 |
|
 |
The Customer Worksheet is in Adobe Acrobat® (PDF) format and requires Acrobat Reader. If you do not have Adobe installed, please click on the icon for a free download. |
| Small Business Checking |
- $100 to open
- No minimum balance required
- Unlimited check writing
- First 100 debit/credit items free, thereafter each item is $.15 ea.
- ATM or Business Debit Cards available
- Free Debit Card Transactions
- Imaged Check Statements
- Free on-line banking
- Applicable sales tax
| Commercial Checking |
- $500 to open
- No minimum balance required
- Unlimited check writing
- ATM or Business Debit Cards available
- Free Debit Card Transactions
- Imaged Check Statements
- Free on-line banking
- Monthly maintenance fee of $8.00
- $0.03 per on-us item deposited
- $0.05 per in-state item deposited
- $0.07 per out of state item deposited
- $0.10 per customer debit item(check or electronic debit)
- Deposit Services: coin $0.05 per roll, currency $0.15/strap
- Applicable sales tax
| Business Interest Checking |
- $1000 to open
- Unlimited check writing
- Ability to earn interest
- No monthly maintenance fee if minimum balance of $1000 is maintained
- If account balance is not maintained during a statement cycle there is a $5.00 monthly account maintenance fee
- A per item fee of $0.16 will be charged for each debit transaction in excess of 20 within a statement cycle
- ATM or Business Debit Cards available
- Imaged check statements
- Free on-line banking
- Applicable sales tax
Example:
The following example demonstrates the application of our service fees in the analysis of a Commercial Checking Account. Credit received offsets any service fees incurred monthly.
| Average Ledge Balance |
$5,000.00
|
| Less Uncollected Funds |
$1,000.00
|
| Average Collected Balance |
$4,000.00
|
| Less Reserves (10% of Avg. Collected Bal.) |
400.00
|
| Net Available Balance |
$3,600.00
|
|
SERVICE
FEES
|
|
|
Debits - 100 @ $0.10 |
$10.00
|
|
CHECKS DEPOSITED |
|
|
On us - 100 @ $0.03 |
$3.00
|
|
In State - 50 @ $0.05 |
$2.50
|
|
Out of State - 50 @ $0.07 |
$3.50
|
|
Maintenance Fee |
$3.00
|
| Total Service Fees |
$22.00
|
| Earnings Credit (5.75% per yr.) |
$17.00
|
| Net Service Charge |
$5.00
|
| Sales Tax |
$0.25
|
| Total Amt. Charged to Account |
$5.25
|
| Commercial Account Analysis Glossary |
Average Ledge Balance - The average ledger balance maintained in the checking account. It is the sum of each day's ledger balance divided by the number of days in the statement period.
Uncollected Funds (Float) - Float is deducted from the average ledger balance. It is the daily average of funds in the process of collection and therefore unavailable to the Bank for investment.
Average Collected Balance - The average ledger balance less uncollected funds.
Reserve Requirement - Federal law requires that a percentage of all funds on deposit be held in the form of reserves and cash balances. This amount is deducted from the average collected balance before the earnings credit is determined.
Net Available Balance - The average collected balance less the reserve requirement.
Earnings Credit - The bank provides an earnings credit on the funds available for investment. The rate is set internally and is based on current short-term market conditions. The rate varies with the Bank's cost of funds. Credit received offsets any service charge incurred monthly.
Service Fees - The charge for services is calculated at the end of each month. If the earnings credit for that period is sufficient to offset the service fees, no service charge is assessed.
){kind=link}