| Business Checking | Super Now Checking | Freedom Now Checking | Commercial Checking | |||||
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Availability |
Open to businesses and organizations of all types with low to moderate account activity. |
Open only to entities with low to moderate account activity which are:
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Open only to entities with low to moderate account activity which are:
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Open to businesses and organizations of all types with low to moderate account activity. |
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Minimum To Open |
$100 | $800 | $25,000 | $100 | ||||
| Minimum Balance |
$200 daily balance or $500 average daily balance |
$800 daily balance or $1,500 average daily balance |
$25,000 daily balance to obtain the disclosed annual percentage yield. | None | ||||
| Monthly Fees | If balance falls below the minimum:
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If balance falls below the minimum:
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None | Monthly service charge is calculated via Account Analysis | ||||
| Interest |
None |
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None; however, an Earnings Credit based on |
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| Cancelled Checks |
Choice of safekeeping or image | Choice of safekeeping or image | Choice of safekeeping or image | Choice of safekeeping or image | ||||
| Additional Information | An outstanding account for small businesses. The bank reserves the right to reclassify accounts with recurring heavy transaction volume to the Commercial Checking Account plan. |
A great choice for qualifying businesses or organizations which usually carry larger checking balances. The bank reserves the right to reclassify accounts with recurring heavy transaction volume to the Commercial Checking Account plan. |
Premium interest-earning feature makes this a great choice for qualifying businesses or organizations which maintain large checking balances. | Our Account Analysis fees are among the area’s most competitive …………………………… **Please note that this is for illustrative purposes only. Your actual charge will vary from month to month based on balances, per-item volume, the current earnings credit. |
WHAT IS ACCOUNT ANALYSIS?
The monthly service charge on our Commercial Checking plan is determined through the use of a system called “account analysis.”
In general, it takes into consideration a number of factors like the cost of processing various items, the volume of items that are run through an account, and the value of the investable account balance to the bank to arrive at a final net charge.
To those not familiar with the process, it might seem to be somewhat mystifying. However, a step-by-step look at the situation shows that it is fairly straightforward. It can also help you make the analysis process work to your advantage, enabling you to arrange your balances and transactions in a way which could minimize or eliminate monthly fees.
STEP 1: ANALYSIS GLOSSARY
The first step in understanding account analysis is to define some of the key terms involved.
Average Ledger Balance: The balance maintained in an account, on average, during the course of a statement period (which is usually one month). It is calculated by adding up the ledger balance of the account for each day in the statement period, and then dividing the total by the number of days in the period.
Uncollected Funds (or "Float"): The funds in an account which are in the process of being collected and therefore not available to the bank for investment. Float is typically created through the deposit of checks which are drawn on financial institutions located outside of our state or region.
Average Collected Balance: The Average Ledger Balance less Uncollected Funds.
Reserve Requirements: Federal law requires that a percentage of all funds on deposit be held in the form of reserves and cash balances. The Reserve Requirement for an account is calculated by applying this percentage of its Average Collected Balance.
Net Available Balance: The Average Collected Balance less the Reserve Requirement.
Earnings Credit: Banking regulations prohibit the payment of interest on demand deposit accounts such as our Commercial Checking plan. However, our account analysis system provides for an earnings credit, based on Net Available Balance and calculated using a variable rate which is based on short-term market conditions. This credit can be used to offset any monthly service charges.
The FDIC – short for the Federal Deposit Insurance Corporation - is an independent agency of the United States government.The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
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