Checking
Let our knowledgeable bankers help you find the checking account that best meets your business needs.
SMALL BUSINESS CONNECTION ACCOUNT*
Relationship banking that rewards you for all the business you do with Ledyard. It's a non-interest bearing checking account that is perfect for businesses with low monthly transaction activity.
Business owners can connect their personal and business account balances and receive a full range of no-fee Ledyard Plan personal banking benefits with a total combined balance of $7,500.
BUSINESS CHECKING*
Our account for businesses with more activity and, perhaps, larger average balances. A monthly earnings credit (based on the prevailing T-Bill index) will be calculated and credited against charges due. This credit is used to offset charges for the month, and not paid as interest.
BUSINESS NOW ACCOUNT*
This account is for sole proprietorships, non-profits and charitable organizations only. Interest is earned on the entire balance as long as an average daily balance of $750 is maintained.
| |
Business Checking |
Small Business Checking |
Business NOW Account |
| Minimum Balance |
No |
No |
Daily average balance of $750 |
| Monthly Maintenance Fee |
$5.00 |
No |
$5.00 |
| Deposit Fee |
$0.50 per deposit |
First 5 deposits free ($0.50 each thereafter) |
$0.50 per deposit |
| Items Deposited Fee |
$0.10 for each non-LNB item deposited |
No |
$0.10 for each non-LNB item deposited |
| Check Paid Fee/Withdrawal Charge |
$0.20 per check paid |
First 30 checks free ($0.20 each thereafter) |
$0.20 per check paid |
| Interest Paid |
No |
No |
Yes: Provided daily average balance is $750 or higher |
| Earning Credit |
Yes: Calculated monthly based on average balance to offset account fees |
No |
No |
| Other |
|
|
Offering is limited to sole proprietors, not-for-profit entities and municipalities |
*NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “non-interest-bearing transaction account” are insured in full by the FDIC from December 31, 2010 through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “non-interest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAS"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interst, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.