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BUSINESS CHECKING ACCOUNT DISCLOSURE
MINIMUM BALANCE REQUIREMENT
You must deposit $100.00 to open a business account.
TRANSACTION LIMITATIONS
After the account is opened, you may make deposits into the account at any time. Checks made payable to the business, must be deposited into the account then withdrawals may be transacted by cash or check if the funds are available.
FEES
If the balance falls below $1,000 anytime within the monthly statement cycle, a $10.00 monthly charge for servicing the account will be assessed. Other service charges:
- Close-out fee:$30 if closed within 90 days of opening
- Checks written/cleared per month – 1st 30 – free, $0.10 per item over 30 per cycle
- Deposit items per month – 1st 30 – free, $0.10 per item over 30 per cycle
- Stop Payment Order $25.00
- Deposit Item Returned $20.00
- Check Returned or Electronic Debit Item Returned NSF $27.00
- See FEE SCHEDULE for other fees and charges
Professional Checking (Interest-bearing Business Checking)
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 non cash deposits begin to accrue on the second day following the day of your deposit. Interest will be compounded and credited to your account monthly on the last day of the month.
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.
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