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Kalona 319-656-2265
Coralville 319-688-9005

Checking

   Business Checking Super Now  Checking Freedom Now  Checking Commercial Checking
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:
  • Sole proprietorship
  • Associations
  • Non-profit organizations

Open only to entities with low to moderate account activity which are:

  • Sole proprietorship
  • Associations
  • Non-profit organizations
Open to businesses and organizations of all types with heavy account activity
Minimum to Open $100 $800 $25,000 $100
Minimum Balance None $800 daily balance or $1,500 average daily balance $25,000 daily balance to obtain the disclosed annual percentage yield. None
Monthly Fees
  • .25¢ per debit & credit (including checks and ATM/debit withdrawals, all deposited items) in excess of 200 per month

If balance falls below the minimum:

  • $8.00 monthly fee; and
  • .20¢ per debit (including checks and ATM/debit withdrawals) in excess of 20 per month
 None Monthly service charge is calculated via Account Analysis
Interest  None
  • Variable interest rate
  • Monthly compounding
  • Variable interest rate
  • Monthly compounding
 None; however, an Earning Credit based on the balance is included in the Account Analysis calculation
Canceled 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 business.

The bank reserves the right to reclassify accounts with recurring heavy transaction volume to the Commercial Checking Account plan.

An outstanding account for small business.

The bank reserves the right to reclassify accounts with recurring heavy transaction volume to the Commercial Checking Account plan.
Premium interest-earning feature make this a great choice for qualifying businesses or orginazations which maintain large checking balances.

Our Account Analysis fees are among the area's most competitive

N0TE: If you have any questions, feel free to call us at 319-656-2265 or 319-688-9005 or stop by. We would be happy to discuss any of our accounts in more detail with you. If you're interested in Commercial Checking, stop by our office and we can go through a Customer Worksheet with you.

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.

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