United States
In the United States, an MMA is a deposit account that is considered a savings account for some purposes, but is an account upon which checks can typically be written (subject to certain restrictions). Like a Negotiable Order of Withdrawal account, it is structured to comply with Regulation Q, which until July 21, 2011 forbid paying interest on demand deposits. Thus money market deposit accounts are accounts that bear interest, and on which checks can be written, but, due to various restrictions, are not legally demand deposits, and thus did not run afoul of Regulation Q.
Since the account is not considered a transaction account, it is subject to the regulations on savings accounts: only six withdrawal transactions to third parties are permitted per month. Banks are required to discourage customers from exceeding these limits, either by imposing high fees on customers who do so, or by closing their accounts. Banks are free to impose additional restrictions (for instance: some banks limit their customers to six total transactions). ATM, teller, and bank-by-mail transactions are not counted towards the total.
Read more about this topic: Money Market Account
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