Business Now Account Fact Sheet
Minimum Balance to Open:
$25.00 is required to open the account.
Minimum Balance Required to Avoid Service Charge and Service Charge Fee if Minimum Balance is Not Met:
$20.00 will be assessed against this account for any statement cycle in which the average daily balance in the account falls below $2,000.
We use the average daily balance method for determining whether to assess a monthly maintenance fee against the account. This method is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
$0.50 per item over 500 per statement cycle
Additional fees that may be assessed against your account are listed on our Business Accounts Schedule of Service Fees.
Deposit Balance Earnings Credit may offset all or a portion of charges. Earnings Credit is determined by Bryn Mawr Trust at our discretion.
Fees may reduce earnings.
The rates are subject to change at any time.
The interest rate will be determined by Bryn Mawr Trust at our discretion.
Minimum Balance to Earn Interest:
You must maintain a minimum daily balance of $2,000.00 to obtain the Annual Percentage Yield listed above. Your account will not earn interest on any day where the balance in the account drops below $2,000.00.
Compounding and Crediting
Interest will be compounded daily. Interest will be credited to your account on the last day of the statement cycle. Interest accrues on collected balance.
Balance Computation Methods:
We use the daily balance method to calculate the interest in your account. This method applies a daily periodic rate to the collected balance in the account each day.
The entity must be eligible to earn interest.