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Basic Business
Checking
Designed with the small business in mind.
- The $10.00 monthly account maintenance fee will be
waived when a $500 minimum daily balance is maintained.
- Receive 250 free transactions per statement cycle, including deposited items, withdrawals, electronic debits and checks.
- If more than 250 transactions, a $.25 charge
per additional transaction is assessed.
- Interest may be available for eligible organizations.
Business Analysis Checking
For businesses with larger numbers of monthly transactions.
- 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 If you have withdrawn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.
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