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Business Account Information
Lone Star (Business) Account:
- $200.00 balance to open.
- Statements are created the last day
of each month and mailed within 2 business days.
- All posted checks are printed in
numerical order on your statement.
- A $10.00 service charge is assessed
if a $1,000.00 minimum daily balance is not maintained
- "Per debit" fee of 10¢ per check/debit
after 40 each cycle, if balance falls below $1,000.00.
- Free email statements.
- Free Online Banking.
Non-profit 501c3 checking:
- $100.00 balance to open.
- Statements are created the last day
of each month and mailed within 2 business days.
- All posted checks are printed in
numerical order on your statement.
- No minimum balance required.
- Free email statements.
- Free Online Banking.
Commercial Money Market* Checking:
- $2,500.00 balance to open.
- Interest rates will be determined by the daily collected balance.
- Interest is compounded monthly.
- Statements are created the last day
of each month and mailed within 2 business days.
- All posted checks are printed in
numerical order on your statement.
- No minimum balance required to obtain Annual Percentage Yield.
- A $15.00 service charge is assessed
if a $2,500.00 minimum daily balance is not maintained.
- There is no charge for 0 - 6 debits per month.
- 7 debits per month or more there will be a $2.00 fee imposed per debit.
- Free email statements.
- Free Online Banking.
Community Organizations Checking:
- $100.00 balance to open.
- Statements are created the last day
of each month and mailed within 2 business days.
- All posted checks are printed in
numerical order on your statement.
- No minimum Balance.
- Free email statements.
- Free Online Banking.
Relationship Commercial Money Market* Checking:
- $5,000.00 balance to open.
- Interest rates will be determined by the daily collected balance.
- Interest is compounded monthly.
- Statements are created the last day
of each month and mailed within 2 business days.
- All posted checks are printed in
numerical order on your statement.
- No minimum balance required to obtain Anual Percentage Yield.
- A $15.00 service charge is assessed
if a $5,000.00 minimum daily balance is not maintained.
- There is no charge for 0 - 6 debits per month.
- 7 debits per month or more there will be a $2.00 fee imposed per debit.
- Free email statements.
- Free Online Banking.
- To qualify to open the Relationship Commercial Money Market Checking, you must have another checking or savings account and have 2 services.
Small Business & Commercial Savings*:
- $100.00 opening balance.
- Interest is paid quarterly.
- Variable rate of interest. Rate subject to change at any time.
- Must maintain a minimum balance of $100 each day to obtain annual percentage yield.
- Statements are mailed quarterly unless there is electronic activity and then a monthly statement is mailed.
- A daily balance of $100.00 must be maintained to avoid a $5.00 monthly service fee.
- One free withdrawal is allowed per month.
- Additional withdrawals are $2.00 per withdrawal, per month.
- Federal restrictions apply on debit transactions.
- Free email statements.
- Free Online Banking
Completely Free Small Business Checking:
- $100.00 opening balance.
- No monthly service charge.
- No mimimum balance required.
- First 200 transactions FREE per month (checks, ACH, deposits counted).
- A $0.50 charge will be imposed per transaction over 200 per month.
- Statements are mailed quarterly unless there is electronic activity and then a monthly statement is mailed.
- Free email statements.
- Free Online Banking.
Small Business Interest-on-checking (NOW):
- $1,500.00 opening balance.
- No monthly service charge if daily balance is over $1,500.00.
- A $10.00 service charge will be imposed if minimum balance is not maintained.
- A balance of $1,500.00 is required to obtain disclosed ANNUAL PERCENTAGE YIELD
- If balance falls below $500.00 during the statement cycle, a $0.10 fee will be imposed per check/debit.
- Statements are mailed quarterly unless there is electronic activity and then a monthly statement is mailed.
- Free email statements.
- Free Online Banking.
Commercial Checking Account Analysis:
- The Account Analysis service is ideal for the business that has multiple relationships with Pilgrim Bank. Account Analysis ties your deposit accounts together to increase the value and earnings of their combined balances. The earnings from these combined balances are then used to offset account service charges. Account Analysis customers receive a statement detailing their account activity.
*By government regulation, preauthorized transfers through ACH or EFT; automatic transfers for overdraft protection; telephone, fax and computer transactions to transfer funds to another account at Pilgrim Bank; withdrawals by telephone where the proceeds are paid to third parties are limited by federal law on all savings and money market accounts to no more than six (6) transfers and withdrawals per statement cycle. Federal law also restricts depositors to make no more than three (3) of the total six (6) transfers by check, draft, debit card or similar order payable to a third person. The number of the following transactions is unlimited: transfers to pay loans at Pilgrim Bank and transfers between accounts of the depositor at Pilgrim Bank initiated in person, by mail, by ATM or by messenger. The number of withdrawals made in person, by ATM, by messenger, by mail (via a check sent to the depositor), or by telephone where the withdrawn funds are mailed to the account holder is also unlimited. (Please refer to account description for charges that may apply.) A $25.00 fee will be assessed if account is closed within 90 days of being opened.
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