Commercial Checking accounts are available to any business or organization operating in the Wisconsin counties of Marinette and Oconto, and the County of Menominee in Michigan.
Account may be opened with a deposit of $100 or more.
There are no minimum balance requirements.
Service charges are assessed monthly and are calculated on the account's activities as follows:
| Monthly Maintenance Fee | $3.00 |
| Per-Check Fee | $0.15 |
| Per Transit Check Deposited | $0.06 |
| On-Us Item Deposited | No Charge |
| Deposit Credits | No Charge |
| Electronic Funds Transfers | No Charge |
The bank offers a discount of $0.03 per transit check deposited if the amount is pre-encoded in MICR ink by the commercial customer.
The bank will offset the calculated service charges with a monthly earnings credit. The earnings credit is calculated on the average collected balance in the account during the month. The earnings credit rate is 3.50% below the prime interest rate adjusted monthly. The credit is calculated on a 365 day basis. Net service charges are then charged to the account. Earnings credit can only be used to offset the current month's service charges. Excess earnings credits are not carried forward to the next month.
A statement of activities is provided monthly.
Check sorting is available upon request to Commercial Checking account depositors. This service will sort the checks written in check number order whenever a statement is rendered by the bank. The cost of this optional service is $0.01 per check and will be charged directly to your account.
Checks deposited into your account and returned to the bank unpaid will be assessed a returned item fee. The fee is $5.00 per advice of charge and it will be charged directly to your account.
A complete disclosure of the terms and conditions on the Commercial Checking account is available upon request.
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Copyright © 1996-2004 Farmers & Merchants Bank & Trust
Last Updated:
Thursday, May 10, 2007
