Business Money Market Accounts
Money Market Accounts
For business owners and treasurers who want ready access to their funds, who want to earn a competitive rate of interest on their money, and who will not need to write numerous checks. The interest rate paid and annual percentage yield will depend upon the daily balance in the account. The interest rate may change at the bank's discretion. Interest will be compounded monthly and will be credited to the account monthly. Statements are produced monthly.
Account Limitations and Fees: A minimum balance of $1,000.00 is required to open this account and must be maintained daily to avoid a monthly service charge of $5.00. Each statement cycle you may make six (6) of the following types of withdrawals:
- Pre-authorized via automatic withdrawal (ACH)
- Check, Draft, or Debit Card
- Transfers to cover Overdrafts or Bill Payments
- Telephone, Fax, or Computer Transfers
A fee of $10.00 per transaction may be charged if you make more than six (6) of these restricted transactions during a statement cycle. Also we will be required to close your Money Market account and offer you a regular checking account if you repeatedly exceed the six (6) transactions.
Account holders can make the following transactions without limitation:
- Automatic (pre-authorized) transfers for the purpose of paying loans at the same institution.
- Transfers into another account at the same institution or withdrawals. Requests can be made by mail, ATM, or in person.
- Withdrawals initiated by telephone in which a check is mailed directly to the depositor.