anybody heard of a 0 credit score

[the chi]

Originally Posted by shmike

That is exactly what 'slice was talking about which is nothing like what Rider was talking about.

Lets hear from Rider on that, since it looks to me like thats exactly what he was talking about as well...

And money market accounts ARE a type of checking account...(prior banker speaking)

[shmike]

Originally Posted by The Chi

Lets hear from Rider on that, since it looks to me like thats exactly what he was talking about as well...

And money market accounts ARE a type of checking account...(prior banker speaking)

As a prior banker you should know that while you can write checks from a money market account they are very different from a traditional checking account.

[neebelung]

Originally Posted by Homeslice

talking in circles
talking in circles
talking in circles
talking in circles
talking in circles
talking in circles
talking in circles
talking in circles

Dig?

Oh jeezus... wow... not only are you a complete moron, but... well... wait... no, we can leave it at that. You're a complete moron.

[Rider]

Money market.. checking... it's all semantics. The bottom line is you put your money into a bank, you carry a certain balance and follow a few rules and they pay you to keep your money with them. It's not rocket science.

[the chi]

Originally Posted by shmike

As a prior banker you should know that while you can write checks from a money market account they are very different from a traditional checking account.

No one specified, bless your heart. Ya'll only stated checking accounts.

I am well aware of the restrictions placed on money market checking accounts, but they are STILL checking accounts.

Plus I posted links to traditional checking account rates as well that also back up the decent interest rates that can be found...

[Homeslice]

Originally Posted by neebelung

Oh jeezus... wow... not only are you a complete moron, but... well... wait... no, we can leave it at that. You're a complete moron.

If you say so

[shmike]

Originally Posted by The Chi

No one specified, bless your heart. Ya'll only stated checking accounts.

I am well aware of the restrictions placed on money market checking accounts, but they are STILL checking accounts.

Plus I posted links to traditional checking account rates as well that also back up the decent interest rates that can be found...

Yes.

Your second post answered the question at hand.

If checking accounts are money markets and money markets are checking accounts then why do they have different names?

[the chi]

Originally Posted by shmike

Yes.

Your second post answered the question at hand.

If checking accounts are money markets and money markets are checking accounts then why do they have different names?

I dont remember all the details, but typically your money market checking are considered more of an investment type account. You can still use it for check writing tho, and depending on how the accounts are structured, often times you can link them with other accounts so you have a little bit easier access to the cash, but you would still need a regular checking if you use it regularly.

A money market only allows so many withdrawals/checks/etc per month, and you have to keep certain balances. The bank uses this money for their own purposes (FDIC figures, etc), and in return for ou keeping your money with them, you are rewarded the better than average interest rates.

MMA's are highly recommended for people who carry larger balances as they get more return, the banks keep more of your money but you still have easier access than you would to a CD or locked in investment account.

I dont guarantee 100% accuracy of all the above, just what I recall.

[Rider]

Money markets are just what the name implies. The banks can use this money more readily to finance loans and other "investments. They pay you a higher interest rate because they have more access to a set amount of funds. Checking accounts don't really offer banks more lending power as the balance van vary greatly in a month. MMA are a lot more stable and the banks can make more money are guaranteed funds.

[shmike]

I know the answer, I just wanted The Chi to explain it.

We were talking checking accounts, Chi brings up M.Mkts and then argues that they're basically the same.

They are not the same.