Business Accounts

As a manager or owner, it is always important to choose the best financial institution to provide your deposit relationship. We’re sure you will find Fairfield National Bank’s personalized service to be the right choice for your business needs.

Business Preferred Checking Account   

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If you are an owner or operator of a small or large business, then cash flow is a day-to-day issue; one that is important to control at all times. With a Fairfield National Bank preferred checking account, all you have to do is maintain a minimum daily balance and there will be no monthly service maintenance fee.
  
Service Charge Schedule
Minimum Daily Balance Monthly Service Fee
$500.00 & above No charge
Below $500.00
  		$7.50
We will honor 75 debits, 50 credits, and 75 items deposited per statement cycle at no charge.  Each additional debit, credit, item deposited, excluding ACH transactions and on-us items deposited, will be $0.25.

Minimum Balance Requirements
You must deposit $100.00 to open this account.
 
Periodic Statement
 Your account statement will be generated monthly with images included.

 
Business Money Market Account   

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As a business person, when you have excess cash, you may want to keep it in a preferred money market fund to earn interest, then transfer to your regular account when funds are low. Click here for current rates.

Minimum Balance Requirements
You must deposit $2,500.00 to open this account.  Balance falling below $2,500.00 results in $10.00 monthly charge; also your account will not earn interest during this time.

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 principle in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Interest Compounded and Crediting
Interest for your account will be compounded monthly. Interest will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

Transaction Limitations
Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per monthly statement cycle with no more than three by check, draft, debit card, or similar order to third parties.

 
Business Preferred Money Market Account   

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As a business person, when you have excess cash, you may want to keep it in a preferred money market fund to earn interest, then transfer to your regular account when funds are low. Click here for current rates.

Minimum Balance Requirements
You must deposit $15,000.00 to open this account.  Balance falling below $15,000.00 results in $25.00 monthly charge; also your account will not earn interest during this time.

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 principle in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Interest Compounded and Crediting
Interest for your account will be compounded monthly. Interest will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

Transaction Limitations
Transfers from a Preferred Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per monthly statement cycle with no more than three by check, draft, debit card, or similar order to third parties.

 
Business Preferred Savings Account  

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Fairfield National Bank’s Preferred Savings Account offers a competitive rate to our business customers. You can rest assured your business will receive the most for its money with us. Click here for our current savings rates.

Minimum Balance Requirements
You must deposit $100.00 to open this account.  A service charge fee of $6.00 will be imposed every statement cycle if the balance in the account falls below $300.00 any day of the cycle.

Fees
A service charge fee of $2.00 will be charged for each debit transaction (withdrawal, automatic transfer or payment out of this account) in excess of nine during a quarter.  A Preferred Savings closing fee of $20.00 will be charged if your Preferred Savings account is closed within 60 days of opening.

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 principle in the account each day. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Interest Compounded and Crediting
Interest will be compounded every month and will also be credited to your account every month.  If the account is closed before interest is credited, you will not receive the accrued interest.

Transaction Limitations
Transfers from a Preferred Savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.

Additional Features
Minimum balance requirements are waived for persons age 22 and younger, or age 55 and older.
Certificate of Deposit Accounts  

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Fairfield National Bank offers a wide variety of certificate of deposits to meet your investment needs. We offer terms ranging from 7 days up to 5 years. Click here to see minimum balance requirements and current interest rates.

 
Repurchase Agreements
Stable and prudent savers accumulate funds and may exceed the $100,000 FDIC Insurance coverage. A repurchase agreement allows you to earn interest with your personal holdings so you can keep your funds together at our institution. Call or stop by one of our locations to talk to an officer about a repurchase agreement today.

Term
Any number of days from one day to 365 days (1year).

Rate Information
The rate of interest is .05 basis points more than an equivalent certificate of deposit. Click here for current CD rates. Interest is paid at maturity.

Collateral
Government agency securities from the bank’s investment portfolio will be pledged to personal holdings of the customer’s investment.

 

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