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Want to Prepare for Retirement?
Eastern Michigan Bank is ready to help you prepare for retirement! We have Individual Retirement Accounts to meet your needs. It's never too early or too late to start saving!

Business Deposit Accounts
Eastern Michigan Bank | March 11, 2010
Account Type Opening Balance Minimum Balance Requirements Monthly Service Charge Interest Bearing
Basic Business Checking
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$100  $500 monthly average to avoid service charge  $5.00  No 
Basic Business Checking

This account is ideal for businesses that carry lower account balances and have less than 100 transactions per month.

Pricing:

  • Service Charge per month: $5.00
  • First 100 transactions are FREE (debits and credits combined)
  • Each check/debit paid over 100: $0.20
  • Each deposit/credit over 100: $0.20
  • Each deposited item over 100: $0.20
 
Classic Business Checking
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$100  No minimum balance requirements  $5.00  No, but an earnings credit is applied each month to help offset deposit and withdrawal fees. 
Classic Business Checking
Designed for businesses of all types. No minimum balance is required and service charges may be offset by an earnings credit applied each month.

Pricing:

  • Service Charge per month: $5.00
  • Each check and debit paid: $0.12
  • Each deposit/credit to account: $0.10 (No per item fees)
 
Commercial Checking

(This is an analyzed product)

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$100  No minimum balance requirements  $10.00  No, but an earnings credit is applied each month to help offset deposit and withdrawal fees as well as wire fees, stop payments, and ACH and NSF fees. 
Commercial Checking

(This is an analyzed product)

Best suited for businesses that carry higher balances and use a wide variety of bank services.

No minimum balance is required and an earnings credit applied at the end of each statement cycle can help offset the service charge and other fees, including but not limited to wire transfers, ACH fees, stop payments and NSF fees.

Pricing:

  • Service Charge per month: $10.00 per account (This is a fully analyzed product and allows for mulitple accounts. Balances and fees will be aggregated.)
  • Each outbound ACH/EFT: $0.03
  • Each check paid: $0.12
  • Each deposit and deposited item: $0.05
 
Business Statement Savings
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$10  $100 quarterly average balance to avoid service charge  $5.00 per quarter  Yes - Variable 
Business Statement Savings

Earn a competitve interest rate while enjoying immediate access to your funds.

Interest:

Interest accrues daily and is compounded and paid quarterly.

Account Restrictions:

Federal regulation limits the number of withdrawals and/or transfers that may be made from any savings account by check, debit card or other electronic means to a combined total of six per statement cycle. Any withdrawal over the limit, regardless of method, will result in a $5.00 fee per excess transaction. Repeatedly exceeding this limit may necessitate a product change.

 
Prestige Money Market Savings
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$2,500  $2,500 min or $5,000 monthly avg balance  $10 if balance requirements not met  Yes - Tiered, variable 
Prestige Money Market Savings

Earn a higher rate of interest than a standard savings account while still while enjoying immediate access to your funds.

Features:

  • Unlimited in-bank withdrawals or transfers to other bank accounts in person or by mail
  • Monthly account statements
  • Limited check writing privileges

Interest:

  • Interest rate varies by balance and is paid monthly

Account Restrictions:

Federal regulation limits the number of withdrawals and/or transfers that may be made from any savings account by check, debit card or other electronic means to a combined total of six per statement cycle. Any withdrawal over the limit, regardless of method, will result in a $5.00 fee per excess transaction. Repeatedly exceeding this limit may necessitate a product change.

 
SEP IRA
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NA  NA  NA  NA 
SEP IRA
A SEP plan is a retirement plan established by an employer to provide retirement benefits for employees. 
Health Savings Account (HSA)
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$50  No minimum balance requirements  No  Yes - Tiered, variable rate 
Health Savings Account (HSA)

Paired with a high-deductible health plan (HDHP), an HSA is a tax-favored account that earns interest while you save for qualified medical expenses.

Features:

  • Interest rate varies by balance
  • Debit card issued for payment purposes

Account Restrictions:

Eligibility restrictions apply to Health Savings Accounts. Please consult your tax advisor or the human resources department at your place of employment.  

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