Woodhaven National Bank -Business Banking Products

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Minimum balance to open the account: You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees: A monthly maintenance fee of $15.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $2,500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Transaction limitations: Transfers from a Money Market account to another account or to third parties by preauthorized automatic, or telephone transfer are limited to six per statement cycle with no more than three b check, draft, debit card ATM (to third parties only), or similar order to third parties.

Fees: A monthly maintenance fee of $10.00 will be charged each statement cycle.

A fee of $10.00 will be charged for each debit after the first six each statement cycle.
A fee of $.08 will be charged for each credit.
A fee of $.08 will be charged for each item deposited.
You will earn a credit on this account that will be applied to reduce the above account fees. This earnings credit will be calculated by applying the 90-Day T-Bill rate to the average investable balance for the monthly statement cycle.
For each day the account has a negative collected balance, a fee will be assessed based upon Woodhaven National Bank Prime +3% (calculated on average negative collected balance)

Rate information: Your interest rate and annual percentage yield may change.

Frequency of rate changes: We may change the interest rate on your account at any time.

Determination of rate: At our discretion we may change the interest rate on your account.

If your daily balance is $2,500.00 or more, the interest rate paid on the entire balance in your account will be equal to the Money Market account rate. If your daily balance is $2,499.99 or less, the interest rate paid on the entire balance in your account will be equal to the NOW Account rate.

Compounding and crediting frequency: Interest will be compounded every month. Interest will be credited to your account every monthly statement cycle.

Effect of closing an account: If you close your account before interest is credited, you will not receive the accrued interest.

Accrual of interest on noncash deposits: Interest begins to accrue no later than the business day we receive credit for the deposit on noncash items (for example, checks).

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