Here’s some information about IMM Accounts:
An interest bearing, limited transaction account.
Whom Are They Best For?
Businesses that want check writing privileges and a competitive interest rate.
What Are The Features?
- A variable interest rate that may change weekly, not tied to any index. Interest is compounded and paid monthly.
- Monthly statement with paid check images.
- Withdrawals generally limited to 6 per month.
- Free account access via Telebank and Internet Banking.
What is the Minimum Balance to Earn Interest?
Minimum balance of $2,500 is required to earn interest on the account for that day.
Are There Fees?
- No monthly maintenance fee if average daily balance is $2,500 or more; otherwise a fee of $10 per statement cycle.
- An excess withdrawal penalty of $3.00 for each withdrawal over 6 during a monthly cycle.