Business Money Market
The Baytree Business Money Market Account
gives you interest on your funds with more liquidity than a Certificate of Deposit.
The Money Market Checking Account is a checking account with some restrictions on check writing placed by the Federal Reserve. Federal regulations limit you to no more than six transfers or withdrawals (or a combination of six transfers and withdrawals) per monthly statement cycle by means of a preauthorized or automatic transfer, order of instruction, or telephonic (including data transmission) agreement. This applies to both transfers to another account at Baytree and to transfers to third parties. No more than three of the six transfers can be by check, debit card, or similar order payable to third parties. A fee of $20 per statement cycle will be charged if your have violated the limitations of the maximum allowance of transfers. The Money Market rates are variable and are subject to change without notice.
However, there is no limit on the number of transfers for the purpose of repaying a loan and related expenses at Baytree. Also, there is no limit on transfers to another one of your deposit accounts at Baytree or withdrawals paid directly to you when such transfers are made in person, by mail, by messenger service. Similarly, there is no limit on the withdrawals requested by telephone to a banker and paid via cashiers check mailed to you.
Statements are produced on a monthly basis with imaged checks.
The Baytree Business Money Market
- Minimum to Open: $100.00
- Monthly Fee: $5.00 if average collected monthly balance falls below $1500.00. Otherwise, no fee.
- ATM - an ATM Card is available on this account but not recommended due to the limitations of withdrawals. It is a useful tool to make deposits and make balance inquiries.
- Internet Banking – Online banking is available on the account allowing you to monitor your business 24 hours a day. All that is need is a login and password.
- BillPay – the BillPay feature is available on this account. It is necessary, however to keep in mind the federal restrictions that apply in regard to transfers and withdrawals.
- Please see Banking Services for fees and footnotes on Business Account services.
