• The account holder has broad accessibility to a money market account.currency image by peter Hires Images from Fotolia.com
  
  A money market account is a deposit account that an individual opens with a financial institution for the purpose of investing in government and corporate securities. The minimum balance is higher than a normal savings account. As a result, the interest rates are higher, based on money market interest rates. The account holder has a lot of accessibility to the account.
  
  

Regulation Q

• "Regulation Q" is a federal law that governs how interest is paid on deposits. Savings accounts are allowed to build interest. Interest cannot be paid on a checking account. A money market deposit account is considered a savings account with certain restrictions.
  
  This account gets interest, and checks can be written from it, but it is not legally a checking account. This ensures that the money market deposit account is not contrary to Regulation Q.
  
  

Regulation CC

• "Regulation CC" enforces the Expedited Funds Availability Act. This regulation decides how long a bank may hold your deposits in your money market account before releasing the funds to you. When a person deposits a check, she should be able to access the first $100 on the first business day after making the deposit. If the bank finds there is a risk that they may not be able to collect the funds, they may hold the remaining money. It then notifies the account holder of the hold. The regulation limits the length of time the bank can hold the money to avoid inconveniencing the customer.
  
  

Regulation D

• "Regulation D" governs how depositors can withdraw their funds from the money market account. This also governs the banks on when to close accounts that often go over the limit of allowed withdrawals or change the account to a non-interest account.
  
  By law, a money market account is not allowed more than six withdrawals in a month, and these should not be made in person. If the account holder is issued checks as part of the account agreement, she can't use more than six of them in a month. Online banking does not allow the transfer of funds to another account more than six times a month. If the account holder uses both the checks and online methods to operate her account, then she can't surpass six transactions in a month.
  
  

Regulation DD

• "Regulation DD" is a federal law that governs account disclosures. When a money market account holder requests account information from the bank, the bank is required to give the following information: terms of the account; the annual percentage yield; any fees that may be charged; and any requirements of the account such as minimum balances. This information can be used to compare different banks.
  
  

Regulation E

• "Regulation E" requires the bank to send the account holder an account statement periodically or when the account has an electronic transaction. The regulation also governs disputes of electronic transactions. If the account has an unauthorized electronic withdrawal or irregularity with the number of ATM withdrawals, the account holder notifies the bank and they investigate.
  
  The bank must credit the account of the claim in 10 business days from the date of notification. After the investigation, the money will be left in the account if the transaction was in error. If not, the bank reclaims the credit given.