Proven Choice Business Money Market Account Fact Sheet
Minimum Balance to Open:
$50,000 is required to open this account.
Minimum Balance Required to Avoid Service Charge and Service Charge Fee if Minimum Balance is Not Met:
$50,000 minimum daily balance requirement. $25.00 will be assessed against your account for any statement cycle in which the balance in the account falls below $50,000 on any day. Fees may reduce earnings.
As disclosed in our Business Accounts Schedule of Service Fees, a per item excess debit fee will be assessed for every third-party transaction over six (6) in the statement cycle.
Additional fees that may be assessed against your account are listed on our Business Accounts Schedule of Service Fees.
We may set the rate for each tier in any amount. The interest rate for one tier may be the same rate, or a higher or lower rate, than the rate for a lower tier. Interest rates and annual percentage yields for tiers may change at any time. You must maintain the minimum tier balance in the account each day to obtain the disclosed annual percentage yield for that tier.
Minimum Balance to Earn Interest:
You must maintain a minimum daily balance of $50,000 to obtain the annual percentage yield listed above.
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.
Transaction Limitations: You may only transfer funds out of your account up to six (6) times during each monthly statement cycle using any combination of preauthorized, automatic, telephonic or computer originated transfer services, checks, drafts, or similar orders to third parties or to yourself. There is no limit to the number of withdrawals that you may make in person, by ATM (including ATM transfers), or to repay loans at our Bank. We may close or reclassify your account if you exceed the transfer limitations.
As noted in the fee section, a per item fee excess debit fee will be assessed for every third-party transaction over six (6) in the statement cycle.