Account Terms – Business Accounts
Have a question about our disclosures or fee schedules? Visit our office, or call (508) 668-1080 to speak with a team member.
Effective July 23, 2024
Account Terms
Your interest rate and annual percentage yield may change. At our discretion, we may change the rate for your account at any time. There are no maximum or minimum limitations to the amount that this rate may change.
We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest is credited on the monthly statement end date. If you close your account before interest is credited, you will receive the accrued interest to the close-out date.
- Please note: We are not responsible for ATM “surcharges” that may be imposed by other financial institutions or ATM owners.
For Business Checking Account
- A monthly earnings allowance is calculated at a variable rate of interest on the average balance in your account. This allowance may be sufficient to offset any monthly service charges during the statement cycle.
Account Fees
| Account | Minimum Deposit to Open Account | Monthly Maintenance Fees | Service Charges (Deposits and Checks) | Minimum Daily Balance to Avoid Fees | Minimum Daily Balance to Obtain APY |
|---|---|---|---|---|---|
| Easy Business Checking Account | $20.00 | $0 | None | $0 | N/A |
| Business Checking Account | $20.00 | $5.00 | Per Deposit $0.35 Per Item Deposited Per Check$0.08 Per Check Paid $0.15 | N/A | N/A |
| Non-Profit NOW Account | $20.00 | $1.00 | Per Deposit $0.35 Per Item Deposited Per Check$0.08 Per Check Paid $0.15 | N/A | $0.01 |
| Interest on Lawyer Trust Accounts (IOLTA) | $20.00 | None | N/A | None | $0.01 |
| Business Statement Savings Account | $20.00 | None | N/A | N/A | $0.01 |
| Business Money Market Account | $20.00 | $2.50 | N/A | $1,000.00 | $0.01 |
