We have Business Checking Accounts, Business NOW Accounts, Business Money Market Accounts, Commercial Investment (Money Market) Accounts, Business Statement Savings Accounts, and Certificates of Deposit. The fees and other charges that could be assessed are listed under Business Account Fees.
BUSINESS CHECKING ACCOUNT
Minimum balance to open the account - $1.00
Fee information
A service fee of $.50 will be imposed each statement cycle, plus a per item service fee of $.10 for each check or other debit item paid. An earnings credit (calculated at $.004 times the average daily account balance) is applied against these service fees. (The average daily account balance is the sum of each day’s actual ending balance divided by the number of days in that statement cycle, rounded to the nearest $100 (partial increments are dropped). Accounts of not-for-profit organizations such as civic leagues, recreation clubs, fraternal societies, and charities are exempt from service fees.
Checks
Business checks are available in a variety of different sizes, formats, styles, colors, and designs. Please consult with the new accounts representative for illustrations of business checks and for ordering information.
BUSINESS NOW ACCOUNT
Eligibility
Regulations place restrictions on who is eligible to maintain a NOW account. An individual operating his or her own business, including a sole proprietor, or an individual doing business under a trade name may maintain a NOW account in the individual’s name or in the "DBA" name. A non-profit organization that is operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes may also maintain a NOW account. However, other entities organized or operated to make a profit such as corporations, partnerships, associations, business trusts, or other organizations may not maintain NOW accounts. Please consult with a bank representative for further information on NOW account eligibility.
Minimum balance to open the account - $500.00
Minimum balance to avoid imposition of fees
A service fee of $2.00 will be imposed each month or statement cycle if the balance in the account falls below $500.00 any day of the month or cycle. A per item fee of $.20 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) if the account balance falls below $500.00 any day of the month or statement cycle.
Rate information
Your interest rate and annual percentage yield may change.
Frequency of rate changes
We may change the interest rate on your account at any time.
Determination of rate
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency
Interest will be compounded each month. Interest will also be credited to your account each month.
Daily balance computation method
We use the daily balance method to calculate the interest on you account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits
Interest begins to accrue on the same business day you deposit noncash items (for example, checks).
BUSINESS MONEY MARKET ACCOUNT
Minimum balance to open the account - $1,000.00
Minimum balance to avoid imposition of fees
A service fee of $4.00 will be imposed each month or statement cycle if the balance in the account falls below $1,000.00 any day of the month or cycle. A per item fee of $1.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) if the account balance falls below $1,000.00 any day of the month or statement cycle.
Rate information
Your interest rate and annual percentage yield may change.
Frequency of rate changes
We may change the interest rate on your account at any time.
Determination of rate
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency
Interest will be compounded each month. Interest will also be credited to your account each month.
Daily balance computation method
We use the daily balance method to calculate the interest on you account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits
Interest begins to accrue on the same business day you deposit noncash items (for example, checks).
Transaction limitations
Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per calendar month or statement cycle with no more than three by check, debit card, or similar order to third parties.
COMMERCIAL INVESTMENT (MONEY MARKET) ACCOUNT
Minimum balance to open the account and to earn interest
You must deposit at least $10,000.00 to open a commercial investment (money market) account. You must maintain a minimum balance of $10,000.00 to earn interest on the account.
Minimum balance to avoid imposition of fees
A service fee of $4.00 will be imposed each month or statement cycle if the balance in the account falls below $10,000.00 any day of the month or cycle. A per item fee of $1.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) if the account balance falls below $10,000.00 any day of the month or statement cycle.
Rate Information
This is a tiered-rate account to which the bank applies different interest rates depending on the level of principal balance in the account. If your minimum daily balance is more than or equal to $10,000.00 but less than or equal to $24,999.99, the interest paid on the entire balance in your account will be the "Tier 1" interest rate. If your minimum daily balance is $25,000.00 but less than or equal to $99,999.99, the interest rate paid on the entire balance in your account will be the "Tier 2" interest rate. If your minimum daily balance is $100,000.00 but less than or equal to $199,999.99, the interest rate paid on the entire balance in your account will be the "Tier 3" interest rate. If your minimum daily balance is $200,000.00 but less than or equal to $499,999.00, the interest rate paid on the entire balance in your account will be the "Tier 4" interest rate. If your minimum daily balance is $500,000.00 but less than or equal to $749,999.00, the interest rate paid on the entire balance in your account will be the "Tier 5" interest rate. If your minimum daily baalnce is $750,000.00 but less than or equal to $999,999.99, the interest rate paid on the entitre balance in your account will be the "Tier 6" interest rate. If your minimum daily balance is $1,000,000.00 or more, the interest rate paid on the entire balance in your account will be the "Tier 7" interest rate. Your interest rate and annual percentage yield may change.
