Business Interest Checking
Welch State Bank’s Business Interest Checking account is designed for businesses that maintain a higher balance and for those business entities allowed to earn interest on a checking, such as: individuals, non-profit organizations; sole proprietorship, etc.
No matter what your business is, Welch State Bank offers a variety of financial products to our business checking account’s to make your banking as convenient as possible. Such as Cash Management Tools, Business Loans for all types of business related purposes, ATM Cards and Debit Cards, Direct Deposit, Cashier’s Checks, Money Orders, Notary Service, Wire Transfers, and Safety Deposit Box Rentals.
|Minimum to Open||$50.00|
|Monthly Service Charge||$6.29 if balance falls below $1500.00 during statement cycle|
|Interest Bearing||YES – for qualified customers|
|Items cleared against account per statement||FREE – first 1000 items
$0.25 per item cleared over the first 1000 items
|Items deposited into account (not drawn on Welch State Bank)||$1.50 coin/currency charge per $1000.00 over $10,000.00 deposit|
|Online Bill Pay||FREE|
Rate information - At our discretion, we may change the interest rate for this account. The interest rate on this account is 0.04% with an annual percentage yield of 0.04%.
The interest rate is accurate as of October 16, 2013. If you would like more current rate information, please call us at (918)788-3373. The interest rate may change at any time.
Compounding frequency - Interest will be compounded monthly.
Crediting frequency - Interest will be credited into this account monthly.
Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of interest on noncash deposits - Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
Minimum balance to open - The minimum balance required to open this account is $1,500.00.
Minimum balance to avoid Minimum Balance fee - A minimum balance fee of $6.00 will be imposed if the daily balance falls below $1,500.00 any day during the monthly statement cycle.
Deposit limitations - You may make an unlimited number of deposits into your account.
Withdrawal limitations - $1.50 fee per $1000.00 coin/currency deposited over $10,000.00
Bonus - You may receive a Thank You gift as a bonus provided at account opening. A premature account closing fee of $15.00 will be charged if the account is closed within 90 days of account opening date.
Additional Terms - The following additional terms apply to this account: Overdraft fees apply to overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means: provided, however, overdraft fees created by ATM or everday debit card transactions will not apply unless the account owner affirmatively consents to the overdraft service for such transactions