Business Partner Checking is designed for companies with larger check volumes and account balances. Using funds in the account to offset charges makes good, competitive sense.
- 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).