Business Checking & Money Market Accounts
OAK BANK ACCOUNT FEATURES
All OAK BANK business deposit accountholders get these:
- Free access to cash at over 36,000 surcharge free ATMs and no additional bank charge for non-STARsf® ATMs
- Free 24-hour access to your account via Oak Bank Online Banking with billpay, mobile banking, and telephone banking
- Free e-Statements with check images
WHICH ACCOUNT CHOICE IS BEST FOR YOU?
|Account||Description||Monthly Fee||Minimum Balance To Avoid Fee||Number of Free Items||Excess Item Charges|
|Low Cost Business Checking Account||Great for businesses that don’t expect significant transaction volumes||$10||$1,000 or average balance of $2,500||100||Items in excess of 100 are charged $.25 each. No earnings credit on balances.|
|Regular Business Checking Account||Perfect for businesses that expect large transaction volumes||$15||No waive of monthly fee||None||Items are charged as follows:Deposits/Credits: $1/eachItems Deposited: $.16/eachChecks/Debits Paid: $.2/each|
|Account||Description||Minimum Opening Balance||Monthly Maintenance fees||Interest Bearing||Other Features|
|Business Money MarketAccount||Interest bearing account for businesses||$100||No charge if minimum balance is $2500 or more. Otherwise $15 per month||Yes||Limit 6 pre-authorized or electronic withdrawals/transfers per statement cycle (see below). Interest paid on daily collected balance, compounded monthly and paid monthly.|
Low Cost Business Checking Account
This account is designed for the small business in mind. No complicated calculations are required, just a simple checking account so that you can concentrate on what you do best. We offer our Low Cost Business Checking account holders 100 free items each month. And if a minimum balance of $1,000 or an average monthly balance of $2,500 is maintained, there is no fee for this account. If the minimums are not maintained, there is a low $10 monthly fee.
Regular Business Checking Account
The Regular Business account is designed for our higher transaction volume customer in mind. It reduced the per item cost to something that is affordable and flexible for our customer. An earnings credit is used to offset some or all of the transaction charges. The earnings rate is based upon the average yield of the 91-day Treasury Bill auction for the prior month, and applied to the average daily collected balance.
Business Money Market
- Interest bearing account for businesses
- $100 minimum opening deposit
- No charge if minimum balance is $2500 or more. Otherwise $15 per month
- Limit 6 pre-authorized or electronic withdrawals/transfers per statement cycle. This limit includes transactions such as check withdrawals, online banking transfers, telephone banking transfers, and ACH or wire transfers. There is no limit on in-person or ATM transactions. Interest paid on daily collected balance, compounded monthly and paid monthly.
- ATM Card is available for this account on request. Debit cards are not allowed.