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Business Banking
Basic
Business Checking Account -
• $5.00 per month maintenance fee
• $.10 per check or other debit item
• $.08 per transit item deposited
These
charges can be offset by an “earnings credit” of
$.10 per hundred dollars of average daily collected
balance. The credit will be applied to reduce the
service charge and transit item fees.
Business
NOW
Checking -
The
same charges apply to Business NOW accounts (interest
bearing) except that an additional monthly fee of $10.00
applies if the average daily balance falls below $1,500.00.
Double Dime-A-Time Business Checking Account-
• Low activity account
• $2.00 per month maintenance fee
• $.20 per check or other debit item
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The main branch in Grand Marais |
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The Tofte branch |
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Member FDIC |
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
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 separate from, the coverage of at least $250,000 available 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 does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts or money-market deposit accounts. Interest on Lawyers Trust Accounts (“IOLTAs”) are the exception. These accounts have unlimited deposit insurance until December 31, 2012.
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An Equal Housing Lender
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