Business Banking
Business Savings, Money Market & CDs
| Business Money Market Account | Business Savings | |
| For businesses that want a higher yield and liquidity | Save your profits and earn interest at competitive rates | |
| Minimum to open | $2,000 | $500 |
| Minimum balance to avoid monthly maintenance fee | $2,000 daily | $500 daily |
| Monthly maintenance fee | $15.00 | $5.00 |
| Minimum balance to earn interest | Interest is paid on all balances over $2,000 check rates | Interest is paid on all balances over $500 check rates |
| Free Online Banking | Yes | Yes |
| Free Online Bill Pay | Not available | Not available |
| Free Telephone Banking | Yes | Yes |
| Activity Limitations | See below 1 | See below2 |
| Excess Electronic Funds Transfer (EFT) Fee (see below) | $15.00 per transaction fee | $15.00 per transaction fee |
| Apply Now | Apply Now |
Business Certificates of Deposit3
To view our CD rates click here . To open a Business CD, Apply Now
1 Business Money Market Account is a traditional money market account with limited check-writing and electronic transfer activity. Federal regulations limit this account to no more than six electronic transfers per monthly statement cycle, either to another account held by the depositor at the same institution or to a third party (such as pre-authorized, automatic, computer and/or telephone transfer). Pre-authorized transfers also include, but are not limited to, checks written that are paid within the statement cycle; overdraft protection "sweeps" to other NJM Bank deposit accounts; individual and/or scheduled/periodic transfers/payments to other NJM Bank deposit or loan accounts; and externally initiated transfers such as ACH debits. There is a fee for each electronic transfer transaction exceeding the six permitted. As a result, fees may reduce earnings of this account. Further, exceeding six transfers could also lead to the elimination of transfer capabilities or closure of the account.
2 Business Savings is a statement savings account with limited electronic transfer activity. Federal regulations limit this account to no more than six electronic transfers per monthly statement cycle, either to another account held by the depositor at the same institution or to a third party (such as pre-authorized, automatic, computer and/or telephone transfer). Pre-authorized transfers also include, but are not limited to, overdraft protection "sweeps" to other NJM Bank deposit accounts; individual and/or scheduled/periodic transfers/payments to other NJM Bank deposit or loan accounts; and externally-initiated transfers such as ACH debits. There is a fee for each electronic transfer transaction exceeding the six permitted. As a result, fees may reduce earnings of this account. Further, exceeding six transfers could also lead to the elimination of transfer capabilities or closure of the account.
3 NJM reserves the right to limit the amount and applicant at its sole discretion. CDs are not available for "Broker" and similar-type deposits.
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