Business Savings
Requirements
- Minimum opening balance is $50.00.
- You may make six (6) transfers from your account each four (4) week or similar period from your account via the following means:
- Automatic transfer
- Telephone transfer
- Online banking
- Preauthorization
- Check
- Draft
- Debit card
- Point of Sale transactions
- Transactions made by the depositor and payable to third parties
- Transfers and withdrawals made in person, by messenger, via mail, or at an ATM are unlimited
Account Fees
- Daily balance must be kept above $100.00 to avoid the $2.00 per month service charge, unless the account holder is less than eighteen (18) years of age.
- Each debit transaction in excess of six (6), during a monthly cycle will be assess a charge of a $1.00 fee per excessive transaction.
Rate Information
- This is an interest bearing account.
- The interest rate and annual percentage yield are included in the Rate Chart.
- Summit Bank may change the interest rate and annual percentage yield at any time.
- Interest begins to accrue on the business day you deposit non cash items, for example, checks.
- Interest will be compounded daily and will be credited to the account monthly.
Balance Information
- Summit Bank uses the daily balance method to calculate the interest on the account.
- This method applies a daily periodic rate to the principal in the account each day.
