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While Kennebec Savings Bank's business checking accounts do not earn
interest, you do receive an earnings credit based upon the average monthly
collected balance in the account which is applied against the month's
account charges (Please contact a customer
service representative for more information on earnings credits).
The collected balance is the daily balance minus the bank reserve requirement
of 10%. The charges applied to this account are affordable so that you
need not worry that activity on your account will result in expensive
monthly service fees.
We offer a variety of check styles for business checking accounts, including one-write systems and computer-generated checks; our customer service representatives can assist you in selecting the type of check best suited for your business. The monthly business checking account statement you receive will provide you with all the information you need to reconcile your account, with details about all automatic transactions, a record of charges and earnings credits and all checks paid (listed in numerical order, so you do not even have to sort through your canceled checks!).
Sole proprietorships and not-for-profit organizations and associations
can benefit from this business checking account that earns interest.
The monthly account charges are the same as for our business checking
account, but interest is paid on the account based on the average monthly
collected balance. The collected balance is the daily balance minus
the bank reserve requirement of 10%. Rather than receiving an earnings
credit, interest is compounded daily and credited to the account monthly.
All other features of this account are the same as Kennebec Savings
Bank's business checking account.
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