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Business Accounts
Services Available to All Accounts at No Cost:
- Online Banking
- Mobile Banking
- eStatements
- Bill Pay
Peoples State Bank offers services for a variety of business types, including Sole Proprietors, LLCs, Partnerships, Corporations, and Not-For-Profit Organizations.
Regular Business Checking
A non-interest bearing checking account where you can make unlimited deposits and withdrawals.
- Minimum balance to open: $300.00 plus a $50 opening fee for Sole Proprietorships and Partnerships, or a $100 opening fee for LLCs, Irrevocable Trusts, and Corporations.
- No monthly service charge and no minimum balance requirement.
- Accounts may be subject to Account Analysis Charges.
- A Business Account Contract Amendment fee of at least $25 may apply.
- Debit cards are available for Business Checking Accounts.
MMDA Business
A savings type account where you can make unlimited deposits, but there are some limits on withdrawal privileges. An excessive withdrawal of $6 for each debit transaction (ATM or in-person withdrawal, automatic transfer, or other payment out of this account) will be charged for every transaction in excess of six during a statement cycle.
- Minimum balance to open: $2,500.00 plus a $50 opening fee for Sole Proprietorships and Partnerships, or a $100 opening fee for LLCs, Irrevocable Trusts, and Corporations.
- A Business Account Contract Maintenance fee of at least $25 may apply.
- Minimum Balance to avoid a fee: $ 1,500.00
- If your balance falls below $1,500.00 on any day in the statement cycle, your account will be subject to a $4.00 Service Charge Fee for that statement cycle.
- If your balance falls below $1,000.00 on any day in the statement cycle, your account will be subject to a $6.00 Service Charge Fee for that statement cycle.
- If your balance falls below $500.00 on any day in the statement cycle, your account will be subject to an $8.00 Service Charge Fee for that statement cycle.
- If your balance falls below $1,500.00 on any day in the statement cycle, your account will be subject to a $4.00 Service Charge Fee for that statement cycle.
- If your balance falls below $1,000.00 on any day in the statement cycle, your account will be subject to a $6.00 Service Charge Fee for that statement cycle.
- If your balance falls below $500.00 on any day in the statement cycle, your account will be subject to an $8.00 Service Charge Fee for that statement cycle.
- Additional Terms: At our discretion, we may change the interest rate for this account at any time. Interest will be compounded and credited monthly. Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
Earns interest based on the following tiers:
Tier 1 – If your daily balance is $100,000.00 or more, the interest rate paid on the entire balance in your account will be the Money Market Tier 1 Rate in effect at that time.
Tier 2 – If your daily balance is $2,500.00 to $99,999.99, the interest rate paid on the entire balance in your account will be the Money Market Tier 2 Rate in effect at that time.
Tier 3 – If your daily balance is $2,499.99 or less, the interest rate paid on the entire balance in your account will be the Money Market Tier 3 in effect at that time.
Savings Business
An interest bearing savings account for businesses that gives you an easy way to save. Statements are printed and mailed quarterly. This account draws interest that is compounded daily and credited to this account quarterly. You can make unlimited deposits; however, there are limits on the number of withdrawals you can make.
- Minimum Balance to Open: $25.00 plus a $50 opening fee for Sole Proprietorships and Partnerships, or a $100 opening fee for LLCs, Irrevocable Trusts, and Corporations.
- A Business Account Contract Maintenance fee of at least $25 may apply.
- Minimum balance to earn the disclosed interest rate: $5.00 in your account each day.
- Additional Terms: At our discretion, we may change the interest rate for this account at any time. Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
Limitations on frequency of transfers
An excessive withdrawal fee of $1.00 will be charged for each debit transaction (ATM or in-person withdrawal, automatic transfer, or other payment out of this account) in excess of three during a quarter.
