We designed business partner checking for companies with larger check volumes and account balances. Business Partner Checking allows you to use funds in the account to offset charges, helping you to make sound financial decisions with less worry.
- Choose business or standard-size checks.
- Receive a month-end, itemized statement with all canceled checks returned or, if you choose, held for safekeeping at American Federal.
- Computer disk statement is available for $25 per month.
- Apply your Earnings Credit (calculated on the 91-day Treasury Bill interest rate) to the following service charges:
– Low monthly maintenance fee of $5.
– 12 cent fee for each check paid.
– 7 cent fee for each deposited item written on an American Federal account or local bank.
– 9 cent fee for each deposited item written on a non-local bank.
– 6 cent fee for electronic debit.
Calculate the Earnings Credit following three steps:
- Determine the account’s average investable balance (which is the average collected balance minus the Federal Reserve Requirement).
- Multiply the average investable balance by the Earnings Credit rate.
- Multiply this number by the number of days in the statement cycle, then divide this number by 365 (number of days in the year).