FORD MONEY MARKET ACCOUNT
FORD MONEY-MARKET ACCOUNT Ford's MMA is paying a higher yield than the money-market funds listed in the Investing for Income section.
Is my ford money market account insured by FDIC?
Someone told me my ford money market account is not insured by the FDIC.
Please advise if it is covered by FDIC.
Monday, April 6, 2009
Friday, March 20, 2009
Ford money market account
Ford's MMA is paying an higher yield than the money-market funds registered in the Investing for Income section. What's up?
The name is a bit misguiding. The Ford account, which is provided through Ford Motor Credit (the auto manufacturer financing unit), is neither a open-end fund nor a bank money-market deposit account.
Generally, banks offer money-market deposit accounts (MMDAs) with rates that change as rates of interest waver. Because they are time deposit accounts, MMDAs are commonly insured by the Federal Deposit Insurance Corporation