Williamsburg First National Bank

BUSINESS ACCOUNTS

Some of the details for our business accounts are listed below. For a complete list of details, be sure to speak with one of our bankers.

ABSOLUTELY FREE BUSINESS CHECKING

Minimum balance to open the account – A $50.00 deposit to open account.
Early account closure – A fee of $15.00 will be imposed if you close your account within 90 days of opening

Fees:
• 500 Free debit, credit and deposit items per statement
• $.25 per item fee over 500 (Debit, Credit and Deposit items)
• Free check images
• No monthly service charge
• No maintenance fee
• No minimum balance
• Free coin and currency up to $10,000.00 per month
• $1.50 Charge per $1,000 for coin/currency deposited/issued per month over $10,000.00

BUSINESS INTEREST CHECKING

This account is available only to sole proprietorships and nonprofit organizations.

Minimum balance to open the account – a $50.00 deposit to open account.
Minimum balance to avoid imposition of fees- A maintenance fee of $6.00 will be imposed every statement cycle if the balance falls below $1,500.00 any day of the cycle.
Rate Information – At our discretion, we may change the interest rate on your account at any time.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account- If you close your account before interest is credited, you will not receive the accrued interest.
Early account closure – A fee of $15.00 will be imposed if you close your account within 90 days of opening
Minimum balance to earn interest- You must maintain a minimum balance of $1,500.00 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits- Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example: checks)

Fees:
• Competitive interest
• 500 free debit, credit and deposit items per statement
• $6.00 maintenance fee if balance falls below $1500.00
• $.25 per item fee over 500 (Debit, Credit and Deposit items)
• Free check images
• Free coin and currency up to $10,000.00 per month
• $1.50 Charge per $1,000 for coin/currency deposited/issued per month over $10,000.00

COMMERCIAL CHECKING

Earning Credit – This account features an earnings credit which is applied to reduce or eliminate fees on the account. If the earning credit exceeds the fees for any period, you will be assessed no fees but you will not be paid, carry forward or other wise receive credit for an excess earnings credit.

Earnings Credit Calculation – The earnings credit will be calculated by applying the periodic earnings credit rate to the average daily investment balance in the account for the period, rounded down to the nearest $100.00. No earnings credit will be earned if the average daily balance for the period is less than $100.00. At our discretion, the periodic earnings credit rate may change at any time. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing by the number of days in the period. The period we use is the monthly statement cycle. The investable balance is the average daily balance reduced by 12%. (For example, if the periodic earnings credit rate is .25% and the average daily balance for the statement cycle is $9, 760, the average daily investable balance is $8,784. and the amount of the earnings credit for the statement cycle is $21.75.)

Minimum balance to open the account – a $50.00 deposit to open account
Minimum balance to obtain earnings credit – You must maintain a minimum average daily balance for the statement cycle of $100.00 in order to obtain earnings credit during the statement cycle.
Accrual of earnings credit on noncash deposits – Earnings credit begins to accrue no later than the business day we receive credit for the deposit of non ash items (for example: checks)
Early account closure – A fee of $15.00 will be imposed if you close your account within 90 days of opening

Fees:
• A maintenance fee of $15.00 will be charged each month.
• $.25 per item (Debit, Credit and Deposit items)
• $.75 Charge per $1000.00 for coin deposited / issued
• $.75 Charge per $1000.00 for currency deposited / issued
• Free check images

Report your lost or stolen Debit Card after hours and on weekends at 1-800-523-4175.

Legal Disclaimer: Any copying, redistribution, or retransmission of any of the contents of this service without the written consent of Williamsburg First National Bank is expressly prohibited.