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Deposit Products
Savings |
Personal Checking | Business Checking
Business Checking
This account provides checking services for sole proprietors,
partnerships, corporations and non-profit organizations. There are no
per check fees or deposit fees. There is a monthly service charge
of $10.
Features
This is an FDIC insured deposit. It is available to sole
proprietors, partnerships, corporations and non-profit
organizations. No interest is earned on this account. The minimum
deposit to open this account is $1. There is no minimum balance
required, however a $10 monthly service charge will be charged.
There are no per check charges. Additional deposits or withdrawals
can be made at any time. All deposits are subject to collection
before withdrawal. The depositor receives a statement and all paid
checks, monthly. The depositor receives free access to the telephone
banking system. Specialized checks are available at reasonable
rates. Please call for additional details.
Rates
No interest is earned on this type of account. There are no per
check charges on this account. However, a service charge of $10
will be assessed per month. A $25 service charge is assessed for any check
presented for payment against insufficient funds. A $15 charge is
assessed for a stop payment order on any check. A $10 charge is
assessed for the certification of a check.
Attorney Trust Account (IOLTA)
The State of New Jersey sets very specific requirements for
attorneys who hold their client’s funds. Client’s monies held by an
attorney must be deposited in an Attorney Trust Account, separate from
the attorney’s operating funds. Interest on these trust funds must be
paid to the State of New Jerseys IOLTA FUND. This law called IOLTA
(interest on lawyer’s trust accounts) mandates the responsibilities of
banks in handling IOLTA funds.
Features
This is an FDIC insured deposit. It is available to attorneys
holding client’s monies. Interest is computed on the monies in this
account at the NOW account rate. This account meets the attorney’s
IOLTA reporting requirements. Deposits or withdrawals can be made at
any time. All deposits are subject to collection before withdrawal.
The depositor receives a statement and all paid checks, monthly. The
depositor receives free access to the telephone banking system.
Specialized checks are available at reasonable rates. Reporting and
interest payment is made to the State of New Jersey monthly. Please
call for additional details.
Rates
Interest is paid at 60% of the Federal Funds Target Rate.
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