BUSINESS CHECKING ACCOUNT DISCLOSURE

MINIMUM BALANCE REQUIREMENT

You must deposit $100 to open a business account.

TRANSACTION LIMITATIONS

Checks made payable to the business, must be deposited into the account for the entire amount.  Providing funds are available, a withdrawal may be transacted by cash or check. 

FEES

If the balance falls below $500 during a monthly statement cycle, a service charge of $10.00 may be assessed.* 

Other service charges:  

• No charge for automatic sweep/transfer from another account to cover NSF. Sign-up required.
• Close-out fee: $30 if closed within 90 days of opening
• Stop Payment Order $25.00
• Deposit Item Returned $20.00
• Check Returned or Electronic Debit Item Returned NSF $27.00

Professional Checking (Interest-bearing Business Checking)
For sole-proprietors, government entities, and non-profit organizations:  Interest is earned when balance is $1,000 or more.  See current rate schedule.

Corporate Checking (Non-interest bearing Business Checking)
For Corporations, LLCs and Partnerships.

RATE INFORMATION

Refer to the current rate schedule for your Interest Rate and Annual Percentage Yield information.  Your Interest Rate and Annual Percentage Yield may change without notice at our discretion.  Interest on deposits begins to accrue on the day of deposit.  Interest will be compounded and credited to your account monthly on the last day of the month. See current rate schedule for interest rate and annual percentage yield.

BALANCE COMPUTATION METHOD

We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

Corporate Checking (Non-interest bearing Business Checking)

EARNINGS CREDIT*

An interest credit is earned and applied against any service charges for the month’s cycle.  Monthly fees will be reduced by any earnings credit, but no interest will be paid to the account.  Positive credits do not carry over from month to month.