Business Accounts

Any company that writes many checks and deposits a large number of items each month, deserves the convenience of West Town's Business Checking. The same low per item fee is charged for each transaction, regardless of the number of checks and other items deposited. And these transaction charges, plus a low monthly maintenance fee may be offset up to their total amount by the Earnings Credit.

(Earnings Credit Each month, available balances in the Business Checking account are valued using an "Earnings Credit Rate", that is set by West Town Savings Bank Management. This rate is applied to the average available balance of the account, for the statement cycle, adjusted for reserve requirements. The result is the account's Earnings Credit for that statement cycle. Activity charges are calculated based on the activity in the account for the cycle. The Earnings Credit will reduce activity charges during a statement cycle up to 100% of the activity charges.)

Earnings credit formula -

The earnings credit will be calculated by applying the periodic earnings credit rate to the average daily available balance in the account for the period rounded down to the nearest $1,000.00. No earnings credit will be earned if the average daily balance for the period is less than $1,000.00. At our discretion, the periodic earnings credit rate may change at any time. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing by the number of days in the period. The period we use is the monthly statement cycle. The investable balance is the average daily balance reduced by 10%. (For example, if the periodic earnings credit rate is 4% and the average daily balance for the statement cycle is $9,760, the average daily investable balance is $8,784 x 4% = 351.36 ÷ 365 = .96 x 30 the number of days in the month equals the earnings credit of $28.80 for the statement cycle.)

In this example, the earnings credit exceeds the monthly activity charge, resulting in a charge of $15.55 for the calculation period.

Open a Business Checking account with just $200.00. There is no minimum balance required once the account is opened. Every month, you will receive a detailed statement listing all transactions in date order plus the canceled checks for that month, making the record keeping and expense management easy.

 

Small Business Checking

West Town's Small Business Checking is designed for those businesses that usually do not write a lot of checks or have a lot of items to deposit during the month. You can write up to 40 checks, and make up to 20 deposits and 75 items deposited each month at no charge. There is a low monthly maintenance fee if the balance drops below the minimum balance requirement. Opened with as little as $200.00 this account offers a detailed monthly statement with your canceled checks.

 

Business NOW

Open a West Town Business NOW account if your business is a sole proprietorship, nonprofit organization, or a government unit. By maintaining a daily average balance of just $2,500.00, your money will earn a competitive rate of interest.

A Business NOW account can be opened with $2,500.00. Your business will earn monthly interest, and enjoy low monthly fees and transaction charges. A monthly account statement is provided with your canceled checks.

 

Business Money Market

Our Business Money Market account is designed to keep your company's money working as hard as you do. This account is a highly competitive rate of interest on all your deposits, every day. The interest rate is variable, reflecting current market conditions, and allowing your business to take advantage of higher rates. Maintain a minimum balance of just $5,000.00 and there is no monthly maintenance fee. And, you may make as many deposits as needed without incurring additional fees. Up to six pre-authorized transfers or withdrawals can be made each month, three of which may be checks, drafts, or similar payments to third parties. $5,000.00 is required to open a Business Money Market account. Each month you will receive a statement showing all account activity along with your canceled checks, including the interest credited to the account for that month.

 

Business Statement Savings

Open West Town's Business Statement Savings with as little as $200.00 and earn a competitive rate of interest along with a detailed monthly statement. Maintain a balance of just $500.00 and there is no monthly maintenance fee. And, you may make as many deposits and withdrawals as needed without incurring additional fees.

 

View the rates of our Business Checking accounts on our Savings Rates page

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