Frequency of rate changes
We may change the interest rate on each tier of your account at any time.
Determination of rate
At our discretion, we may change the interest rate on each tier of your account.
Compounding and crediting frequency
Interest will be compounded each month. Interest will also be credited to your account each month.
Daily balance computation method
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.
Accrual of interest on noncash deposits
Interest begins to accrue on the same business day you deposit noncash items (for example, checks).
Transaction limitations
Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per calendar month or statement cycle with no more than three by check, debit card, or similar order to third parties.
BUSINESS STATEMENT SAVINGS ACCOUNT
Minimum balance to open the account - $100.00
Minimum balance to avoid imposition of fees
A service fee of $2.00 will be imposed every statement cycle if the average daily balance for the cycle falls below $100.00. The average daily balance is calculated by adding the principal in the account for each day of the statement cycle and dividing that figure by the number of days in the cycle.
Rate information
Your interest rate and annual percentage yield may change.
Frequency of rate change
We may change the interest rate on your account at any time.
Determination of rate
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency
Interest will be compounded each month. Interest will also be credited to your account each month.
Daily balance computation method
We use the daily balance method to calculate the interest on you account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits
Interest begins to accrue on the same business day you deposit noncash items (for example, checks).
Transaction limitations
Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per calendar month or statement cycle. Transfers by check, debit card, or similar order to third parties are not permitted.
BUSINESS ACCOUNT FEES
The following fees may be assessed against your business account, if applicable.
Check printing-------------------Fee depends on style of check ordered
Counter checks----------------------------------------------------$.10 each
Temporary checks-------------------------------------------------$.10 each
Cashier check----------------------------------------------------$5.00 each
Deposited items:
Less than 500 per month----------------------------No charge
Over 500 per month-----------Fee negotiated with customer
Deposited checks (and other items) returned unpaid-------$5.00 each
Dormant Account Fee-------------------------------------------------$2.00
This fee is charged each month. An account is dormant if for two years you have made no deposits or withdrawals to the account.
Overdraft (each debit or check paid)------------------------------$28.00
Nonsufficient funds (NSF) item (each)----------------------------$28.00
Nonsufficient funds (NSF) ACH (preauthorized withdrawal)-----$28.00
Account activity printout----------------------------------------------$1.00
Account research------------------------------------------$20.00 per hour
Balancing assistance--------------------------------------$20.00 per hour
Stop payments (all items)------------------------------------------$15.00
Photocopies-------------------------------------------------------$.25 each
Safe deposit box--------------------------------------------Varies by sizeTelephone transfer-------------------------------------$2.00 per transfer
Incoming wire transfers (all)---------------------------------------$10.00
Outgoing wire transfers:
Domestic
With repetitive numbers---------------------------------$12.50
Without repetitive numbers-----------------------------$20.00
Foreign outgoing wire transfers------------------------------------$40.00
Canadian check processing-------------------------------$7.00 per check
Funds Availability Policy and Electronic Funds Transfer Policy
We reserve the right to at any time require not less than 7 days notice in writing before each withdrawal from an interest bearing account other than a time deposit, or from an other savings account as defined by Regulation D.
One of the following forms of documentation is required to open a new business account: Sole Proprietorship of Authority; Partnership Resolution of Authority; Corporate Authorization Form; or Resolution of Lodge, Association, or Other Similar Organization. Blank copies of these forms are available from the new accounts representative of each bank office.
Member
FDIC
Contact Information
- Telephone
- (814) 354-7311
- FAX
- (814) 354-7372
- Postal address
- PO Box 7, Fryburg, PA 16326
- Electronic mail
- General Information: funb@venustel.com
Webmaster: funb@venustel.com - 24 Hour Telephone Banking Service
- FON FUNB
- (Toll Free) 866-366-3862
- (Local) 814-354-7369
- Internet Banking Service
- www.fun-bank.com