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Cash Management & Savings Accounts |
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Repurchase Sweep Account |
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Commercial Account Analysis
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Statement Savings |
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Commercial Sweep Repurchase
Agreements |
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The average
balance needed in your business checking account to cover daily
operating expenses will be calculated, which will be your “target
balance”. Each evening, collected funds above the target balance will
automatically be swept from your business checking account into a
“sweep” account. Funds in the sweep account will earn interest without
your needing to manually track or transfer funds. Each morning, your
sweep account balance is available for normal business activity through
your regular business checking account. Although not FDIC insured, all
sweep accounts are collateralized with bank-owned government securities
(U.S. Treasury and Agency Securities). A separate agreement will need
to be completed. |
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Limitations:
Must also utilize Commercial Account Analysis. SNB& T reserves the
right to limit sweep account deposits based on availability of
collateral securities. |
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Account Fees:
The monthly fee is disclosed in the Sweep Agreement. |
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Business Checking with Commercial Account Analysis |
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Commercial
Account Analysis (CAA) is a program designed to recognize the value of
account balances by awarding “earnings credits”, which may be used to
offset your account fees. Monthly account fees will be deducted from any
earnings credits accrued. Any excess credits will carry forward within
the same calendar year. If fees exceed your earnings credits, the
difference will be deducted from your account each month. If your
business has multiple accounts, you may choose to consolidate the
accounts’ fees and earnings credits to potentially minimize out of
pocket costs. |
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Earnings Credit Information:
Earnings credit is based on 90% of the previous month’s monthly average
rate for the weekly auction of the 13 week treasury bill. See CAA
brochure for complete calculation details. |
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Limitations: You must deposit $100
to open this account. |
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Account Fees: Fees may vary. Please
refer to appropriate CAA Fee Schedule for pricing. $10.00 fee if account
closed within three (3) months of opening date. |
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Statement
Savings ($50 deposit to open)
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$50 minimum balance required to obtain the disclosed annual
percentage yield. |
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$100 minimum balance requirement to avoid $1 per month
service charge. |
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Interest compounded quarterly. |
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Interest credited to the account quarterly. |
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Maximum withdrawals allowed are six per month. |
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$10 fee if account is closed within three months of opening
date. |
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Interest rate and annual percentage yield may change daily
at our discretion. |
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Refer to
Deposit Rates for current interest
rates. |
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FDIC insured. |
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