IRA Money Market Account FAQs
What is the minimum dollar amount required to open an IRA Money Market account?
There is no minimum required deposit to open an IRA Money Market account.
Can I make deposits to my IRA Money Market account?
Yes, you will be able to make deposits to your IRA Money Market account by check or by requesting a transfer from an existing First Command Bank account. To complete a transfer from an existing First Command Bank account, please contact us at 888-763-7600. All deposits will be considered a current year contribution. If you wish to make a prior year contribution, you will need to send us notification in writing or contact us at 888-763-7600 so the transaction can be coded correctly for IRS purposes.
Is there a limit on the amount I can deposit to my Money Market IRA?
You are limited per the IRS regulation of a normal contribution based on age, income and other factors. Visit irs.gov for more detailed information about eligibility.
Will I receive a notice if I exceed my contribution limits?
You must keep track of your IRA contributions, across all of your IRA accounts, to ensure you do not exceed your IRA contribution limits. The IRS will assess a 6% tax to any excess contribution to a Roth or Traditional IRA. Visit irs.gov to learn more.
Can I set up an Automatic Funds Transfer from another Financial Institution into my IRA Money Market Account?
We can accept an Automatic Funds Transfer from another Financial Institution only if it is a normal and current year contribution to a Traditional IRA. Please work with your First Command Financial Advisor or contact Customer Care at 888.763.7600 for instructions.
Can I complete a Rollover or Transfer from another IRA Plan?
Yes. Please contact your First Command Financial Advisor or call us at 888-763-7600 for assistance.
How do I make a withdrawal on the account?
To make a withdrawal, please work with your First Command Financial Advisor or contact Customer Care at 888.763.7600 so all appropriate documentation can be completed. Early or premature withdrawals from an IRA may be subject to a 10% early withdrawal tax from the IRS.
Is there a withdrawal fee on this account?
All Money Market accounts are federally regulated. If you exceed 6 withdrawals per statement cycle there will be a $10.00 fee assessed per withdrawal. Early or premature withdrawals from an IRA may be subject to a 10% early withdrawal tax from the IRS.
Are debit cards or checks available for this account?
Debit cards, ATM cards and checks are not available for IRA Money Market account because IRS regulations require withdrawals to be properly coded for IRS reporting requirements. To make a withdrawal, please work with your First Command Financial Advisor or contact us at 888.763.7600.
What are the current rates for an IRA Money Market Account?
First Command is committed to offering competitive rates for all our financial products. View current rates.
How is interest applied?
Interest is accrued daily and applied monthly.
Do I have online access to this account?
You will have view-only access to your account information in OnCommand™ online banking and MobileCommand™ mobile banking.
Will I receive a bank statement for this account?
Yes, your IRA Money Market Account will be included with your other First Command Bank account information on your monthly statement, and delivered as you have designated either by eStatement or by mail.