Frequently asked questions

Withdrawing and Transferring Money Market Funds

 

How liquid is my money market account?

You can make unlimited withdrawals from your money market account in person at a branch or an ATM. You can make up to six withdrawals/transfers per statement cycle via Online Banking, check, debit card, phone request, or preauthorized electronic transfer.

How many times can I withdraw funds from my money market account?

There is no limit to the number of withdrawals you can make in person at a BBVA Compass branch or ATM.

How many transfers can I make to and from my money market account each month?

Federal law allows you to make up to six transfers or withdrawals per statement cycle. These include preauthorized transfers, checks, Online Banking, check card, telephone request, and sweep transfers. You will be charged a fee for additional transfer withdrawals.

There is no limit to the number of transfers (deposits) you can make to your money market account each month.

How do I transfer money from my money market account to my checking account?  

You can typically transfer funds via Online Banking, per a telephone request, in person, by writing a check from your money market account to your checking account, or at an ATM. You can make unlimited in-person withdraws or transfers, but are limited to six withdrawals or transfers made in any other way.

Can you write a check on your money market account?

Yes, you can withdraw money with a check. Checks are included within the six withdrawals per statement cycle limitation.

Can a money market account have a debit card?

This varies by bank, but most money market accounts, including BBVA Compass money market account, do not have debit cards.

Are you taxed on money market withdrawals?

No, because the money you put in a money market account is after-tax money, meaning you’ve already paid taxes on it. There are no taxes or tax penalties associated with money market account withdrawals.

Can I make early withdrawals from my money market account?   

Money market accounts do not have pre-determined maturity dates like CDs, so the term “early withdrawal” doesn’t apply to money market accounts.

 

Need help with your account?

We’re here for you. Speak with a banker at a BBVA Compass branch near you or contact one of our customer service representatives by phone.