Sweep Account Application  apply

 

Sweep Account

Move the excess balance into this short-term investment account and get an interest yield based on the federal funds rate. The Sweep Account will transfer a certain amount or the entire balance from the transaction account daily.

 

  • Minimum opening balance - $100,000.00
  • Monthly service charge - $42.00
  • Is subject to the Corporate Analysis fee schedule
  • Moves excess balances from any number of subsidiary accounts into a consolidated balance that earns a higher rate of interest.
  • Offers an Interest Bearing option that pays a competitive rate of interest, based upon the Fed Funds rate, compounded daily and paid monthly.
  • Option to transfer the entire balance or a specified amount daily.
  • Convenient record keeping for multiple accounts
  • Interest earned on deposit balances when balance requirements are maintained.
  • Consolidation of transaction accounts to collectively earns interest.

 

Commercial Money Market Account

The Commercial MTA Account is an interest bearing money market account designed for our commercial customers which offers the additional option of occasionally writing checks on the account while earning a market interest rate.

 

  • Requires a minimum opening deposit of $10,000
  • Monthly service charge - $10.00
  • Is charged a monthly maintenance fee if the balance falls below $10,000 at anytime during the month
  • Compounds interest daily, which is paid monthly
  • Allows unlimited withdrawals with no additional fees if the minimum balance is maintained
  • Allows up to 6 third-party transactions (3 of which can be 6 checks) with a fee charged for third party transactions in excess of 6 (the legal limit) per statement period
  • Provides itemized monthly statements