Banking executive Charles C. Fawcett IV serves as president of private banking at TriState Capital, where he leads a team offering a full range of lending and deposit services to clients. Under the leadership of Charles C. Fawcett IV, TriState Capital’s Private Bank gives clients access to deposit products such as money market accounts. In essence, money market accounts combine high-yield savings accounts with some of the features offered by a debit card account. Money market accounts function much like savings accounts, except with a variable interest rate and restricted checking privileges. Like savings accounts, money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC), meaning that the federal government will guarantee up to the maximum amount allowed by law. In terms of fund availability, individuals can withdraw funds six times in any given statement cycle from their money market accounts. Compared with accounts such as CDs, money market accounts give holders a great deal of flexibility regarding how they access their money. Although not all money market accounts include provisions for check writing, certain types do allow holders to access money via a debit card.
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AuthorFor more than two decades, business expert Charles C. Fawcett IV has enjoyed an outstanding level of success in finance, sales, and product development. Archives
February 2018
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