Commercial Money Market Plus accounts are available to businesses and organizations operating in the Wisconsin counties of Marinette and Oconto, and the County of Menominee in Michigan.
Accounts may be opened with a deposit of $2,000 or more.
If a minimum balance of $2,000 or an average daily balance of $4,000 is maintained, there are no monthly service charges.
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 | $7.50 |
| 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.
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 Interest does not accrue on amounts withdrawn on the date of withdrawal.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.
The account holder is permitted by Federal law to make no more than six (6) pre-authorized, automatic or telephone transfers per statement cycle. No more than three (3) third-party checks or point-of-sale withdrawals (which are considered to be pre-authorized transfers) may post to your account each statement period.
You may make an unlimited number of withdrawals from your Commercial Money Market Plus account in person, by mail, by messenger, at automatic teller machines, or by telephone if the withdrawal is mailed to you by check.
If more than three (3) third-party checks are posted to your account in a statement period, a charge of $5.00 for each additional check will be imposed. Continual abuse of the third-party withdrawal limitations may require us to convert the account to a non-interest bearing account, with loss of interest for the current period, or to close the account.
A complete disclosure of the terms and conditions on the Commercial Money Market Plus account is available upon request.
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Copyright © 1996-2004 Farmers & Merchants Bank & Trust
Last Updated: Sunday, February 01, 2009
