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Basic Business
Checking
Designed with the small business in mind.
- The $7.50 monthly account maintenance fee will be waived when a $500 minimum daily balance is maintained.
- If more than 40 withdrawals are processed, a $.15 charge per additional withdrawal is assessed per statement cycle.
- If more than 50 items are deposited, a $.15 charge per additional item deposited is assessed. Types of items include 50 transits, 50 co-clearing, and 50 on-us.
- Interest may be available for eligible organizations.
- Charges for checking transactions are offset by earnings credits.
- Earnings credits are based on short-term investment rates and are applied to your average positive available balance (less reserve requirements*)
- Earnings credits can significantly reduce or eliminate monthly service charges.
- Negative available balances are assessed a fee based upon the Bank's current loan rate.
Understanding the
Business Analysis Account
The following factors are used to calculate activity charges and earnings
allowances:
- Average Ledger Balance
The sum of the ledger balance maintained in the checking account each day, divided by the number of days in the monthly statement period.
Average Float (Uncollected Funds)
Funds in the process of collection.
Average Available Balance
The Average Ledger Balance minus Average Float (Uncollected Funds).
Reserve Requirement
Federal regulations require that a percentage of all deposited funds be held in reserve. This amount is deducted from the average positive available balance before the earnings credit is determined.
(Average) Investable Balance
The portion of your average account balance that is available for investment after subtracting uncollected funds and Federal Reserve balance requirements.
Earnings Credit for Investable Balance
The income your Average Investable Balance would have earned for one month if it had been invested. Corporate accounts are not eligible to receive interest payments and therefore, receive Earnings Credit to offset fees. The rate used to calculate the income is based upon an average of the yields on the weekly U.S. Treasury Bill auctions for the last three months. If you have withdrawn funds more quickly than they have been available and as a result have a negative Average Available Balance, you will be charged a fee that is determined by applying an interest rate based upon the Bank's current loan rate.
*Federal law requires that a percentage of all funds on deposit must be held in reserve. This amount (10%) is deducted from the average positive available balance before the earnings credit is determined. If you need further assistance, please contact us and a Union Bank & Trust Personal Banker can help you select the best account for your needs.