Business Checking Accounts
Business Checking
| Account Selection | Business | Small Business | Cash Management Sweep* |
|---|---|---|---|
| Minimum to Open | $100.00 | $100.00 | $100.00 |
| Monthly Maintenance Fee | $22.00 | $20.00 (a) | $95.00 |
| Item Charges** | $0.25 per Debit $0.25 per Check Deposited $1.50 per Credit | First 200 Transactions*** Free Each Transaction Thereafter $0.50 | $0.25 per Debit $0.25 per Check Deposited $1.50 per Credit |
| Interest Rate | N/A | N/A | Variable |
| ATM/Debit Card | ✓ | ✓ | ✓ |
| Statement & Check Imaging (1) | ✓ | ✓ | ✓ |
| Check Reserve (2) | ✓ | ✓ | no |
| 24/7 On-Line Banking (3) | ✓ | ✓ | ✓ |
| Account Selection | Interest / NOW Sole Proprietorship | Interest on Lawyers Trust Account (IOLTA) | Interest / NOW Non-Profit | Interest / NOW Municipal & Government Agencies |
|---|---|---|---|---|
| Minimum to Open | $100.00 | $100.00 | $100.00 | $100.00 |
| Monthly Maintenance Fee | $20.00 | $20.00 | $7.50 | $7.50 |
| Item Charges** | $0.20 per Debit $0.20 per Check Deposited $1.00 per Credit | None | $0.15 per Debit $0.15 per Check Deposited $0.50 per Credit | $0.15 per Debit $0.15 per Check Deposited $0.50 per Credit |
| Interest Rate | Variable | Variable | Variable | Variable |
| Interest Paid Frequency | Monthly | Monthly | Monthly | Monthly |
| ATM/Debit Card | ✓ | ✓ | ✓ | ✓ |
| Statement & Check Imaging (1) | ✓ | ✓ | ✓ | ✓ |
| Check Reserve (2) | ✓ | ✓ | ✓ | ✓ |
| 24/7 On-Line Banking (3) | ✓ | ✓ | ✓ | ✓ |
(a) $20.00 Fee Waived if $5,000.00 average collected balance is maintained.
*Earnings credit on average collected balances for the non-investment portion of the account will be applied to offset service charges.
**Negative Collected balances are assessed a rate of Prime plus 2%.
*** Transactions include checks paid, deposits, checks comprising deposits and ACH credits and debits.
(1) Your monthly statement will include images of your cancelled checks. Paper statements assessed a $2.00 monthly fee. Electronic statements no charge.
(2) Overdraft protection is available by separate application. Credit approval required.
(3) 24-hour phone or online access to your account (7) days a week.
Business Money Market Accounts
Money Market Accounts
| Account Selection | Preferred Money Market |
|---|---|
| Minimum to Open | $1,000.00 |
| Minimum Ledger Balance to avoid maintenance cost | $2,500.00 |
| Maintenance Cost | $10/month |
| (1) Item Charge | $5.00 per excessive MMDA debit |
| Interest Rates | Variable |
| Interest Paid Frequency | Monthly |
| Deposits | Unlimited |
| Withdrawals | (1) |
| Statements | (2) |
| Check Imaging | (3) |
- 1. Cornerstone National Bank & Trust Company allows a maximum of six (6) transfers each month to other accounts or to third parties each month by check, through point-of-sale purchase transactions with a debit card, by pre-authorized or automatic agreements, telephone, or online. This limit does not apply to withdrawals or transfers made in person at a branch or at an ATM.
- 2. Monthly with combined statement or an electronic fund transfer. Otherwise quarterly.
- 3. Your monthly statement will include laser images of your cancelled checks.
For additional information on our Money Market products, please contact our Personal Banking Team.
Certificates of Deposit for Business
Certificates of Deposit (CDs) are an excellent tool for managing your money when you are able to set aside funds for a period of time. With a CD, you maximize your interest rate and enjoy the security of FDIC Insurance (see our FDIC web site link for further information and detail). Cornerstone offers CDs for various terms, some with a minimum investment of just $1,000.
The benefits of CD investments are as follows:
- CDs pay higher interest rates than many other savings products.
- Continuous compounding of interest means that interest earned today earns interest tomorrow.
- Monthly CD interest payments can be made to the CD, or your checking account, or mailed to you via check.
- A CD can be used as collateral for a Cornerstone Bank loan.
The computation and payment of interest on Certificates of Deposits is based on specific terms and conditions of each certificate. You have several choices of interest payment frequency and method: monthly, quarterly, semi-annually or at maturity. The methods include payment by check, credit to another account or added to the certificate.
Substantial penalty for early withdrawal:
- Original maturity of less than one year – forfeiture of 90 days of interest
- Original maturity of one year or more – forfeiture of 180 days of interest
For additional information on our Certificate of Deposit (CD) products, please contact our Personal Banking Team.