Business Checking
At Summit Community Bank we recognize the hard work, the long hours, and the everyday dedication you’ve put into making your business successful. But are your earnings working hard for you? We believe in business banking that goes beyond what's expected, and not only do we provide flexible checking options to help businesses, community organizations, public entities, and nonprofits manage their cash flow, but we do it with outstanding service and convenience. Whether you're just starting out, established, or growing, Summit Community Bank makes your business, our business.
- Business Advantage Checking
With all the essentials for success, it's anything but basic.
This account is ideal for your business if you require a simple checking account. There is no minimum balance requirement. No monthly service charges. The minimum amount to open this account is $100.00.
- Monthly statement with check images.
- $0.25 fee for checks written and cleared in excess of 300 (0-300 are free).
- ACH Transactions and Deposits to account are Free.
- Business Checking Account Analysis
We help build your business better by monitoring account activity.
Designed for high volume business customers, our Business Checking Account provides an earnings credit to reduce or eliminate the monthly service fees on the account. This account gives you the option of paying monthly service fees or maintaining a sufficient balance to offset the charges for services provided each month through an earnings credit*. Your account will be placed on a monthly Account Analysis.
- Activity charges based upon the number of items processed.
- Fees can be offset by compensating balances.
*An earnings credit is calculated using the account's average monthly collected balances, minus reserve, and is used to offset some or all of the monthly service charges. The earnings credit rate is subject to change without notice. If the earnings allowance for a month is greater than the total of the analysis charge, no service charge will be due.
**Account Analysis recognizes that the cost of services provided by the Bank may be paid for in earnings credit on balances, in fees, or in a combination of earnings credit on balances and fees. Each month, an analysis of the account is made to determine whether the balance maintained is sufficient for the services to be provided. Contact your Account Representative for pricing on higher volume accounts. - Business T-Fund Elite Checking
Security with liquidity and a high-interest-earning potential.
Designed for all businesses, our Business T-Fund Elite Checking offers high interest earning potential with limited transactions. The interest rate is based on 75% of the 13-week Treasury Auction Rate which can change weekly. Minimum balance requirement to avoid $49.00 monthly service charge fee is $50,000.00. There is a limit on the number of third-party checks and debits per statement cycle. You may make no more than six preauthorized withdrawals, automatic or telephone transfers, checks, drafts, and debit card or other similar transaction from your account per month or statement cycle. A $10.00 fee will be charged for each item over the limit (Teller transactions are not subject to account withdrawal limits).
- T-Fund Elite Business Non-Profit
The interest rate is based on 75% of the 13-week Treasury Auction Rate which can change weekly. Minimum balance requirement to avoid $49.00 monthly service charge fee is $50,000.00. Enjoy unlimited check writing and the safety of an account that's FDIC-insured. Individual organizations operated primarily for philanthropic, charitable, or other similar purposes and not operated for profit are eligible for this account.
- Business Money Market Checking
A flexible savings solution for your business needs. Earn competitive interest.
A limited-transaction account that's available for use by all businesses or government entities. Interest compounded on minimum monthly balances of $100. A fee of $10.00 is assessed if balance falls below this amount. There is a limit on the number of third-party checks and debits per statement cycle. You may make no more than six preauthorized withdrawals, automatic or telephone transfers, checks, drafts, and debit card and similar transactions from your account per month or statement cycle. A $10.00 fee will be charged for each item over the limit (Teller transactions are not subject to account withdrawal limits).
We offer choices in business checking accounts that can change as your business grows and evolves. Selecting the right account for your business is as easy as reviewing your options as you reflect on the size and complexity of your business needs.
| Business Advantage Checking | Business Checking Account Analysis | T-Fund Elite Business Non-Profit Checking | Business Money Market Account | T-Fund Elite Business Checking Account | |
|---|---|---|---|---|---|
| Minimum to open | $100 | $100 | $10,000 | $50 | $10,000 |
| Minimum to earn interest | N/A | N/A | $0.01 | $0.01 | $0.01 |
| Monthly Fees | None | Fees can be offset by compensating balances | $49.00 if monthly balance falls below $50,000 | $10.00 if monthly balance falls below $100 | $49.00 if monthly balance falls below $50,000 |
| Restrictions | 301+ checks written and cleared will incur $0.25 per item charge | None | None | $10.00 fee will be charged for each item over the limit (Teller transactions are not subject to account withdrawal limits). | $10.00 fee will be charged for each item over the limit (Teller transactions are not subject to account withdrawal limits). |
| Interest | N/A | N/A | Compounded Monthly | Compounded Monthly | Compounded Monthly |
| How interest is calculated | N/A | N/A | Collected Daily Balance | Collected Daily Balance | Collected Daily Balance |
| Receive check images | Yes | Yes | Yes | Yes | Yes |
Please contact us to obtain complete disclosures of all fees related to these accounts.