Meeting Day-to-Day Deposit Needs
Business Accounts
Business Checking
| Account Features | First Commercial | Main Street Checking | Community Club | Business NOW |
|---|---|---|---|---|
| Monthly Maintenance Fee | $10.00 | $7.50 | ||
| Per Item Charge/Debits | $0.12 | * | $0.00 | $0.10 |
| Per On Us Item/Credit | $0.08 | * | $0.00 | $0.00 |
| Deposit Tickets | $0.05 | * | $0.00 | $0.10 |
| Uncollected Balance Change | Prime+3% | |||
| Eligible for Earning Credit | Yes | 0.10% |
Business NOW Account
Designed for non-profit organizations and sole proprietorships.
First Commercial Checking
Designed for businesses with larger transaction volumes. Monthly maintenance fee and other monthly activity fees may be offset by the earnings credit based on the monthly average earnings balance and the current earnings credit rate.
Main Street Checking
Designed for you and your growing business. NO minimum balance requirements and NO monthly service fees. FREE Internet Banking and FREE check images.
* First 100 checks/debits are FREE, each item thereafter will have a $0.25 per item charge.
* First 100 deposit items are FREE, each item thereafter will have a $0.25 per item charge.
Community Club Checking
Designed for local, non-profit community organizations. NO minimum balance requirements, NO monthly service fees and NO per item charges. FREE Internet Banking.
Municipal businesses, religious organizations, and government entities are not eligible for this account.
Interest Bearing Liquidity
First Bank Elk River provides its business customers with three specific liquid savings options. Contact us with any questions you may have or start an online application today.
| Account Features | Traditional Saving | Money Market Savings | Managed Savings |
|---|---|---|---|
| Minimum Balance | $200.00 | $2,500.00 | $25,000.00 |
| Interest Paid | Monthly | Monthly | Monthly |
| Below Minimum Fee | $4.00 | $10.00 | $15.00 |
Premium Money Market Savings
Investment quality rates for high balances. There is a minimum balance requirement of $25,000.00, and if your balance falls below the minimum, you’ll pay a fee of $15.00 for the month.
Traditional Savings
A great traditional savings account. The account has a low minimum balance of $200.00. If your balance falls below the minimum, you’ll pay a $4.00 fee for the month.
Money Market Savings
Competitive interest rates that increase as your account balance increases. There is a minimum balance requirement of $2500.00, and if your balance dips below the required levels, you’ll pay a $10.00 fee for the month.
Offset Fees & Maximize Earnings
Start using First Bank Elk River Sweep Account to increase earning potential and decrease expenses today.
We provide the tools and expertise necessary to:
Get your idle funds working for you every day.
Minimize or eliminate overdrafts.
Minimize time spent monitoring your accounts.
Disburse funds more quickly with centralized account management.
An investment sweep account works as follows:
- You choose your desired target balances for each of your business checking accounts.
- Your daily transactions are processed within each of your business checking accounts.
- Any balances above your target balance are automatically swept each day into Overnight Repurchase Agreements.
- Resulting earnings are deposited into the business checking account of your choice on a monthly basis.
Sweep accounts are not FDIC insured, are not guaranteed by, or an obligation of, this Financial Institution and involve risk including possible loss of principal.
