Checking Accounts
|
Account Name |
Not-for-Profit Checking |
Not-for-Profit NOW |
Business Checking |
Business NOW |
|
Ideal for |
Organizations with high balances and volume that could benefit from an earnings credit |
Organizations with low minimum balance requirements |
Organizations with high volume and high balances that could benefit from an earnings credit |
Larger nonprofit organizations |
|
Minimum opening balance |
$100 |
$100 |
$100 |
$100 |
| Minimum balance or other requirements to avoid service charges | $500 | $1,500 | $0 | $0 |
|
Monthly service charge |
$10 | $15 | $20 | $20 |
|
Free transactions per month |
250 | 250 | N/A | N/A |
|
Fees (all fees are per item unless otherwise stated) |
For transactions over 250 = $0.50 |
For transactions over 250 = $0.50 |
Checks written = $0.27 Internal debit and credit = $0.75 Deposit charge = $0.85 Item charge = $0.14 Monthly paper statement = $5.00 |
Checks written = $0.27 Internal debit and credit = $0.75 Deposit charge = $0.85 Item charge = $0.14 Monthly paper statement = $5.00 |
|
Earnings Credit |
Yes |
No |
Yes |
No |
|
Interest |
No | Yes | No | Yes |
|
Interest Rate |
N/A |
Set by bank; interest paid on daily collected balance; compounded monthly |
N/A | Set by bank; interest paid on daily collected balance; compounded monthly |
|
Interest Rate Tiers |
N/A |
|
N/A |
|
| Additional Notes |
Earnings credit is calculated on average collected monthly balance and applied to actual service charge |
Service charge is activity based and is not directly offset against interest earned during the month |
Earnings credit is calculated on average collected monthly balance and applied to actual service charge |
Service charge is activity based and is not directly offset against interest earned during the month |