Business Statement Savings

Every business can benefit from a cash reserve.

Low on receivables? Extra expenses? Unforeseen circumstances? Running a business is challenging enough. It’s time to relax and put your mind at ease. Enjoy the confidence of knowing you’ve got liquid assets close at hand.

• Accounts are available in 4 tiers.
• Minimum opening deposit $100.00
  
• Online Banking (balance views and in-house transfers only, no electronic transactions) 
• The First Northern Bank and Trust Co. Mobile App for iPhone^®, iPad^®, and Android^® devices is available for download from the App Store^® and Google Play^® (balance views and in-house transfers only, no electronic transactions)
  
• Express Banking (access your account by phone)
  
• Unlimited use of First Northern Bank and Trust ATMs
  
• Quarterly Paper Statements by mail
  
• eDocs (includes optional eStatements)
• Direct Deposit
• No service fee on accounts with a minimum daily balance of $100.00
  
• View competitive interest rates.
• See additional details
  

There is no fee for the First Northern Bank and Trust Co. Mobile App but connectivity and usage rates by your carrier or internet provider may apply. Contact your wireless service provider for more details. Deposits are subject to verification and are not available for immediate withdrawal. Deposit limits and other restrictions apply. iPhone^®, iPad^®, and App Store^® are registered trademarks of Apple Inc. Android^® and Google Play^® are trademarks of Google LLC.

Rate Information. View current rates. Your interest rate and Annual Percentage Yield may change.
• Determination of Rate: At our discretion, we may change the interest rate on your account.
• Frequency of Rate Changes: We may change the interest rate on your account at any time.
• Limitations on Rate Changes: There are no maximum or minimum interest rate limits for this account.

Compounding and Crediting. Interest will be compounded daily and will be credited to the account quarterly. If you close your account before interest is credited, you will receive the accrued interest. The accrued interest must be more than $1.00 to receive the accrued interest.

Minimum Balance Requirements. You must deposit $100.00 to open this account. A service charge of $5.00 will be imposed every month if the daily balance on any day of the month falls below $100.00. You must maintain a minimum daily balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.

Dormant and Inactive Account Information. A dormant account fee of $12.00 per quarter will be charged after 1 year of inactivity. The dormant fee will be charged only if the balance of the account is below $100.00.

Balance Computation Method. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual on Non-Cash Deposits. Interest begins to accrue on the business day you deposit non-cash items (for example, checks).

Transaction Limitation. No transaction limitations apply to this account.

Additional Information Regarding Your Account. This account is not a consumer account to which Truth in Savings applies.

Check Standards: You agree to only write or deposit checks that are written in an ink type or color (blue or black) that reproduces clearly when imaged or copied. You also agree that you will not write or deposit checks that bear designs, security features, or other elements that prevent the check from being imaged or copied with all of its necessary elements being reproduced clearly.

Substitute Checks: You agree that you will not, without the Bank’s express written consent, deposit any substitute check into an account.

Fees and Charges. For information about fees and charges associated with this account, view our Schedule of Service Fees.