Business Deposit Accounts
Business Checking Options
| |
Essential Business Checking |
Signature Business Checking
Formerly Small Business Checking |
Premier Business Checking |
| Number of Items* |
50 |
200 |
400 |
| Minimum Balance |
$0 |
$1,500 |
$10,000 |
| Additional Items Cost |
$0.30 each |
$0.30 each |
$0.30 each |
Monthly Service Charge
If minimum balance is not maintained |
N/A |
$12.00 |
$20.00 |
| E-Statements |
Required** |
Required** |
Required** |
*An item is identified as: Force Pay Debit, Deposit (including ATM), Lockbox Deposit, Teller Check, On-Us Deposited Check, ACH Debit, Check, Closing Entry, ACH Return Debit, Bill Pay Debit, ACH Resubmitted Credits, ACH Offset Originated Credits
** $5.00 fee for mailed statements
Analysis Advantage
Analyzed business checking accounts help businesses offset banking fees by using their deposit balances to earn credits. These credits can reduce or eliminate charges for high-volume transactions such as checks, deposits, wire transfers, and ACH payments. Businesses with moderate to high balances and frequent activity often benefit most from this account type.
Harford Bank will calculate the earnings credit by applying a monthly rate (ECR) to the average balance. Businesses may also combine multiple accounts to maximize credits across all service charges.
clearerIOLTA/ MAHT Checking
Interest on Lawyers Trust Accounts (IOLTA) are interest bearing checking accounts that are available for attorneys or law firms for the purpose of temporarily holding clients’ funds. Interest is remitted as applicable to the Maryland Legal Service Corporation.
A Maryland Affordable Housing Trust Account (MAHT) is a special account that pays interest on trust accounts for title insurers, agents and approved title attorneys. Interest earned is paid to the Maryland Affordable Housing Trust.
Both of these accounts make it convenient and easy to manage clients’ escrow funds.
clearerCommercial Money Market
Your excess funds can be put to work in our interest-bearing money market account. The rate of interest earned is based on your account balance. There are nine interest rate tiers. There are withdrawal limitations (six per month) for withdrawals not made in person.
| Interest Rate Tiers |
|
| Tier 1 |
$1 to $9,999 |
| Tier 2 |
$10,000 to $24,999 |
| Tier 3 |
$25,000 to $49,999 |
| Tier 4 |
$50,000 to $99,999 |
| Tier 5 |
$100,000 to $249,999 |
| Tier 6 |
$250,000 to $499,999 |
| Tier 7 |
$500,000 to $999,999 |
| Tier 8 |
$1,000,000 to $4,999,999 |
| Tier 9 |
$5,000,000 + |
clearerCommercial Savings
Another option for your excess funds is our interest-bearing savings account. There is a minimum balance requirement of $100.00 in order to avoid a monthly service charge. One interest rate is applied to your full account balance. The withdrawal limitations as noted for the money market account also apply to this account.
clearerCertificates of Deposit
Harford Bank offers interest-bearing time deposits with terms from six months to five years. You only need $1,000 to open an account. Interest is credited and paid, as you choose. There is a penalty for withdrawing funds prior to the maturity date. Harford Bank’s “Step Up” CD’s allow a one-time change in the interest rate.
View Schedule of Fees View Interest Rates