MONEY MARKET & CD’s Frequently Asked Questions
We are here to help you with any questions you may have. If you do not find your answer, please email us.
WHAT IS THE MINIMUM TO OPEN A CD IN THE SHORT-TERM FUND?
The minimum is $1,000; however, UMF recommends starting with at least $5,000 for optimal benefits.
HOW DO WE OPEN A CD?
Complete a New Account Set-Up Form on our website. UMF will then prepare a CD agreement for your signature. Once we receive the funds, the CD will be purchased, and the final agreement will include the terms such as opening and maturity dates, term length, and rate.
WHAT IS THE MINIMUM AMOUNT TO INVEST IN THE SHORT-TERM FUND?
The minimum investment required is $1,000.
ARE CD’S FDIC INSURED?
Yes, each purchased CD is FDIC insured.
ARE MONEY MARKET FUNDS FDIC INSURED?
No, however, the money market fund is made up of 99.7% US Government-backed securities.
HOW DO WE GET MONEY OUT OF A CD IF NEEDED PRIOR TO MATURITY?
You would submit a written early withdrawal request. Early withdrawals are not subject to a penalty, however, the face value (original investment) of the CD is not guaranteed. Early withdrawals must be in increments of $1,000 or the full value of the CD.
HOW DO WE GET MONEY OUT OF THE SHORT-TERM FUND?
You may submit a request using the Distribution Request Form. UMF will process within 2 weeks of receipt.
HOW DO WE ADD MONEY TO THE SHORT-TERM FUND?
If opening a new account, you may complete a New Account Set-up Form on our website. UMF will prepare a Revocable Investment Account agreement for you to sign. Funds are invested once received. Whether opening a new account or adding funds to an existing account, if not already enrolled, you would complete an Electronic Funds Transfer (EFT) form. Once enrolled, you would complete a Deposit Request Form to make an electronic transfer deposit to the Foundation.