The Bank of Herrin produces image statements for several types of checking accounts. We know that it is hard work running a business, and we don’t think your commercial checking account should be one of your worries. We offer night deposit bags, wire transfers, and ACH origination for our commercial checking patrons. If you are an employer, we would love to help you set you a payroll savings plan for your employees. We are also open on  Saturday in the drive thru so you can have a little extra time to make your business grow with us!

Below are the business Checking accounts that we offer and a little bit of information about each of them!

Regular Business Checking

Our Regular Checking accounts are what most people will find familiar. A $500.00 minimum is required to start the account with no service charges if the account balance stays above the minimum.

Minimum balance to open the account – You must deposit $500.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge fee of $5.00 will be imposed every statement cycle if the current balance in the account falls below $500.00 any day of the cycle.

 

Business N.O.W. Checking

Our Business N.O.W. Checking accounts are available only for sole proprietor, non profit,  or governmental agencies. These accounts are $1,000.00 to open but they are interest bearing.

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of Rate – At our discretion, we may change the interest rate on your account.

Compounding and Crediting Frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $1,000.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge fee of $6.00 will be imposed every statement cycle if the current balance in the account falls below $1,000.00 any day of the cycle.

Daily balance computation method – We use the daily 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 noncash deposits – Interest is paid on collected funds only and begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

 

Basic Business Checking

Available only for sole proprietors or non-profit accounts. There is a minimum of $100.00 to open the account and there are no service charges if the account balance stays above the minimum. Checks and deposit tickets will be returned on the monthly statement.

Minimum balance to open the account – You must deposit $100.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge fee of $5.00 will be imposed every statement cycle if the current balance in the account falls below $100.00 any day of the cycle.

 

Business Money Market Account

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of Rate – At our discretion, we may change the interest rate on your account.

Compounding and Crediting Frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge fee of $6.00 will be imposed every statement cycle if the current balance in the account falls below $2,500.00 any day of the cycle.

Daily balance computation method – We use the daily 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 is paid on collected funds only and begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

Transaction Limitations – Transfers from a money market account to another account or to third parties by preauthorized, automatic, telephone, mobile,  or computer transfer are limited to six per statement cycle with no more than three by check, draft, debit card, or similar order to third parties. More than three withdrawals by check, draft, or similar order to third parties will be charged $5.00 per item per statement cycle.

Additional Information – NOW account annual percentage yield will apply if your daily balance is less than $2,500.00 on any day during a month.