Products and Services
*Fife Commercial Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.*
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. By Federal regulations, this account cannot be used by a corporation or partnership.
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.
