| 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
monthly 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
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