How to Cash Out of a Money Market Account

Money Market Mutual Fund

Step 1

Review your most recent money market statement to determine when the fund makes the monthly interest payments. If you want to maximize your returns, you should delay the sale of your shares until you have received the next monthly interest payment. However, if you are in a high tax bracket, you may wish to sell your shares before the next interest payment causes your tax bill to rise.

Step 2

Contact your broker and instruct the broker to sell all of your shares. Ask your broker for the current account balance. The balance should match the number of shares you have although in some instances, money market shares "break the buck." This occurs when the price of a share drops below $1.

Step 3

Review the trade receipt for accuracy. You can ask your broker to mail you a check or to wire the funds into your bank account. You can leave the cash from the share sale in your brokerage account if you wish to reinvest the money.

Money Market Deposit Account

Step 1

Locate your last money market deposit account statement. Compare the transactions listed on your statement with the transactions written in your check register. You cannot close the account if you have any outstanding transactions.

Step 2

Contact your employer, pension provider and any other entity that makes direct deposits into your account or takes automatic withdrawals from your account. Explain that you intend to close the account. Provide these service providers and other entities with an alternative account number so that you can continue to receive your income payments and pay your bills electronically.

Step 3

Go to the bank. Show a banker a form of identification and provide the banker with your account number. Complete a withdrawal slip or one of your own money market account checks to withdraw all of the funds from the account.

Step 4

Instruct the banker to close the account after you have completed your withdrawal. Take your receipt and make sure the amount printed on the receipt corresponds to the amount of money that you received.