Whether you’re opening a new business in town, or just looking for a way to lower your maintenance charges, Grinnell State Bank offers the best possible combination of service and fees around! We offer Free Business Checking, Commercial Analysis, Sweep Accounts, Merchant Credit Card Services, Business Money Market Accounts,  and we are extremely adaptable to help suit your business needs! 

 

FREE BUSINESS CHECKING  

This is a very cost effective account for your small to medium sized business. 

   *  Balance to avoid Service Charge:    $0 

   *  Monthly Service Charge:                  None 

   *  Account Fees:                                 $0.25 per total items over 150 

                                                                Check images availabe at an additional charge 

                                                                Monthly Statement available for free pickup, via 

                                                                Internet or $4.00 per month fee to mail. 

 

BUSINESS CHECKING 

This account is for most business, a very cost effective alternative for higher volumes 

   *  Balance to avoid Service Charge:      $2,500 Collected Balance 

   *  Monthly Service Charge:                     $7.50 

   *  Special Features:                                $0.25 per total item over 300  

 

COMMERICAL CHECKING ANALYSIS 

If you’re looking for a cost effective way to handle your high balance, high transaction business account; call in to ask us about our Commerical Analysis account that has been getting great customer reviews!  

   *  Monthly Service Charge:                      $7.50 

   *  Interest Paid:                                         Earnings Credit based on 80% of 91 day T-Bill 

   *  Account Fees:                                      $0.15 per debit,  

                                                                    $0.20 per credit, 

                                                                    $0.03 per on-us item deposited 

                                                                    $0.08 per transit item deposited 

   

ORGANIZATION BASIC CHECKING    

If you are a philanthropic organization or a not-for-profit we have the Account for you!  

Service Charge Schedule 

   *  Monthly Service Charge:                      $7.50 

   *  Interest Paid:                                         Earnings Credit based on 80% of 91 day T-Bill 

   *  Account Fees:                                      $0.25 per total items over 40 per month  

 

BUSINESS N.O.W. CHECKING 

An account for business to earn interest with check writing abilities.  Not available for Corporations or Partnerships. 

   *  Balance to Avoid Service Charge:       $2,000 

   *  Monthly Service Charge:                      $7.50 

   *  Interest Paid:                                         Yes, $1,000 minimum 

   *  Account Fees:                                      $0.25 per check or deposit, 

                                                                    $0.10 per transit item deposited  

 

Terms on all Checking Accounts 

   *  Total Items are debits, credits and all deposited items 

    *  Minimum opening deposit of $100.00 

    *  A funds usage charge of the Bank's prime rate plus 4% will be charged  

          on all negative collected balances 

    *  Visa/MasterCard Merchant Program available 

    *  Lines of credit available with written or oral advance options 

    *  ACH debit. We can create charges to your customers for automatic billing. 

    *  ‘Grinnell Buck’ clearing – Chamber of Commerce Gift Certificates 

     *  Night Deposit Services 

     *  Periodic Statement 

          - Your account statement will be generated monthly. 

          - Quarterly, Semi-Annual or Annual statement options are available. 

          - You may receive images of your checks with your statement. 

          - Various image sizes are available. 

          - Deposit images are available. 

          - You may combine other account statements with this account. 

 

Balance Computation Method, Interest* Compounding and Interest Credit 

    We use the average daily balance method to calculate the interest on your account. 

    This method applies a daily periodic rate to the principal in the account each day. 

    Interest is earned on all available funds regardless of balance. 

    Interest for your account will be compounded monthly. 

    Interest payments will be credited to your account monthly. 

    Interest begins to accrue on the business day we receive credit for the  

       deposit of non-cash items for example, checks. 

  * Call Bank for current rates.