"Real-life" example of how Momentum!Reserve works

Let's say that Bob wants his money to automatically grow faster and at a higher yield. He already has an existing Share Plus checking and Money Market Plus! account, and he wants to sign up for Momentum!Reserve.

Bob reviews his past checking account statements and determines that he needs (at most) $8,000 in his checking account to cover his day-to-day bills and needs. He also decides to leave an extra $2,000 in checking for unexpected or forgotten expenses. Thus, Mr. Jones will ask the bank to set his MoneyLink!Sweep "trigger point" at $10,000. He contacts Share Plus and the Momentum!Reserve is set up that same day.

• Each night, checks, ACH, wires, and other transactions are processed as usual. After all transactions are processed, any extra money in the checking account above the trigger point ($10,000 in Bob's example) will be automatically transferred into the Money Market Plus!

Tonight, Bob ends up with $10,500 in this checking account after his transactions have cleared, so the extra $500 is automatically "swept" into his Money Market Plus!, leaving $10,000 in his checking account.

Before the sweep, Bob had $25,600 in his money market account. Afterward the account grew to $26,100 - earning a competitive money market rate*. Thanks to MoneyLink!Sweep, Bob never has to manually transfer excess money from his checking account into his Money Market Plus!

What happens if Bob writes a big check?
Tomorrow, Bob will write a $12,000 check to pay a college tuition bill (he forgot that his checking balance is $10,000 and did not deposit extra funds to make up the $2,000 difference). When the check is processed, SharePlus will automatically transfer $2,000 from this Money Market Plus! back into checking to cover the overdraft AT NO CHARGE.
Bob will receive a notice of the overdraft transfer reminding him that his checking account balance is now $0 and that he needs to deposit funds back into the account to cover his next checks and transactions. Because Bob uses Online Banking, he can transfer the funds into the checking account himself, or call the bank at 1-800-352-8257.

Remember... Money Market Accounts are Federally Regulated, Limited Transaction Accounts, (including overdraft transfers):  transfers and withdrawals by preauthorized, automatic telephone, wire or computer transfer are limited to six per statement cycle including check, draft, or debit card.  A REG D Excess Transaction Fee of $30 will be charged for each pre-authorized withdrawal, check, draft or debit card withdrawal in excess of six per statement cycle. Unlimited withdrawals in person from your branch.  Customers will be allowed three months of REG D Excess Transactions within a twelve month period.  Further violation will result in the closing of the account.

 If you have any questions about transaction limits on money market accounts please call us at 1-800-352-8257 or visit your local branch.

Bob can change his MoneyLink!Sweep trigger point at any time, but we do require written instructions. He can simply visit a bank branch or Fax written instructions to (972)931-6401.

To sign up or learn more about Momentum!Reserve powered by MoneyLink!Sweep call 1-800-352-8257 or visit your local SharePlus Federal Bank!

Today's Money Market Plus! Rates
Click here for current Deposit Rates.

Savings Calculator
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Insurance

All bank deposits are currently insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor.  Learn how a family of four can structure its accounts to achieve insurance levels up to $3 million.  VIEW VIDEO  for more information.

You can calculate your insurance coverage using the FDIC's Electronic Deposit Insurance Estimator at www.myfdicinsurance.gov. For questions about FDIC coverage, call toll-free 1-877-ASK-FDIC or contact Customer Service at (972-931-5311 or 1 800-35BUCKS or 1-800-352-8257.  

SharePlus Federal Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. This coverage does not apply to interest bearing checking accounts. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.

Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions.

Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions.