By law, banks are permitted to limit certain types of withdrawals and transfers from your savings and money market accounts and charge an excess activity fee when you exceed such limits. The limitations apply to withdrawals by check, draft, debit card purchase or similar order (if available on the account), or telephone, or automatic or pre-authorized transfers to another of your accounts with us or to a third party. The limitations also apply to transfers made by Telephone Banking, Online Banking, or Mobile Banking and transfers from your savings or money market account to cover overdrafts. Due to federal regulation changes, we are currently not applying these limits or charging an excess activity fee.
Business Regular Savings
If you’re a business looking to build savings, we recommend our Regular Savings account. It is an easy and convenient way to earn interest on your business’s extra funds. Here’s why:
- It has a low opening deposit of $25.
- Interest is compounded daily.
- If in any month or monthly statement cycle a $300 minimum daily ledger balance is maintained, then the monthly maintenance fee is waived.
- $.20 per check deposited over 50 in any month or monthly statement cycle
- Use Business Online and Mobile Banking to manage your savings account.