Business Checking
What types of Business Checking accounts do we offer?
Business Basic and Business Plus
How do we order debit cards/ATM cards for our business customers?
There is no instant issue for Business Cards-Back-office issues.
What do we offer our business customers for savings vehicles?
Statement savings, MM and CD's
What are the transfer limits? Phone? Online?
Phone: 25000.00
Online: 10000.00
How much do we charge for a stop payment?
$30.00
Do our business checking account pay interest?
No for Business Basic. Th Business Plus does not earn interest but gets an earnings credit to offset fees.
What are the daily debit cards daily limits? ATM? POS?
ATM: $500.00
POS: $1000.00
Can a business open a CD? What is the Minimum?
Yes, they can with a minimum of 500.00
Do we offer any additional products/services for our business customers to help them operate efficiently?
Yes, we do:
Night Deposit services
Business Loans/Lines of credit
Merchant Services-Serve First Solutions
Payroll-Paychex Flex
How much do we charge for a wire transfer? Domestic? International? Incoming?
25.00 Domestic
55.00 international
12.00 Incoming
What are the transaction restrictions? Business Basic? Business Plus?
Basic: Fewer than 150 transaction
Plus: None
What happens if there is fraud on a business debit card?
Nothing, Reg E rules do not apply
What are the transaction restrictions that apply to our bus. Statement Savings and MM accounts?
Limit to no more than 6 electronic debits or checks per statement cycle.
What information do we require to open a business account?
CIP on all signers who have 25% ownership or more
IRS letter indicating their EIN
Formation documents from State website or from biz owner.
Business must be in "good standing" with the state.
When do we OFAC customer?
Any new customer that is on an account (signer or beneficiary) Or cashing a check, any non customer who cashes a check 500.00 or less.
What are the balance requirements and/or fees for both business accounts?
Business Basic if balance falls below $1500.00, fee is $10.00
Business Plus-flat fee of $15.00, earnings credit will offset any fees.
Do we charge a fee for our Business Customers to enroll for Online banking and Bill Pay?
No, it's FREE
Do any of our business savings have a monthly maintenance fee?
Yes, only the MM has a monthly Maintenance fee and its $10.00 if the balance falls below $1000.00
Other than the signature card, what else do you need to complete when opening a business account?
Business Resolution
Verafin for any business owner who has 25% ownership
When opening a Trust, do we open a personal or business?
It depends, if you are using a SSN it is personal, using an EIN or it is Irrevocable it is business.
What is Earnings credit and how is it applied?
Earns credit is used to offset fees in the business plus account. the rate is at .25
Can a Business Customer use our mobile deposit feature?
Yes, it is available for Business Basic, they can apply for it.
It is not available for Business Plus but they can enroll for Remote Capture.
What balances do you need to keep in your savings account to earn interest?
SS: $10.00
MM: .01
CD: $500.00
What is remote deposit 24?
It is a service we offer to business customers to be able to scan their checks for deposit from the comfort of their home/office. There is an application process and fees do apply
What is the minimum amount needed to open a Premier MM?
250K