Checking Accounts

Settlers Bank is a small business, owned and operated by people who live right here in the Mid-Ohio Valley. We can help you grow your business with a number of banking options that will help you manage your cash flow and get you back to doing what’s most important to you.

Small Business Checking

Non-interest bearing checking account designed for start-up businesses or businesses with a low volume of deposits and minimal check-writing activity.

  • $100 minimum deposit to open the account.
  • $5 monthly service fee may be waived with $1,000 minimum daily balance.
  • No monthly service fee for non-profit organizations as defined by IRS Code §501 C(3)-(4).
  • Customers are permitted up to 200 items during a statement cycle.
  • Excess transactions will be charged at a rate of $0.15 for each additional debit or credit.
  • No-fee, 24-hour touch-tone banking service.
  • Check images provided with monthly statement.

Commercial Checking

Non-interest bearing checking account designed for businesses with high transaction volumes.

  • $200 minimum deposit to open the account.
  • Account analysis fees are waived for the first three statement cycles.
  • Compensating balance and earnings credit may offset the monthly service fee.
  • The earnings rate is variable and is based on the prior month average of the 91-Day T-Bill auction rate. If the analysis results in a net fee, those charges will be deducted from the account monthly.
  • No-fee, 24-hour touch-tone banking service.
  • An account analysis statement will be provided monthly that details the level of account activity and corresponding service fees. Please contact a Settlers Financial Services representative for a copy of the commercial account analysis that outlines the fee schedule.
  • Check images provided with monthly statement.

Business NOW Account

Interest-bearing checking account with unlimited check writing privileges. Available only to sole proprietorships and non-profit organizations that exist primarily for religious, philanthropic, charitable, educational or similar purpose.

  • $1,000 minimum deposit to open the account.
  • Account analysis fees are waived for the first three statement cycles.
  • Compensating balance and earnings credit may offset the monthly service fee.
  • The earnings rate is variable and is based on the prior month average of the 91-Day T-Bill auction rate. If the analysis results in a net fee, those charges will be deducted from the account monthly.
  • No-fee, 24-hour touch-tone banking service.
  • An account analysis statement will be provided monthly that details the level of account activity and corresponding service fees. Please contact a Settlers Financial Services representative for a copy of the commercial account analysis that outlines the fee schedule.
  • Interest earned is compounded monthly and credited monthly. Consult a Settlers Financial Services Representative for rate information.
  • Check images provided with monthly statement.

Investor Plus Money Market Account

Interest-bearing checking account for individuals or businesses that occasionally write checks and desire a higher rate of interest on their investment.

  • $1,500 minimum deposit to open the account.
  • $5 monthly service fee may be waived by maintaining a minimum daily balance of $1,500.
  • Six transactions per month are permitted. A $10 excess check fee will be assessed if the check limit (six per month to third parties) is exceeded.
  • Tiered interest rates available. Interest earned is compounded monthly and credited monthly.
  • Free Investor Plus MMDA checks for this account
  • No-fee ATM/Debit card.
  • No-fee, 24-hour touch-tone banking service.
  • No-fee Online banking
  • No-fee Internet bill pay service
  • Check images provided monthly. Combined statement available.

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE

FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

 

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC).

Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html

NOTICE OF CHANGES

Per the Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010, please be advised that effective July 21, 2011 at a minimum, the first $200 (rather than $100) of a check deposit will be available on the next business day after the day of deposit.

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Fee Schedule