BUSINESS BANKING
Checking and Money Market Accounts
Borrego Springs Bank offers a variety of checking account options for our business customers.
Basic Business Checking Account
This is a simple checking account best suited to small businesses and sole proprietors that have low volume transaction activity and do not utilize supporting business account services.
- Unlimited check writing privileges
- $100 minimum opening deposit
| Daily Average Balance Required | Monthly Fee |
| $500 or more | No Charge |
| $0 - $499 | $10 per month |
Analyzed Business Checking Account
Earn credit for your business deposits. This type of account is used for both Corporate and Merchant business customers that maintain larger deposit account balances, have a high level of transaction activity and/or use supporting business account services. We have a variety of supporting and cash management services available for our business customers. The analysis process provides the business with earnings credit on their deposits, which is then used to offset regular monthly service charges and transaction fees.
- $1,000 minimum opening deposit
| Monthly Fee |
| $15.00 per month* |
| Additional activity and merchant charges may apply |
*When the monthly earnings credit on the deposit balances equals or exceeds the monthly service charges the account is not debited for the monthly service charges.
Supporting Business Services include:
- E-Corp Online Banking
- Wire Transfers & ACH origination files
- Courier Services
- Vault Services
- Merchant Services
- Night Depository
Business Interest Checking Account
- Unlimited check writing privileges
- $1,000 minimum opening deposit
- Interest paid from date of deposit, compounded daily and paid at statement cycle
| Daily Average Balance Required | Monthly Fee |
| $1,000 or more | No Charge |
| $0 - $999 | $10 per month |
You must maintain a balance of $1,000 in the account daily to obtain the annual percentage yield. Click here for current interest rates.
Business Money Market Account
- Limited to 6 transactions*
- $2,500 minimum opening deposit
- Interest paid from date of deposit, compounded daily and paid at statement cycle
| Daily Average Balance Required | Monthly Fee |
| $2,500 or more | No Charge |
| $0 - $2,499 | $10 per month |
You must maintain a balance of $2,500 in the account daily to obtain the annual percentage yield. Click here for current interest rates.
*Transaction Limitations: There are no restrictions on the number of withdrawals that can be made in person, by ATM or by mail (with proceeds payable to account holder). Transfers from a Money Market account to another account or third parties by check, pre-authorized, automatic, or telephone transfer are limited to six per statement cycle. Withdrawals in excess of these restrictions will be subject to an excessive transaction fee of $18.00 each.
See our Deposit Account Descriptions brochure for more detailed information about our available accounts or contact a Customer Service Representative at one of our Branch Locations.
Savings Accounts
Borrego Springs Bank has a tiered interest rate savings account that allows you to earn more on your balance as it grows – watch your earnings grow with your account balance!
Business Savings Account
- $100 minimum opening deposit
- Interest paid from date of deposit, compounded daily and paid monthly
- Limited to 6 transactions*
| Daily Average Balance Required | Monthly Fee |
| $100 or more | No Charge |
| $0 - $99 | $2 per month |
*Transaction Limitations: There are no restrictions on the number of withdrawals that can be made in person, by ATM or by mail (with proceeds payable to account holder). Transfers from a Savings account to another account or third parties by check, pre-authorized, automatic, or telephone transfer are limited to six per statement cycle. Withdrawals in excess of these restrictions will be subject to an excessive transaction fee of $18.00 each.
See our Deposit Account Descriptions brochure for more detailed information about our available accounts or contact a Customer Service Representative at one of our Branch Locations.
Click here for current interest rates.Use our savings planning calculator to help you on your way to your savings goals.
Certificates of Deposit
Business Certificate of Deposit Accounts
- $2,500 minimum opening deposit
- Highly competitive rates
- Interest compounded daily, paid monthly, quarterly, semi-annually or at maturity
- Penalty for early withdrawal
We are also members of the CDARS® network which provides a unique program for the large depositor to earn competitive rates while maintaining FDIC insurance protection. Click here for more information about our CDARS® program.
See our Deposit Account Descriptions brochure for more detailed information about our available accounts or contact a Customer Service Representative at one of our Branch Locations.
Click here for current interest rate.Use our savings planning calculator to help you on your way to your savings goals.
CDARS®
Borrego Springs Bank is a member of the CDARS® Network. Using CDARS, the Certificate of Deposit Account Registry Service®, your large deposit can be eligible for FDIC insurance protection through Borrego Springs Bank. You have the convenience of working directly with just our bank, negotiating your CD rates and terms with us, and receiving one easy-to-read consolidated statement and one year-end tax statement.
Business CDARS® Accounts
- Access to multi-million-dollar FDIC Insurance
- CD-level rates
- Multiple terms available: 4 weeks/13 weeks/26 weeks/52 weeks/2 years/3 years
- Interest compounded daily, paid month-end, quarter-end, semi-annually, year-end or at maturity
- Penalty for early withdrawal
Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.
FDIC DEPOSIT INSURANCE COVERAGE
In accordance with the Dodd-Frank Wall Street Reform and Consumer
Protection Act, from December 31, 2010, through December 31, 2012, all funds
in "noninterest-bearing transaction accounts" are insured in full by the
Federal Deposit Insurance Corporation. This 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 "noninterest-bearing transaction account" includes a traditional
checking account (or demand deposit account) on which the insured depository
institution pays no interest. It does not include any transaction account
that may earn interest, such as a negotiable order of withdrawal ("NOW")
account, money-market deposit account, or Interest on Lawyers Trust Account
("IOLTA"), even if checks may be drawn on the account.
The temporary full insurance coverage of "noninterest-bearing transaction
accounts" expires on December 31, 2012. After December 31, 2012, funds in
noninterest-bearing transaction accounts will be insured under the FDIC's
general deposit insurance rules, subject to the Standard Maximum Deposit
Insurance Amount of $250,000.
For more information about FDIC insurance coverage of transaction accounts visit www.fdic.gov
Use this convenient link to the FDIC Electronic Deposit Insurance Estimator calculator to learn more about FDIC insurance and calculate the insurance coverage of your accounts.
