Municipalities with a large number of account transactions per month, or those maintaining higher account balances should consider this account. You’ll receive a variable earnings credit which can offset some or all of your monthly service charge and per-item fees. With Municipal Checking, you can also have a Sweep Account option. This option is ideal for municipalities with a large number of transactions and higher balances looking to make the most of their account balances. The Sweep Account Option automatically sweeps excess funds into a high-interest investment account each night – then sweeps it back into your Municipal Checking account the next business day to cover checks and/or debits.
Municipal NOW Checking
If you are a municipality or governmental agency, this account is for you. Earn a variable rate of interest on your available account balance. Maintain an average cycle balance of $500 and we’ll waive the monthly service charge and per-item fees.
Municipal Statement Savings
You will earn a variable rate of interest on your available account balance. Maintain an average cycle balance of $200 and we’ll waive the monthly service charge.
Municipal Investment Account
Our Capital Growth Account offers municipalities with higher balances a solid investment option. The tiers for our Municipal Capital Growth Account are as follows:
0 to $2,499
$2,500 to $49,999
$50,000 to $499,999
$500,000 to $999,999
$1,000,000 to $2,499,999
Certificates of Deposit (CDs)
Certificates of Deposit are a great investment alternative for those funds you may not need for a certain period of time. Municipal CDs are available in terms ranging from three months to five years.
For more information contact:
Vice President, Government Banking
**Our Sweep Account option may include the use of a repurchase agreement. Under such agreement, the high-interest account will not be FDIC insured and shall be subject to possible loss of principal invested.