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Business Savings Account

A great savings rate makes good business sense. A penny saved is a penny earned…and then some. With a great interest rate, your business funds can truly grow with your Bank of Odessa Savings Account.

Bank of Odessa Business Savings Account was created as a flexible savings option for many kinds of businesses.

Business Savings Account

Compounding frequency - Interest will be compounded quarterly.

Crediting frequency - Interest will be credited into this account quarterly.

Effect of closing an account - If you close your account before interest is paid, you will not receive the accrued interest.

Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits - Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Minimum balance to open - The minimum balance required to open this account is $10.00.

Deposit limitations - You may make an unlimited number of deposits into your account. 

Limitations on frequency of transfers - A depositor is permitted to make no more than six transfers and withdrawals per calendar month, or statement cycle of at least four weeks, to another account, to a third party by preauthorized or automatic transfer, or telephone agreement, order or instruction, or by check, draft, debit card, or similar order to third parties. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution. 

Fees and Charges - The following fees and charges apply to this account:

  • Excess Debit Fees:  You are allowed six debits per quarterly statement cycle at no charge.  An excess debit fee of $0.50 will be charged for each debit transaction in excess of six during a quarterly interest statement cycle.
  • Maintenance Fee:  A maintenance fee of $1.00 will be imposed every quarterly interest statement cycle if the balance in the account falls below $10.00 any day of the cycle.
Notice

FDIC Insurance Coverage Permanently Increased to $250,000.00 - The Financial Reform Bill signed into law on July 22, 2010, has permanently increased FDIC Insurance Coverage from $100,000.00 to $250,000.00 per depositor. Should you have additional questions regarding your insurance coverage, you may access the FDIC’s website at www.fdic.gov/deposit.


The Bank of Odessa Card Alerts 1. Message frequency varies by account. 2. Message and data rates may apply. 3. Text HELP to 72586 for help or call (816) 230-4512. 4. Text STOP to 72586 to cancel. Participating carriers include AT&T, Sprint, T-Mobile, Verizon Wireless, Boost, Virigin Mobile, MetroPCS, Alltel, AWCC, Cricket, Google Voice, and U.S. Cellular. For privacy policy please click below.
Copyright 2011 by Bank of Odessa. All rights reserved. Equal Opportunity Lender and Member FDIC

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