Business Checking Account
Fees:
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A maintenance charge fee of $7.00 will be charged each monthly statement cycle.
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An item charge fee of $.10 will be charged for each debit transaction (withdrawal, check paid, automatic transfer or payment out of this account).
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A deposit item fee of $.08 will be charged for each item deposited into this account.
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An uncollected balance fee of $1.50 will be charged for each $100.00 of uncollected balance.
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You will earn a credit of $.50 for each $100.00 of average collected balance in your account during the statement cycle. This earnings credit will be applied to reduce the account fees. The earnings credit cannot exceed your total account fees.
Minimum Deposit to Open Account - $100
Business Now Account
Fees:
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A debit item fee of $.15 will be charged for each debit transaction (withdrawal, check paid, automatic transfer or payment out of this account) in excess of 20 during a statement cycle.
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A fee of $.10 will be charged for each item deposited in excess of 30 during a statement cycle.
Minimum Opening Balance:
A maintenance fee of $10.00 will be imposed every statement cycle unless you maintain a minimum daily balance of $1,500.00 or an average daily balance of $2,000.00 for the monthly statement cycle. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Rate Information:
Your interest rate and annual percentage yield may change at any time at our discretion. Interest will not be compounded. Interest will be credited to your account every month. If you close your account before interest is credited, you will not receive the accrued interest.
Average Daily Balance Computation Method:
We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Accrual of Interest on Noncash Deposits:
Interest begins to accrue on the business you deposit noncash items (for example, checks).
Minimum Deposit to Open Account - $100
