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A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
The 1980s saw a trend of banks and credit unions, often at the urging of state-level insurers, shifting to federal insurers, the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). The trend became particularly pronounced after Ohio and Maryland, the largest state-chartered funds, collapsed in 1985 ...
Failures occurred predominantly among state-chartered banks. National banks accounted for less than 1/6 of the total bank failures and less than 1/4 were members of the Federal Reserve System. [2] Caldwell and Company, a leading investment bank known as the "Morgan of the South," stands as a notable bank
Money within a money market account is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration for up to $250,000 per person, per account.
Many banks had invested their reserves in U.S. Treasury securities, which had been paying low interest rates. As the Federal Reserve began raising rates in 2022, bond prices declined decreasing the market value of bank capital reserves, leading some banks to sell the bonds at steep losses as yields on new bonds were much higher. [7]
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Wall Street during the bank panic in October 1907. Federal Hall National Memorial, with its statue of George Washington, is seen on the right.. The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, [1] was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50 ...
Indianapolis Newspaper Federal Credit Union, Indianapolis, IN. 03/31/2021. Closed. IBEW Local Union 712 Federal Credit Union, Beaver, PA. 05/29/2020. Closed. CBS Employees Federal Credit Union ...