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Thu, 10/30/2008 - 13:00 | by admin
October 30, 2008
Domini Money Market Account Now Insured Up to $500,000
The Domini Money Market Account (DMMA) is an FDIC-insured account with ShoreBank, the nation’s first and leading community development and environmental banking corporation.
On October 3, 2008, the Federal Deposit Insurance Corporation (FDIC) raised the federal insurance coverage on bank deposits from $100,000 to $250,000 per depositor. The increase in coverage is effective through December 31, 2009. The Domini Money Market Account is able to double your FDIC coverage and offer up to $500,000 in insurance per depositor because assets in the account are allocated between two separately chartered banks in the ShoreBank family: ShoreBank, located in Chicago, Illinois, and ShoreBank Pacific, located in Ilwaco, Washington.
Your Domini Money Market Account earns a competitive rate of interest while being used to rebuild our nation’s struggling communities. The DMMA features daily liquidity, safety of principal, free transfers, free check writing ($500 minimum), and no transaction fees.
Unlike the DMMA, the Domini Funds are subject to market risks and are not insured. The amount that you deposit in the DMMA will be added to any other money you may have on deposit at ShoreBank for determining your insurance limit. Unlike a mutual fund, the rate of interest for the Domini Money Market Account (DMMA) is determined by ShoreBank and will vary from time to time. The DMMA is structured as a Super NOW Account. Please note that you will able to access your DMMA account only through Domini Social Investments. Domini Social Investments will act as your agent for the purpose of making deposits to and withdrawals from your DMMA account and will maintain the records of your account. You will not be able to access your account or obtain balances by contacting ShoreBank directly. The DMMA is subject to certain FDIC insurance limits of $500,000 per depositor. For its services, Domini Social Investments is paid a commission by ShoreBank that is based on assets in the DMMA. These commissions are not paid from depositor funds.