Business Checking Clause Samples
The 'Business Checking' clause defines the terms and conditions under which a business entity may open and use a checking account with a financial institution. It typically outlines eligibility requirements, permissible account activities, and any associated fees or minimum balance obligations. For example, it may specify that only registered businesses can open such accounts and detail the types of transactions allowed, such as deposits, withdrawals, and check writing. The core function of this clause is to establish clear rules for the operation and management of business checking accounts, ensuring both parties understand their rights and responsibilities.
Business Checking. By requesting a Business Checking account, you certify that you have never had an OCFCU account that has been closed due to abuse. You agree to be liable for nega- tive balances on your accounts including any overdrafts, regardless of the cause, and agree to immediately deposit sufficient funds to cover the overdrafts.
Business Checking. This is a non-dividend-earning checking account with no minimum balance requirement. The minimum opening deposit is $100. No minimum balance requirements apply to this account and there is no monthly service fee. Premier Business Checking Account – This product is no longer available for new accounts. This is a dividend-earning, tiered-rate checking account with different rates applicable to specified balance levels. To determine current rates please call a Member Services Specialist at (800) 772- 4000, option 0. Dividends are paid at the prevailing rate corresponding to each day’s full balance. The dividend rate and APY may change at any time based upon the determination of the Credit Union’s Board of Directors. A Minimum Balance Fee will be assessed any month the minimum daily balance falls below $2,500 or the average balance falls below $5,000. Account will be assessed an Excess Check Fee per occurrence over 200 checks. Refer to our Business Schedule of Fees. Platinum Business Checking Account – This is a tiered-rate account and different rates may be applicable to specified balance levels as published on our website rate sheet. Dividends are paid at the prevailing rate corresponding to each day’s full balance. The minimum opening deposit is Pledging as Collateral – Checking accounts may not be pledged as collateral to a loan. Electronic Checks – We may pay and charge to your applicable account checks drawn by and payable to any person, organization, association or corporation whom you have authorized by providing sample MICR-encoded information identifying your account, provided there are sufficient funds in your account to pay such checks. You agree that your rights in respect to such checks shall be the same as if it were a check drawn and signed by you personally. This authority shall remain in effect until revoked by you in writing (to us and to the agency to which the sample MICR writing was provided) and we have had a reasonable opportunity to act on it. You agree that we shall be fully protected in honoring such checks. You further agree that if any such check is dishonored, whether with or without cause, and whether intentional or inadvertent, we shall be under no liability whatsoever, even though such dishonor results in the forfeiture of insurance, loss or damage to you of any kind. Stop Payment – You, or any other person authorized to draw on the account, may request a stop payment of any check payable against your account, provided your req...
Business Checking. All withdrawals from Business Checking Accounts will be charged a per item fee. Refer to the Schedule of Service Charges for fee information.
Business Checking. There is no minimum deposit or balance require- ments to open the Business Checking Account. I must maintain a minimum balance of $5,000 in my Business Checking Account to avoid aservicefee as indicated on the Schedule of Fees.