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VNB
offers ultimate flexibility with commercial checking and savings
accounts for large and small businesses alike. Our commercial
checking accounts start with opening deposits as low as $100.00,
and our commercial savings accounts offer varying levels of
commitment, flexibility, and return.
Commercial
Checking Accounts
ECONOMY
CHECKING
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Minimum
opening deposit of $100.00 |
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No
per-item fee on the first 225 items (including checks,
deposits, and deposited items) per month |
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Per-item
fee of $0.25 on each item over 225 per month |
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$1,000.00
average daily balance to avoid monthly maintenance fee
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Monthly
statements |
FULL-ANALYSIS
BUSINESS CHECKING
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Minimum
opening deposit of $100.00 |
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No
average balance required |
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Earnings
credit (based on the average investable balance of the
account using an average of the weekly auctions of the
91-day Treasury bill of the previous month) may offset
fees |
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Monthly
maintenance fee |
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Per-item
fees include the following:
Each debit paid-$0.12
Each deposit-$0.25
Each item deposited-$0.10 |
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Use
of uncollected funds will be charged based on the prevailing
Wall Street Journal prime rate plus 3.00% |
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Analysis
statements provided for any month in which a charge is
incurred |
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Monthly
statements |
BUSINESS
INTEREST CHECKING
For use by Sole Proprietors and Nonprofit Organizations
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Minimum
opening deposit of $100.00 |
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No
per-item fee on the first 225 items (including checks,
deposits, and deposited items) per month |
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Per-item
fee of $0.25 on each item over 225 per month |
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$1,000.00
average daily balance to avoid monthly maintenance fee |
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Market
interest rates earned on all balances |
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Interest
paid monthly |
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Monthly
statements |
IOLTA
(LAWYER'S TRUST ACCOUNT)
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Minimum
opening deposit of $100.00 |
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Monthly
maintenance fee of $10.00 |
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Market
interest rates earned on all balances |
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Interest
earned, after deducting any monthly fee, is remitted to
Legal Services Corporation of Virginia |
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Monthly
statements |
Commercial
Savings Accounts
BUSINESS
MONEY MARKET ACCOUNT
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Minimum
opening deposit of $500.00 |
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Six
withdrawals allowed per statement cycle period; three
may be payable to a third party |
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$5.00
per withdrawal after six withdrawals |
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$500.00
average daily balance to avoid monthly maintenance fee |
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Interest
paid monthly |
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Tiered
interest rate structure |
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Monthly
statements |
PHOENIX
ACCOUNT
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Minimum
opening deposit of $1000.00 |
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Deposits
permitted at any time |
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Maturity
every 90 days |
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Ten-day
grace period after maturity for withdrawals |
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Automatically
renews |
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Interest
paid every 90 days at maturity |
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Early-withdrawal
penalty equal to 90 days' forfeiture of interest, regardless
if earned |
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Market
interest rate is tiered by age of account:
1 to 12 months-6-month CD rate
13 to 24 months-1-year CD rate
25 to 36 months-2-year CD rate
37 months or longer-3-year CD rate |
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Calendar
quarter statements |
CERTIFICATE
OF DEPOSIT
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Minimum
opening deposit of $500.00, unless otherwise stated |
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Terms
of 3 months to 5 years |
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Ten-day
grace period after maturity for withdrawals |
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Penalty
for early withdrawal, forfeiture of interest, regardless
if earned, as follows:
3 months' forfeiture for CD with terms of 1 year or less
6 months' forfeiture for CD with terms greater than 1
year |
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Automatic
renewal |
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Interest
paid quarterly |
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Calendar
quarter statements |
FUNDS
MANAGEMENT CERTIFICATE OF DEPOSIT
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Minimum
opening deposit of $50,000.00 |
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Terms
of 7 to 365 days |
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Interest
paid at maturity |
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Penalty
for early withdrawal, forfeiture of all interest that
would be paid if held until maturity |
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Single
maturity, no automatic renewal |
CASH
MANAGEMENT OPTIONS
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Repurchase
Agreement |
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Money
Market MAX Account |
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Details,
including associated fees, are available from your Virginia
National Banker |
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