Most Americans think of money market funds like they think of bank savings accounts: your money is there in good hands, perfectly safe, insured, earning interest until the day you desire it, at which point in time you can withdraw it all immediately upon request.

Unfortunately, most of the above statement is pure assumption that has no basis in either the law or reality.

First off, money market funds and bank savings accounts are two entirely different types of accounts that fall under completely different regulations.

Likewise, money market accounts and money market funds are also two different types of accounts that fall under differing regulations.