NBT Bank offers money market deposit accounts* to local governments for excess funds, as well as short and medium-term liquid investments. These accounts pay interest monthly and have tiered rates based on the balances maintained. Interest rates are variable rates and subject to change with market conditions.
*Federal banking regulations place limitations on certain transfers and withdrawals from savings and money market accounts. Withdrawals or transfers made by automatic, pre-authorized, telephonic agreement order, or instruction, check, draft, debit card, or similar order made from this account to other accounts or to third parties are restricted to no more than six per monitoring period. The monitoring period for all savings accounts except those tied to checking accounts with Portfolio Statements is monthly up to the quarterly statement date. Money market accounts and savings accounts with Portfolio Statements are monitored by statement cycle
An excessive activity fee of $3 per item is applied when the limits described above are exceeded.
Unlimited withdrawals or transfer between accounts are permitted when they are made in person, by messenger, by mail or using an ATM.