Business Money Market
Money market accounts are offered with a minimum opening deposit of $1,000.00. To qualify, the account must maintain a minimum daily balance of $1,000.00. Interest will not accrue on the days the account falls below the minimum daily balance requirement and a maintenance charge of $10.00 will be imposed to the account when the statement cycles.
Interest is accrued on a simple interest basis and will be paid monthly for savings, N.O.W., and money market accounts and varies according to the market.
Corporations, Limited Liability Companies, and Registered Non-Profit:
You will be required to provide information about your beneficial owners.
A Beneficial Owner is:
- Each individual who owns 25% or more of the company.
- One individual who has significant managerial responsibility for the company.
Why We Need this Information:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
Section 326 of the USA PATRIOT Act requires that financial institutions identify and verify the identity of the beneficial owners of all legal entity customers at the time a new account is opened. The identification and verification procedures for beneficial owners are very similar to those you currently follow as individual customers.
When you open an account, we will ask you to identify the beneficial owners of your company, as defined to the above. You will need to provide the following for each beneficial owner: Name, Address, Date of Birth and other identification information that will allow us to identify and verify the identities of your beneficial owners. We may also ask for a driver’s license or other identifying documents for each beneficial owner.
- Name, Address, Date of Birth, Social Security Number or Tax ID Number
- Driver's License, State Issued Identification Card, Passport, Alien Identification Card.