Business Accounts
At Merchants National Bank we have several business account options to choose from. Our accounts are designed to meet the needs of our customers and their banking preferences.
Business Checking
| Feature | Business Basic Checking | Premium Business Checking | Commercial Checking | Club Checking | Insured Money Market | Business Savings |
|---|---|---|---|---|---|---|
| Business Type | All Business Types | All Business Types | All Business Types | Non-Profits | All Business Types | All Business Types |
| Earnings Credit | No | No | Yes | No | No | No |
| Reserve Required | Earnings credit on average collected balance after 10% reserve requirement is subtracted | |||||
| Interest | No | No | No | Yes | Yes | Yes |
| Transaction Limit* | 100 | 300 | No | No | No | No |
| Minimum Balance Requirement | No | $20,000.00 | N/A | $5,000 | $1000.00 | $200.00 |
| Monthly Service Fee | No | $20 if below Minimum Balance Requirement | $30 | $15 if below Minimum Balance Requirement | $10 if below Minimum Balance Requirement | $4 if below Minimum Balance Requirement |
| Cost Per Item in Excess | $0.50 | $0.50 | $0.17 Each on US Debit $0.35 Each on US Credit $0.15 Each Deposited Item | $0.02 Each Debit Item Per Item Fees Waived if Minimum Balance Requirement is Maintained | 6 Withdrawals per Month - No Charge $10 Monthly Fee if Withdrawals Exceed 6 | 4 Withdrawals per Month - No Charge Each additional withdrawal is $1.00 |
| Overdraft Protection | Yes - Options Available | Yes - Options Available | Yes - Options Available | Yes - Options Available | Yes - Options Available | N/A |
| Online Banking | Yes - No Fee | Yes - No Fee | Yes - No Fee | Yes - No Fee | Yes - No Fee | Yes - No Fee |
| Telephone Banking | Yes - No Fee | Yes - No Fee | Yes - No Fee | Yes - No Fee | Yes - No Fee | Yes - No Fee |
| Debit Card | Yes - Unlimited | Yes - Unlimited | Yes - Unlimited | Yes - Unlimited | Yes - Unlimited | N/A |
| Remote Depoist Capture | Yes | Yes | Yes | Yes | Yes | |
| Mobile Deposit | Yes | Yes | Yes | Yes | Yes | |
| Monthly Statement | Free eStatements, $3 Paper Fee | Free eStatements, $3 Paper Fee | Yes | Yes | Yes | Yes |
| Check Writing | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | N/A |
| Check Orders | Customer Purchases | Customer Purchases | Customer Purchases | Customer Purchases | Customer Purchases | N/A |
| Online Billpay | Yes - Fees May Apply | Yes - Fees May Apply | Yes - Fees May Apply | Yes - Fees May Apply | Yes - Fees May Apply | No |
| Minimum to Open | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $200.00 |
Additional Services for All Accounts : Night Depository Services, Electronic Statements, Merchant Services, Sweep Accounts, Mobile Banking, Health Savings Accounts, Remote Deposit Capture, Cash Management Options, Credit Cards, Commercial & Small Business Lending and Account Analysis*Each credit, debit, ACH, and deposited item counts as a transaction.
Business Savings
- Available to all business types
- Interest bearing
- $200 Minimum balance requirement
- $4 Monthly service fee1
- 6 Free withdrawals/month2
1 If balance falls below minimum balance requirement
2 $4 Monthly fee if withdrawals exceed 6