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Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov. |
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 Business Money Market Deposit Account
- Minimum opening balance is $2,500.00.
- You must maintain a minimum daily balance of $2,500.00 to avoid a fee.
- If the daily balance in the account falls below $2,500.00, a $10.00 fee is imposed.
- Monthly interest paid to depositors who have maintained a minimum daily balance of $2,500.00 or more during the month.
- Minimum daily balance determines interest rate tier.
- The rate of interest is established each month on the basis of prevailing market conditions.
- May pay a higher rate of interest than Interest Checking or Savings Accounts.
- Some restrictions apply to the number of withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. No more than six (6) transfers may be made by check, draft, debit card or similar order to a third party.
- There is no limit on the number of withdrawals made in person, by mail, by telephone (via check mailed to the customer), or at ATM's.
- All depositors are eligible.
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