Business | |||||
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Small Business | Commercial | Savings | Money Market | Certificate of Deposit | |
Account Description | Sole proprietors, DBAs and business owners with low transaction volumes | Business owners with high transaction volumes or Treasury Services | Interest-bearing account enabling businesses to save money for the future | Interest-bearing account for businesses, organizations, government agencies or associations. 6 withdrawals per statement cycle³ | Interest-bearing term account ranging from 1 month to 5 years |
Minimum to Open | $100 | $100 | $100 | $2,500 | $2,500 |
Free Online Banking | ✓ | ✓ | ✓ | ✓ | ✓ |
Debit Card | ✓ | ✓ | X | ✓ | X |
Interest1 | X | X |
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Minimum Balance | $2,500 average daily balance | None | $250 average daily balance | $2,500 average daily balance | X |
| Service Charge Other Restrictions and Fees | $15 per month if balance falls below minimum. $.50 per debit in excess of 100 per month | $20 per month with an earnings credit based on the investable daily balance² of the account | $9 per quarter if balance falls below minimum. $2 charge for each withdrawal over 6 | $12 per month if balance falls below minimum. $10 charge³ for each item over the allowed 6 withdrawals | Penalties for early withdrawal |
Other Services | Merchant Credit Card Services, Night Depository, ATM Depository, Mobile Deposits | Merchant Credit Card Services, Night Depository, ATM Depository, Mobile Deposits, Treasury Services | Night Depository, Mobile Deposits | Night Depository, ATM Depository, Mobile Deposits | N/A |
1Fees may reduce earnings on interest-bearing accounts.
2Investable Daily Balance is the collected balance of the account less applicable reserve requirements. All fees generated by the account are subtracted from the earnings credit. If the result is negative, the difference appears on your statement as a service charge. The earnings credit rate is set by the bank based on short-term interest rates and the prevailing FDIC insurance charge.
3A $10 fee is assessed, regardless of balance, for each withdrawal over six (6) with a maximum of six (6) Withdrawal Limit Fees per statement cycle. The Withdrawal Limit Fee applies, regardless of the balance, to all withdrawals and transfers made from an Inwood business money market account including those made at a branch, ATM, by mail or through any electronic means. The only transaction not counted toward the monthly limit of six (6) are bank initiated transactions.
See Other Bank Services for a complete list of fees.
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