Business Checking
Direct Deposit and Payment
Great North Bank can help simplify your business by allowing you to move money electronically to pay your bills, collect payments from your customers and to directly deposit payroll checks to your employees’ accounts. The Automated Clearing House (ACH) system is dependable, flexible, convenient, and easy.
Direct Deposit of Payroll
Offer this benefit to your employees and your business will realize the convenience of:
No processing and printing expensive paper checks
ONE debit to your payroll account for the TOTAL payroll amount.
Instant reconcilement of your payroll account; no waiting for employees to “cash” their checks
Better cash management
No lost or replacement checks
Your employees will realize the convenience of:
Payroll deposited into their account at ANY financial institution on pay day
Not having to wait for the mail or go to the bank to deposit their paycheck
Direct deposit of payroll EVERY pay period, even if they are on vacation or sick
Direct Payment
When your customers sign up for Direct Payment, both your business and your customers will benefit. The electronic payment option helps in several ways:
Your scheduled payments are PAID ON TIME and automatically deposited into your account in one lump sum
You can better manage your cash and expenses
You eliminate the need to “shuffle” paper checks
Your customers save check printing costs, postage, and late charges
Statements cannot get lost or payments missed
Ask any one of our Universal Bankers for more information about how Direct Deposit and Direct Payment can help your business.
|
SMALL BUSINESS CHECKING |
BUSINESS CHECKING |
NON-PROFIT CHECKING |
RELATIONSHIP BUSINESS MONEY MARKET | BUSINESS SAVINGS ACCOUNT | |
|---|---|---|---|---|---|
| Minimum To open | NONE | NONE | NONE | $5,000 | NONE |
| Minimum Balance Requirement | NONE | NONE | NONE | $5,000 DAILY ($10 MAINTENANCE FEE) | $100 |
| Interest | NONE | NONE | NONE | *TIERED INTEREST (PAID/CREDITED MONTHLY) | *YES (PAID/CREDITED QUARTERLY) |
| Service Fee | NONE | $0.07 PER CHECK/DEBIT $1.00/ MONTH MAINTENANCE FEE | NONE | $10 MONTHLY MAINTENANCE FEE (WAIVED WITH MIN. DAILY BALANCE REQUIREMENT)*** | $5 QUARTERLY MAINTENANCE FEE (WAIVED WITH MIN. DAILY BALANCE REQUIREMENT)*** |
| Additional Benefits | NONE | 0.50% EARNINGS CREDIT GIVEN TO OFFSET ANY ACTIVITY CHARGES. CREDIT EARNED ON COLLECTED BALANCES. EXCESS CREDIT DOES NOT CARRY FORWARD. ACCESS TO ADDITIONAL TREASURY MANAGEMENT PRODUCTS. | NONE | NONE | NONE |
| Additional restrictions & Fees | NONE | NONE | NONE | ** REQUIRES PRIMARY CHECKING ACCOUNT HELD AT GNB | NONE |
Additional Services Offered:
Debit/ATM Cards • Night Depository Services • Check Ordering • Auto Transfer • Wire Transfers • Notary Services • E-Statements • Online Banking • Mobile Check Deposits • Online Bill Pay • Overdraft Protection • Payroll Origination • Individual Retirement Accounts
*Limitations apply. Additional services may be subject to approval/subject to agreement of terms and conditions.
**Primary checking includes: Small Business Checking, Business Checking, or Non-Profit Checking accounts.
***Waived with minimum balance requirement of $5,000 or $25,000 aggregate deposit balance with Great North Bank.
Additional services may require additional charges. MUST BE 18+. $25 fee may be charged if account is closed within the first 90 days.
See account disclosures for further information.