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Checking, Savings, CDs, and Business Services

  • Small Business Checking

    • Non-interest bearing account designed for start-up businesses or businesses with a low volume of deposits and minimal check-writing activity. A minimum deposit of $100.00 is required to open this account and a $5.00 monthly service fee may be waived with a $1,000.00 minimum daily balance. No monthly service fees for non-profit organizations as defined by IRS Code ยง 501 C(3)-(4). Customers are permitted up to 200 items per statement cycle with excess transactions charged at a rate of $0.25 for each additional debit or credit.
  • Commercial Checking

    • Non-interest bearing checking account designed for businesses with high transaction volumes. A minimum deposit of $200.00 is required to open this account. Account analysis fees are waived for the first three statement cycles. Compensating balance and earnings credit may offset the monthly service fee. The earnings rate is variable and based on the prior month average of the 91-Day T-Bill auction rate. If the analysis results in a net fee, those charges will be deducted from the account monthly. An account analysis statement will be provided monthly to those customers incurring a charge that details the level of account activity and corresponding service fees. Contact a customer service representative for more details and a copy of the commercial account analysis that outlines the fee schedule.
  • Business NOW Account

    • Interest-bearing account with unlimited check writing privileges. Available only to sole proprietorships and non-profit organizations that exist primarily for religious, philanthropic, charitable, educational or similar purposes. A minimum deposit of $1,000.00 is required to open this account. Interest earned is compounded monthly and credited monthly. Account analysis fees are waived for the first three statement cycles. Compensating balance and earnings credit may offset the monthly service fee. The earnings rate is variable and based on the prior month average of the 91-Day T-Bill auction rate. If the analysis results in a net fee, those charges will be deducted from the account monthly. An account analysis statement will be provided monthly to those customers incurring a charge that details the level of account activity and corresponding service fees. Contact a customer service representative for more details and a copy of the commercial account analysis that outlines the fee schedule.
  • Investor Plus Money Market Account

    • Interest-bearing checking account for businesses who occasionally write checks and desire a higher rate of interest on their investment. A minimum deposit of $1,500.00 is required to open this account and a $7.00 monthly fee may be waived by maintaining a minimum daily balance of $1,500.00. Per Regulation D from the Federal Reserve, six transactions per month are permitted on Savings and MMDA accounts. A $10.00 excess transaction fee will be assessed if you exceed transaction limits during any statement period. Tiered interest rates are available and interest is compounded monthly and credited monthly. One order (40 checks) of free Investor Plus MMDA checks at time of account opening.

Qualified customers have access to no-fee ATM or Visa debit card with all Business Checking accounts. All Business Checking accounts have the availability of no-fee, 24-hour touch-tone banking service. Online Banking and Bill Payment Services also available. Charges may apply.

  • Statement Savings Account

    • Interest-bearing business account for customers who wish to earn interest on their funds that may be deposited or withdrawn at will. A minimum deposit of $100.00 is required to open this account. A $3.00 monthly service fee may be waived with a minimum daily balance of $100.00. Per Regulation D from the Federal Reserve, six transactions per month are permitted on Savings and MMDA accounts. A $10.00 excess transaction fee will be assessed if you exceed transaction limits during a month. Tiered interest rates are available and interest is compounded quarterly and credited quarterly on balances of $100.00 or more.
  • Certificates of Deposit (CDs)

    • CDs are interest-bearing deposit account for individuals or businesses that wish to earn a greater rate of interest than available through a regular savings account without committing to a long-term investment. Settlers Bank CD terms range from three months to five years. There are no monthly service fees associated with CDs and the account must stay open through the contracted term to avoid an early withdrawal penalty. Interest rates offered vary with market conditions. Please contact a customer service representative for current rates. Interest earned quarterly may be distributed by check, deposited into a Settlers checking or savings account, or compounded.
  • Cash Management

    • Settlers Bank offers cash management services as part of business internet banking. With cash management you can set up account access to employees or your outside accounting firm. The system allows you to control access and functionality. Services available include:
      • Direct deposit payroll
      • ACH direct payment
      • ACH collection
    • Other actions include viewing account activity and making transfers between accounts
  • Remote Deposit Capture

    • Remote deposit capture is also available. With this system you may scan checks on your approved scanner and submit them for deposit electronically. Using this system eliminates the need to bring deposits to the bank as they are processed electronically.

 

To apply for any of these fee based services please contact us at 740-373-9200.