Checking
Business Banking at Sullivan Bank
Basic Business Checking
If you’re just getting started, this account is best suited for business customers who have small balances and minimum checking and deposit needs. Monthly maintenance fees are based on your average balance.
- $500 or more: No monthly fee
- $300-$499: $5.00
- $0-$299: $7.00
Business Checking
For business customers who need unlimited access to their funds on a daily basis. Fees are calculated on a Commercial Account user-based rate structure that’s simple, convenient and offers a monthly credit allowance to offset service fees.
Rates in effect on the first business day of each month will apply. The Wall Street Journal daily reports Prime and Federal Discount rates in its Money Rates column located in the Money & Investing section.
Monthly maintenance fees include:
- Monthly statement preparation: $7.00
- Checks written by you: $0.15
- Deposits: $0.45
- Deposited “on us items” (checks drawn on Sullivan Bank): $0.05
- Deposited “transit items” (checks drawn on other institutions): $0.10
- Automatic debits: $0.15
- Fee for non-investable balance: Prime rate -1%. (deposited checks which funds have not been collected)
- Credit for investable balance Federal Reserve Discount rate +1%.
