This account is ideal for businesses who wish to invest funds, but also need the ability to write a check every once in a while. This account generally pays our highest rate compared to other interest-bearing checking accounts offered by the bank.
benefits
Interest is compounded daily and credited to your account every statement cycle
No monthly service charge if daily balance is kept at $2,500 or higher, otherwise a $10 service charge will be assessed
Eligible for all types of businesses
Tiers for interest earnings:
$2,500 - $9,999
$10,000 - $24,999
$25,000 and above
requirements
Minimum deposit to open account - $2,500
withdrawal limitations
Transfers from a Money Market account to another account or to third parties by means of a preauthorized, automatic, electronic, or telephone transfer, check, draft, debit card, or similar order made payable to third parties are limited to six per statement cycle.
An excessive item charge of $10.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer or payment out of this account) in excess of six during a statement cycle.
A business savings account allows a business to invest funds in an interest bearing account.
benefits
Interest will be compounded daily and credited to your account every quarter
No quarterly service charge if daily balance is kept at $300 or higher, otherwise a $5 service charge is assessed
Automatic transfers can be set up between savings and checking accounts
requirements
Minimum deposit to open account - $100 ($50 for minors)
withdrawal limitations
Transfers from a Savings Account to another account or to third parties by preauthorized, automatic, electronic, internet, telephone transfer or in-person withdrawal are limited to three (3) per quarter.
An excessive item charge of $1.00 will be charged for each debit transaction (withdrawal, automatic transfer or payment out of this account) in excess of three during a quarter.
ACH Origination is for the collection or disbursement of funds. Businesses can take advantage of direct deposit (payroll) and direct payments through ACH Origination. Other advantages include minimizing the cost of preparing, mailing and reconciling paper checks. Please call us for more information.
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
IMPORTANT CHANGE TO U.S. SAVINGS BONDS
Planning to buy a savings bond? Paper savings bonds will no longer be sold at financial institutions after December 31, 2011. But they are not going away. Electronic savings bonds can be purchased online through TreasuryDirect. Open a free Treasury Direct account today at www.treasurydirect.gov.
Already have paper savings bonds? Existing paper bonds are still valid and will earn interest for 30 years from the issue date or until redeemed. You can continue to cash savings bonds here.
Learn more at www.treasurydirect.gov (U.S. Department of Treasury).
