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 This account allows you to earn a higher rate of interest on excess
funds that your business generates, but does not need to access
immediately. This is a limited transaction account (per federal
regulations).Available to: All types of businesses. Interest: As long as you have a minimum $1,000.00 balance in your account each day, you’ll earn a competitive variable interest rate that may change at any time at the bank’s discretion. In addition, this account is “tiered,” so you can earn a higher interest rate as your balance grows. Minimum Balance to Open: $1,000.00 Monthly Maintenance Fee: $5.00 if the average daily collected balance for the statement cycle falls below $1,000.00. Item Charges: N/A. However, there is a $.10 per check fee for transactions in excess of federal regulations. Please ask us for details. Compounding and Crediting: Interest is compounded every day and credited to the account monthly on the last day of the statement cycle. Interest will not be paid if the account is closed before interest is credited. Balance Computation Method: Daily Balance Method Accrual of Interest on Non-cash Items: Interest begins to accrue on the first business day after the banking day on which non-cash items are deposited. Cash deposits are credited on the same business day they are deposited. Statement: You’ll receive monthly account statements, which will be accompanied by item “images” (12 images per page). Check Cost: Your business assumes the cost of checks and accessories ordered. |
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