Business Accounts
Checking & Savings Accounts
small BUSINESS CHECKING
Designed for the small business with account activity levels of less than 200 items per month.
- A deposit of $25 is required to open this account
- No monthly service fees will be charged if the account maintains a $500 minimum daily balance during the monthly statement period
- If the required minimum balance is not maintained, the monthly service charge will be $10
- Free optional check images available
- For sole proprietors, not-for-profit organizations, and governments or municipalities, interest can be earned on this type of account. Minimum balance to earn interest - $500
- Interest earned at the following tiers: $500 - $49,999 $50,000 and over
Commercial CHECKING
Designed for the business with account activity levels of 200 or more items per month. Monthly service charges are offset by an EARNINGS CREDIT on the account's average collected balance.
- A deposit of $25 is required to open this account.
- Free optional check images available
- Service charges below are offset by earnings credit calculation:
- Monthly service charge ..................... $8.00
- Per debit/check Paid...........................$0.15
- Per Item Deposited.............................$0.06
- Uncollected funds used fee...... prime + 2.0%
- The average collected balance is calculated as the average daily balance during the statement period less the average funds in float. Funds in float is the amount of checks in the process of collection. If the average collected balance is negative, the amount is considered uncollected funds used. Uncollected funds used are charged an annualized rate of prime + 2.0%.
- If the average collected balance is positive, an earnings credit is calculated to offset the monthly service charges. This credit is based on the previous month's 90-day T-bill rate.
- If the calculated earnings credit is greater than the total of the monthly service charges, monthly charges will not be assessed. If the earnings credit is less, the difference between the earnings credit and the monthly service charges will be assessed.
BUSINESS MONEY MARKET
- A deposit of $25 is required to open this account
- A minimum daily balance of $1,000 is required to earn interest
- If the required $1,000 minimum daily balance is not maintained during the monthly statement period, the monthly service charge will be $15
- Four interest tiers:
- $ 1,000 to $9,999.99
- $10,000 to $24,999.99
- $25,000 to $99,999.99
- $100,000 and over
- Interest is computed on the daily balance, compounded monthly and is credited monthly.
Business Savings
- A deposit of $25 is required to open this account
- If balance falls below minimum $100, service charge is $2.
- Interest is computed on the daily balance, compounded daily and credited quarterly
