sweep call 1-800-352-8257 or visit your local SharePlus Federal Bank!
Today's Money Market Plus! Rates
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Savings Calculator
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² Money Market Plus! is a limited transaction variable interest rate account and the rate may change after account opening. $5,000 minimum opening deposit, with a minimum 50% of deposited funds coming from another financial institution other than Share Plus Federal Bank required to open account. Minimum average daily balance of $10,000 by the end of third statement cycle required to avoid $15 monthly fee. If transactions exceed the legal limit, there is a $15 fee per transaction. If you routinely exceed the transaction limitations, we may transfer it to a Power Plus checking account. Fees could reduce earnings on the account. Additional terms and restrictions apply.
Insurance - All accounts are insured to $100,000 by the Federal Deposit Insurance Corporation, an agency of the United States Government. To learn more about this insurance click on the FDIC logo below.
