|
Your Business Services Toolkit
Standard Business Checking
Our Standard Business Checking is designed for larger companies with more sophisticated information needs and reporting requirements.
- We calculate service charges on an analysis so that you are only charged for the services that you use each month.
- We recognize the worth of your account balances through the use of an earnings credit schedule.
- We charge fees only when balances don’t offset the cost of services used.
- And, we can assist you in calculating the balances needed to cover the typical costs associated with your account.
The Monthly Standard Business Checking Maintenance Fee is $12.00. Fees are also charged for other account services as follows:
- Per Debit (Check) .25
- Per Credit (Deposit ticket) .50
- Per Deposit Item (On us) .15
- Per ACH Item (Deposits and debits) .15
- Per Foreign/Int’l Deposit Items 3.00
Contact one of our Personal Bankers at (608) 845-6486 for further information on our Standard Business Checking Account.
Sole Proprietor Checking
Our interest bearing Sole Proprietor Checking is for businesses that are owned as sole proprietorship or husband and wife partnerships.
- Your interest earned will be calculated based on the average collected balance.
- You can avoid service charges by maintaining an average collected balance in the account above $2,000.
- This account allows up to 100 items per month.
The monthly Sole Proprietor Checking maintenance fee is $8.00 if the balance falls below the minimum. A $.25 fee is also charged for items in excess of 100 items per month. Items are described as checks, deposits, items within the deposit, automatic payments, etc.
Contact one of our Personal Bankers at (608) 845-6486 for further information on our Sole Proprietor Checking Account.
Small Business Checking
We designed the Small Business Checking for customers who have a relatively low volume of activity.
- This account allows up to 100 items per month.
- You can avoid service charges by maintaining an average collected balance in the account above $2,000.
The Monthly Small Business Checking Maintenance Fee is $8.00. A $.25 fee is also charged for items in excess of 100 items per month. Items are described as checks, deposits, items within the deposit, automatic payments, etc.
Contact one of our Personal Bankers at (608) 845-6486 for further information on our Small Business Checking Account.
Business Investment Account
- Our Business Investment account assists you in managing liquidity and return for your business.
- Competitive tiered interest rates will be paid on your account.
- There will be no monthly service charge if a $2,500 minimum balance is maintained.
- This account provides you availability by allowing up to six withdrawals per month, three of
which may be by check.
- There are no withdrawal penalties as long as the account qualifies based on number of withdrawals and minimum balance.
- There is also an automatic sweep feature available.
Minimum Balance and Service Charge
- Minimum Opening Deposit $2,500
- Balance below $2,500 will incur a $10.00 Service Charge
Automatic Sweep Feature Fee
Interest rates are subject to change.
Contact one of our Personal Bankers at (608) 845-6486 for further information on our Business Investment Account.
Business Savings Account
The choice for lower minimum balances for savings availability.
- Interest is paid on your entire balance.
- A $200.00 minimum balance is required to avoid service charges.
- We provide you with quarterly statements.
- TeleBank transfers allow the movement of funds to checking by phone.
*$6.00 service charge if balance falls below $200.00 plus $2.00 per debit after 18 debits in a calendar quarter. Monthly statement option requires checking relationship. If statement is combined with checking, interest is paid monthly and fees are charged on a pro-rata basis each month. Electronic or preauthorized transfers are limited to 6 per statement period.
Contact one of our Personal Bankers at (608) 845-6486 for further information on our Business Savings Account.
Health Savings Account
In 2003 President Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act, which has allowed health insurance companies, third-party providers, and the financial services industry to offer Health Savings Accounts (HSAs). HSAs are setup by individuals or on behalf of eligible individuals to make limited contributions that can be distributed tax-exempt, where applicable, to pay for medical expenses. These accounts are designed to benefit people with high-deductible health plans (HDHP). They are a great way to save for health care expenses, with the added benefit of excellent tax savings and reduced health care costs.
The contributions are tax deductible and earnings grow on a tax-deferred basis, and if the funds are used for an eligible medical expense, the funds are tax-free. Funds roll over from year to year, and funds used after age 65 are able to be used tax-free for eligible medical expenses or at your normal tax rate for any other reason.
Who will want an HSA?
- Farmers
- Self-employed
- Small business owners
- Business owners who want to pay lower premiums and still offer an option to their employees.
Contact one of our Personal Bankers at (608) 845-6486 for further information on our Health Savings Account.
Certificate of Deposit
The perfect term to meet your business needs from 91 days to 4 years.
- Fixed interest rate paid on entire balance
- $1,000 minimum opening deposit
- Automatically renewable for the same term
- Balances may qualify you for checking with no monthly fee
- Open your account online
Customized terms can be determined to fit your individual needs. Interest is paid at maturity on terms through 182 days and quarterly on terms greater than 182 days. Penalty for early withdrawal.
Contact one of our Personal Bankers at (608) 845-6486 for further information.
ACH Origination
The Paper Alternative
A good alternative to writing and receiving paper checks is Automated Clearing House (ACH) transactions. The State Bank of Cross Plains can help you set up a system to originate such transactions and complete the electronic process through the Federal Reserve Bank system.
- Commonly used for direct deposit of employee payroll and benefits
- Direct payment to suppliers (often using recurring dollar amounts)
Almost all financial institutions in the United States are eligible to receive such transactions for their customers’ accounts.
While you can create your own ACH file work, the bank can receive the data either by diskette or modem for entry into the ACH system. The fee for such services is noted below.
ACH Fees
- $10.00 per file received
- .05 per transaction on each file
Contact one of our Personal Bankers at (608) 845-6486 for further information on our ACH Origination service.
|
