Business Savings Account
Business Savings: Federal regulations limit the number of withdrawals and/or transfers from a savings account by telephone/PC transfer, pre-authorized transfer, check or debit card. Limitations include six withdrawals and/or transfers from a savings account each statement cycle by pre-authorized transfer, or telephone/PC transfer (including bill payments). If the account permits transfers by check or debit card, no more that three of the six limited transfers may be by check or debit card.
- Any business including Corporations and Partnerships may open this type of account.
- Interest is compounded daily, credited quarterly and calculated based on daily balance method. The rate of interest established by the bank is subject to change.
- Minimum deposit to open account: $100.00
- Minimum daily balance to earn interest: $50.00
- Per withdrawal charge after exceeding regulatory limitations above (frequent exceeding of limitations may result in account reclassification or closure): $1.00
- Quarterly maintenance fee if quarterly minimum balance is less than $100.00: $3.00
- Penalty for early closing within 90 days: $15.00