Business Deposit Solutions

Jumbo Certificate of Deposit: Certificates will earn interest on a monthly compounded basis and credited on a monthly basis unless quarterly, semi-annual or at maturity checks or transfers are taken. Interest will be earned on a non-compounding basis. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example, checks). You may not make deposits into your account until the maturity date. You will be paid the fixed interest rate until the maturity date of the certificate. The penalty for withdrawal of principle prior to the maturity date is negotiated at the time the certificate is opened. The annual percentage yield disclosed is assumed that the interest will remain on deposit until maturity. Any withdrawal will reduce earnings. This account will not renew automatically at maturity. If you do not renew the account, your deposit will be placed in an interest bearing account.

Business Checking Account Rules & Regulations

All depositors establishing commercial checking accounts agree to abide by the following applicable rules and regulations.

1. All items cashed or deposited will be handled by the institution as agent for the depositor(s) subject to charge back or refund if for any reason final payment is not received in a form acceptable to the institution. If claim is made with respect to any item subsequent to final payment on the ground that such item was altered or bore a forge or unauthorized endorsement or was otherwise not properly payable, the institution may withhold the amount thereof from the account until final determination of such claim. The use of commercial checking accounts are governed by the rules and regulations hereinafter set forth, which rules and regulations may, from time to time, be amended.
2. The commercial checking account, whether it be in an individual or in joint names, is for the use of the depositor(s) only.
3. The depositor(s) agree to only use the forms approved by the institution. The institution reserves the right to return unpaid any other form of order or any order incompletely or defectively drawn.
4. The depositor(s) are subject to certain charges in connection with the commercial checking account. A schedule of such charges shall be supplied to the depositor(s) by the institution when the account is opened. Such charges may be charged from time to time by the institution, which agrees to supply the depositor(s) with a revised fee schedule when any change is made.
5. Statements reflecting account activity, changes associated therewith, and the balance in the account shall be rendered to the depositor(s) at least on a monthly basis at the institution’s convenience.
6. At the risk and written request of the depositor(s), the institution will, without responsibility on its part so far as it may lawfully limit its liability, accept a stop-payment order on commercial checking account. The institution will charge the depositor(s) in connection with such stop-payment orders in accordance with its current schedule of charges.
7. All deposits are received and credited by the institution subject to final collection. Collected funds to cover checks drawn must be on deposit the day before an order is presented for payment, or payment may be refused and a charge applied.
8. The institution reserves the right, at its sole discretion, to refuse commercial checking accounts or further deposits in existing commercial checking accounts. The institution also reserves the right, as its sole discretion, to discontinue or limit the practice of allowing withdrawals from a commercial checking account and to terminate the deposit relationship at any time upon notice to the depositor(s).
9. The institution may give notice to any depositor(s) requiring such depositor(s) to withdraw the entire amount on deposit in their commercial checking account, or any part thereof. Such notice shall advise the depositor(s) that the institution reserves the right after date specified in said notice not to make payment on lay check drawn on such account. After the dates so specified, the institution shall not be obliged to make any payment from such account except for the purpose of closing such account.
10. Rules and regulations governing the use of commercial checking accounts may be revised or amended by the institution at any time, and the institution shall give notice of such changes either by (1) posting the same in a conspicuous place in the public lobby of the institution and in other offices it may maintain, or (2) sending written notice thereof to all account holders at the most recent address indicated on the institution’s records.
11. The execution of a signature card by the depositor(s) upon the opening of this account shall constitute an agreement by the depositor(s) to the bylaws of the institution and to all of the above regulations as are now in effect or hereafter amended.