Products and Services

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010 through December 31, 2012. This Temporary unlimited coverage is in addition to, and seperate from, the coverage of at least $250,000 availible to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts such as traditional checking or demand accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

 

Business Accounts

Commercial Interest/Checking

This account pays market rate interest on ledger balances and is designed for sole proprietorships, fraternal, religious, philanthropic, charitable, educational and other non-profit organizations.

All interest rates will reflect current money market conditions and will comply with any governing Federal Reserve Board regulations or other legally constituted authority. Interest is calculated on a simple interest basis on your ledger balance and paid monthly.

Business Checking

This basic checking account permits you to reduce or avoid the service fee, under certain conditions and works for a variety of businesses. Use of uncollected funds will be charged at a rate of 3% above the 90 day Treasury Bill as of the last business day of the month and calculated on the average uncollected funds balance for the statement cycle.

Savings Accounts

Savings

  • $100 Minimum balance to open account.
  • You receive a quarterly statement outlining all account transactions.
  • Interest begins to accrue on non-cash items (i.e. checks) no later than the business day we receive the deposit.
  • Interest is compounded quarterly. The interest is paid to your account on the last business day of the calendar quarter. If you close your account before the interest is credited, you will not receive the accrued interest.
  • 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.
  • You are authorized to make no more than six (6) transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle of at least 4 weeks, to another account at Fife Commercial Bank or to a third party by means of a preauthorized or automatic transfer, or telephonic agreement, order of instruction, or by check, draft, debit card, or similar order made by you and payable to third parties.

Money Market Savings

  • $100 Minimum balance to open account.
  • Earns money market interest rates on your savings dollars.
  • Interest will be paid on the entire daily balance of your account.
  • Interest begins to accrue on non-cash items (i.e. checks) no later than the business day we receive the deposit.
  • Interest is compounded monthly and credited on the last day of your statement cycle. If you close your account before interest is credited, you will not receive the accrued interest.
  • You are authorized to make no more than six (6) transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle of at least 4 weeks, to another account at Fife Commercial Bank or to a third party by means of a preauthorized or automatic transfer, or telephonic agreement, order of instruction, or by check, draft, debit card, or similar order made by you and payable to third parties.
  • 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.