What are the penalties or charges for closing a money market account?
April 9th, 2010
I want to leave my job and have a small amount of money in an Edward Jones money market account. I want to use this money to invest in my new career. What are the penalties or percentage charged to close my account? Or, am I better off moving the account to something comparable through my bank, if such a thing exists? Thank you!
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The penalties and charges for closing different types of accounts vary greatly from company to company. some don’t have any penalties or fees and others have large ones. Your best option really in this case is to call Edward Jones and ask them directly. They can pull up the type of Mone Market account you have and determine whether or not there’s any penalties.
However just based on the wording of your question it seems likely that your money market account is within a retirement account. Is that the case? if it is then you’re looking at 10% penalty from the federal government plus income tax charged for early withdraw.