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Business Checking & Savings Accounts

Case Studies | Deposit Services

Bank of Ann Arbor business checking and savings accounts receive:

• Free online banking
• Free VISA CheckCard(s)
• Free postage-paid envelopes for deposits by mail
• Free telephone transfer service between Bank of Ann Arbor accounts
• Deposit-only ATM card
• Free night deposit processing

Other Business Services
Plus the standard services your business relies on:

• Wire transfers
• Merchant card services
• Foreign drafts and cables
• Safe deposit box rental

A checking account designed especially for smaller businesses. The low balance requirement means more money is available to help your business grow. It's another way a local bank helps you compete in today's marketplace.

• A $500 deposit opens your account.
• No service charge if you maintain a balance of $2,500 or more during the month. If the balance falls below $2,500 a charge of $10 will be applied to the account for the month.
• Checks, withdrawals and deposited items in excess of 150 during the statement period are $0.35 each.
• View check images with online banking.

A checking account for businesses who want unlimited checks and deposits. Monthly fee is based simply on the balance in the account.

• A $1,000 deposit opens your account.
• No service charge if you maintain a balance of $7,500 or more during the month. If the balance falls below $7,500 a charge of $12 or $15 for image checking will be applied for the month.
• No activity limits.

A relationship-based checking account for businesses with more sophisticated banking needs.

• A $1,000 deposit opens your account.
• Monthly fee is based on earnings credit rate and account activity.
• Access to the following products is available with a Cash Management Checking account:
  • Automated Clearing House (ACH) services
  • Business VISA Gold Credit Card
  • Courier service
  • Execubanc Online Banking
  • EasyDeposit
  • Lockbox
  • Positive Pay
  • Zero Balance Account

ACH credit transfers include direct-deposit payroll payments and payments to contractors and vendors. Businesses are increasingly using ACH to collect recurring payments, such as association fees or monthly donations, rather than accepting credit or debit cards. You can use ACH services to consolidate funds from accounts maintained at other financial institutions.

Enjoy worldwide acceptance for business purchases with a Bank of Ann Arbor VISA card. Imprinted with your company's name, a VISA card is a smart way to keep business expenses separate from personal. Use it to monitor and track expenses conveniently. Set individual spending limits for each employee, as well as restrictions on the types of establishments where it can be used.

• No annual fee.
• Rate as low as Prime + 1 1/2%.
• Credit limits up to $10,000.
• Payments processed and managed locally.

As a special convenience, we offer courier pick-up of deposits. Pick-ups incur an additional fee which is included in a monthly account analysis charge. Courier service is available 9:30am to 3:00pm, Monday through Friday in the greater Ann Arbor & Ypsilanti area.

Get access 24 hours a day, 7 days a week to your company's accounts with Bank of Ann Arbor's cash management software, Execubanc. You'll have an accurate picture of your company's cash position so you can make wise decisions in a snap.

Now you can deposit checks electronically from your office with our new remote deposit capture system EasyDeposit. EasyDeposit utilizes a desktop scanner that images checks and transmits them electronically to Bank of Ann Arbor, anytime, day or night. It's the fastest way to turn checks into cash. View our demo now.

Lockbox is a cash flow improvement technique in which customers' payments are delivered to a post office box instead of your business address. It shortens the amount of time necessary to process your customers' payments and gets money into your account more quickly. Lockboxes are typically used by businesses that receive payments from numerous customers.

Positive Pay is an automated fraud detection tool that matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the company. All three components of the check must match exactly or it will not pay.

A separate checking account in which a balance of zero is maintained by automatically transferring funds from the business' master account in an amount only large enough to cover checks presented. It is used to eliminate excess balances in multiple accounts and to maintain control over disbursements.

Money Market Checking for Organizations (sole proprietorships and non-profits) offers the advantage of an attractive interest-bearing account without the activity charges and limitations of similar products.

• A $1,000 deposit opens your account.
• Interest is paid monthly.
• No monthly service charges if you maintain a balance of $1,000 or more. If the balance falls below $1,000 a charge of $9 will be applied to the account for that month.
• Unlimited number of checks and deposits processed without transaction charges.

If your organization is an educational, religious, philanthropic, charitable or nonprofit entity, you may be eligible for our Community Interest checking account. This account combines the earning power of a premium interest-bearing account with the flexibility of a checking account. It may be the only account your organization needs.

• A $10,000 deposit opens your account.
• Interest is paid on available balances from $1,000 and up. Rates increase at available balances of $10,000, $100,000, and $500,000.
• No service charge if you maintain a balance of $1,000 or more during the month. If the balance falls below $1,000, a charge of $9 will be applied to the account for the month.

As your business grows, or if your checking account already carries larger sums, consider our Money Market Savings account.

• A $5,000 deposit opens your account.
• Your balance earns interest every day at competitive rates. The higher your daily collected balance, the higher the interest rate paid. Rates increase at $5,000, $25,000, $100,000, $500,000, and $1,000,000.
• Interest is paid monthly.
• No service charge if you maintain a balance of $5,000 or more during the month. If the balance falls below $5,000, a charge of $12 will be applied to the account for that month.

Money Market Savings Accounts are subject to withdrawal and transfer limitations. Federal regulations limit pre-authorized transfers made by telephone or personal computer to six per month. Of these six, no more than three may be by check, draft, debit card, automated clearing house debit, or similar order payable to a third party. Additional usage incurs a $5 charge for each transaction beyond the regulated limits.

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