Commercial NOW accounts are available to qualified businesses and organizations operating in the Wisconsin counties of Marinette and Oconto, and the County of Menominee in Michigan.
Generally, federal law limits the availability of NOW accounts to sole proprietorships, nonprofit organizations operated primarily for religious, philanthropic, charitable, educational, political or similar purposes, governmental units and funds held in a fiduciary capacity.
Account may be opened with a deposit of $100 or more.
If a minimum balance of $750 is maintained, there is no monthly maintenance fee or per-check fee.
If the minimum balance is not maintained, service charges are assessed monthly and are calculated on the account's activities as follows:
| Monthly Maintenance Fee | $5.00 |
| 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 |
A statement of activities is provided monthly.
Check sorting is available upon request to Commercial NOW 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.
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.
This is a variable rate account, which means that the interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Please refer to our interest rate schedule for the current rate and annual percentage yield.
Interest begins to accrue on the business day you deposit cash or non-cash items (such as checks). Interest does not accrue on amounts withdrawn on the date of withdrawal.
Interest is compounded and paid monthly on the statement cycle date.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
A complete disclosure of the terms and conditions on the Commercial NOW account is available upon request.
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Copyright © 1996-2004 Farmers & Merchants Bank & Trust
Last Updated:
Thursday, May 10, 2007
