Business Savings

Minimum deposit required to open an account is $100.00. No interest accrues on a balance of less than $50.00. All withdrawals over three (3) during a statement cycle will be assessed an excess withdrawal charge at the rate of $2.00 per withdrawal. Any account closed prior to being six months old will be charged a $5.00 closing fee. Any withdrawal made within 30 days of opening the account will be charged $5.00 per withdrawal.

Interest is accrued on a simple interest basis and will be paid monthly for savings accounts.

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.

Information You Will Need to Provide:

Name, Address, Date of Birth, Social Security Number or Tax ID Number

Acceptable Forms of Identification:

Driver's License, State Issued Identification Card, Passport, Alien Identification Card.