BUSINESS INTEREST
Description - Our interest bearing checking account for all businesses.
Minimum balance to open account - $1,000.00 Rate Information - Your interest rate and annual percentage yield may change.
Determination of rate and frequency of change - Rates are determined at the discretion of bank management. We may change the interest rate on your account at any time.
Compounding and crediting frequency - Interest is compounded daily and credited to your account monthly.
Daily collected balance computation method - We use the daily collected balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits - Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example checks). If the account is closed before interest is credited, you will not receive the accrued interest.
Fees - You must deposit $ 1,000.00 to open this account. There is a $8.00 monthly service fee on this account. This account offers free online banking, mobile banking, and debit card access. Image statements are available for a fee. Please see separate fee chart for these services. A cash machine transaction fee of $2.00 will be charged for each transaction performed at a machine that is not owned by Community National Bank.