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Business Banking Product Disclosures

The following are qualifications and conditions for Business Banking products. Please see the corresponding product page for full product descriptions.

Checking Account Qualifications & Considerations
Business Checking with Interest
Business Complete Checking
Business/Government Checking
Community Complete with Interest
Government & Not-For-Profit with Interest
Interest on Lawyer’s Trust Account
Interest on Realtor’s Trust Account

Savings Account Qualifications & Considerations
Benefit Savings
Business Complete Money Market Account
Business Premium Money Market Account
Market Rate Account
Statement Savings

Payroll and Tax Services Qualifications & Conditions
Comp-As-You-Go

Business Credit Card Qualifications & Considerations
Business Credit Cards

 

Checking Account Qualifications & Conditions

 

Business Checking with Interest (product page)
Fees: $11 monthly service charge, $0.000105 Depository Fee, $0.16 per item paid, $0.13 per check deposited, $0.11 per credit.

Minimum $100 deposit to open. Minimum daily balance of $1,000 required to earn the disclosed annual percentage yield. Rates may change at any time without notice. Your interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit non-cash items. Interest is compounded daily and credited monthly. An early account closure fee applies to accounts closed within 90 days of opening.

 

Business Complete Checking (product page)
Fees: First 500 combined items per statement cycle are free. $0.50 fee assessed for each item in excess of 500. Items include deposits and credits. ATM and Debit Card transactions are excluded. Online, ACH, Stop Payment, and Wire Transfers may be subject to fees

Minimum $100 deposit to open. No monthly service charge. Business Complete is a non-interest bearing account. An early account closure fee applies to accounts closed within 90 days of opening.

Business Overdraft Protection/Line of Credit available, subject to credit qualifications.

 

Business/Government Checking (product page)
Fees: $11 monthly service charge, $0.000105 Depository Fee, $0.16 per item paid, $0.13 per check deposited, $0.11 per credit.

Minimum $100 deposit to open. An early account closure fee applies to accounts closed within 90 days of opening.

 

Community Complete with Interest (product page)
Fees: The first 50 debit items (withdrawals, checks, ACH) per statement cycle are without charge. A $0.15 per item fee assessed for each item in excess of 50.

Minimum $100 deposit to open. Minimum daily balance of $1,000 required to earn the disclosed annual percentage yield. Rates may change at any time without notice. Your interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit non-cash items. Interest is compounded daily and credited monthly. An early account closure fee applies to accounts closed within 90 days of opening.

 

Government & Not-For-Profit with Interest (product page)
Fees: $11 monthly service charge, $0.000105 Depository Fee, $0.16 per item paid, $0.13 per check deposited, $0.11 per credit.

Minimum $100 deposit to open. Minimum daily balance of $1,000 required to earn the disclosed annual percentage yield. Rates may change at any time without notice. Your interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit non-cash items. Interest is compounded daily and credited monthly. An early account closure fee applies to accounts closed within 90 days of opening.

 

Interest on Lawyer’s Trust Account (product page)
Minimum $100 deposit to open. No monthly service charge. No minimum balance required to earn interest. Rates may change at any time without notice. Your interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit non-cash items. Interest is compounded daily and credited monthly. An early account closure fee applies to accounts closed within 90 days of opening. Title companies are not eligible for an IOLTA account. 

 

Interest on Realtor’s Trust Account (product page)
Minimum $100 deposit to open. No monthly service charge. No minimum balance required to earn interest. Rates may change at any time without notice. Your interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit non-cash items. Interest is compounded daily and credited monthly. An early account closure fee applies to accounts closed within 90 days of opening.

 

Savings Account Qualifications & Conditions

 

Benefit Savings (product page)
Must have or open a Business checking account. $25 minimum to open. No monthly service charge. Minimum daily balance of $25 required to earn the disclosed annual percentage yield. We reserve the right to change the interest rate on your account at any time. Interest will be compounded daily and credited to your account monthly. We use the daily balance method to calculate the interest on your account. Non-cash deposit interest begins to accrue on the business day you deposit items. An early account closure fee applies to accounts closed within 90 days of opening.

Federal regulation limits third party or pre-authorized transfers (including overdraft transfers) or transfers made by telephone, personal computer or mobile device to six per calendar month.

 

Business Complete Money Market Account (product page)
Must have or open a Business checking account. Minimum to open is $5,000. No monthly service charge. Minimum daily balance of $5,000 required to earn the disclosed annual percentage yield. This is a tiered rate account. Your interest rate and annual percentage yield may change. We reserve the right to change the interest rate on your account at any time. Interest will be compounded daily and credited to your account monthly. We use the daily balance method to calculate the interest on your account. Non-cash deposit interest begins to accrue on the business day you deposit items. For current rates, visit our Rates page. An early account closure fee applies to accounts closed within 90 days of opening.

Federal regulation limits third party or pre-authorized transfers (including overdraft transfers) or transfers made by telephone, personal computer or mobile device to six per calendar month, including check, draft, or debit card.

 

Business Premium Money Market Account (product page)
$50,000 minimum to open. No monthly service charge. Minimum daily balance of $5,000 required to earn the disclosed annual percentage yield. Rates may change at any time without notice. Your interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit non-cash items. Interest is compounded daily and credited monthly. An early account closure fee applies to accounts closed within 90 days of opening.

Federal regulation limits third party or pre-authorized transfers (including overdraft transfers) or transfers made by telephone, personal computer or mobile device to six per calendar month, including check, draft, or debit card.

 

Market Rate Account (product page)
Fees: $10 monthly service charge if balance falls below $5,000.

$5,000 minimum balance to open. Minimum daily balance of $5,000 required to earn the disclosed annual percentage yield. An early account closure fee applies to accounts closed within 90 days of opening.

Federal regulation limits third party or pre-authorized transfers (including overdraft transfers) or transfers made by telephone, personal computer or mobile device to six per calendar month, including check, draft, or debit card.

 

Statement Savings (product page)
$25 minimum balance. Minimum daily balance of $25 required to earn the disclosed annual percentage yield. Interest is compounded daily and rates are tiered for higher yields. An early account closure fee applies to accounts closed within 90 days of opening.

Federal regulation limits third party or pre-authorized transfers (including overdraft transfers) or transfers made by telephone, personal computer or mobile device to six per calendar month.

 

Payroll and Tax Services Qualifications & Conditions

 

Comp-As-You-Go (product page)
Acceptance to Comp-as-you-go is subject to MEMIC underwriting review. Comp As You Go applies to Bangor Payroll customers only. Payroll services are subject to enrollment in Bangor Payroll tax service. Your insurance agent will assist you in adding the Comp-As-You-Go payment plan to your MEMIC workers' compensation policy.

 

Business Credit Card Qualifications & Considerations

 

Business Credit Cards (product page)
No annual fee credit card with Rewards available, subject to credit qualification.

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