Interest Bearing Small Business Checking
Minimum balance to open the account – $100
Minimum balance required to avoid $10 monthly maintenance fee - $500
Number of checks and ACH items paid with no per item fee - 30
Cost for each debit item over limit in cycle - $ .15
Rate Information – Ask a customer service representative for current rate information. Rates are subject to change at any time.
Compounding and crediting frequency – Interest will be compounded and credited to the account every month.
Effect of closing an account – If the account is closed before the interest is credited to the account you will not receive the accrued interest.
Minimum balance to obtain the annual percentage yield disclosed – A minimum balance of $100 must be maintained in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – We use 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.
Accrual of interest on non-cash deposits – Interest begins to accrue on the first business day after the banking day the non-cash items were deposited (For example, checks).
Corporate resolution or DBA papers must be on file with Peoples Federal Savings Bank.
Please see a new accounts representative for further details.
