BUSINESS BANKING
Over the years, we’ve helped many businesses realize their goals. From small, home-based businesses to larger corporations, we’ve provided our banking expertise to help companies grow and prosper.
Checking and Savings Accounts
Flagship Bank offers low-cost checking accounts designed for small-to-large businesses depending on the activity in the account, and very competitively priced savings accounts.
§ BUSINESS BASIC CHECKING (designed for small businesses with limited banking needs)
o $250 minimum daily balance requirement ($5 service charge if daily balance falls below $250)
o $.25 for each check paid, debit, credit or deposited item over the first 50 items
o Monthly statement with images of all checks and deposit tickets
§ BUSINESS PLUS CHECKING (designed for businesses with a higher volume of activity)
o No minimum balance requirement
o $10 monthly maintenance fee
o Earnings credit used to offset fees (see ‘Sample Calculations’ below)
o $.30 per deposit
o $.10 per check paid, debit, ACH transaction or deposited item
o Monthly statement with images of all checks and deposit tickets
Sample Calculations / Monthly Activity Charges
EARNINGS ALLOWANCE: Average Ledger Balance $22,000.00 Less: Uncollected Funds -$1,500.00 Average Collected Balance $20,500.00 Less: Reserve Requirement (10%) -$2,050.00 = Net Average Collected Balance $18,450.00 Account Maintenance Fee $10.00 Deposits 8 x $0.30 $2.40 Checks Written 65 x $0.10 $6.50 Checks Deposited 40 x $0.10 $4.00 2 x $0.10 $0.20 4 x $0.10 $0.40 Uncollected Funds Charge $1.64 = Total Activity Charges This Month $25.14 Activity Charges $25.14 Less: Earnings Allowance * -$ 7.83 = Account Service Charge This Month $17.31 Earnings Credit Rate 0.50% **
ACCOUNT ACTIVITY:
ACH Credits
ACH Debits
ACCOUNT CHARGE:
*The calculation is based on the number of days in statement period.
**The earnings credit rate is subject to change without notice.
§ REGULAR SAVINGS
o $50 minimum daily balance requirement
o $3 service charge per month if daily balance falls below $50
o Federal regulation limits this account to 6 withdrawals per month by telephone, Internet banking, preauthorized or electronic with no transfers by check, draft, debit card or similar order to third parties
§ MONEY MARKET SAVINGS
o $1,000 minimum daily balance requirement
o $10 service charge per month if daily balance falls below $1,000
o Competitive tiered interest rates with interest paid monthly
o Federal regulation limits this account to 6 withdrawals per month by telephone, Internet banking, preauthorized, electronic, debit card, check, draft or similar order to third parties
