Presidential Deposit Products.....
Deposit Banking Overview ..%2F: Deposit Rates ..%2F: Personal Accounts ..%2F: FAQs
  Commercial Accounts ..%2F: Deposit Account Rules & Regulations ..%2F: Deposit Forms  ..%2F: Overdraft Lines of Credit

Commercial accounts are offered at all branch locations or online for businesses located in MD, DC or VA.

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Features of Commercial Accounts

 
Commercial Checking
Commercial Money Market
Premier Savings
Statement Savings
CDs

Minimum to Open

$500

$5,000

$5,000

$100

$1,000

Interest Paid

No

Yes

Yes

Yes

Yes

Interest Credited

N/A

Month-End

Month-End

Month-End

See Note 4

ATM Privileges

No

No

No

No

No

Minimum Balance to avoid service charge

$500

$1,000

$0

$100

$1,000

Check Privileges

Yes

Yes1

No

No

No

Checks Images Returned

Yes

Yes

N/A

N/A

N/A

IRAs

No

No

No

No

No

Early Withdrawal Penalty

N/A

N/A

N/A

N/A

Yes

Statement Frequency

Monthly

Monthly

Monthly

Monthly 

See Note 3 

Compounding Frequency

N/A

Monthly

Monthly

Monthly

Monthly for maturities of 1 year or more, otherwise at maturity.

Transaction Limits

None

See Note 1

See Note 1

See Note1

No withdrawal of principal or additional deposits during term.

Special Features

None

*May be used to send SWEEPs to commercial checking

None

None

Automatically renews at maturity if not withdrawn.

Free Online Banking**

Learn More

Yes

Yes

Yes

Yes

Yes

Please also refer to our Schedule of Fees.

1Banking Regulations specifically limit these accounts to no more than six preauthorized transfers or telephone (including data transmission) funds transfer to your other accounts or third party such as check (Money Market only), draft or debit card in any one statement cycle. SWEEP privileges are subject to cancellation, if transaction limits are exceeded more than occasionally. If Commercial Money Market account is used as a sweep account, checks are not issued for this account.

2Application required for Commercial Online Banking. Basic Commercial Online Banking is free. Fees apply for additional services.

3CD's longer than 30 days have a seven calendar day grace period, beginning on the day of maturity, to withdraw /deposit funds without penalty. 30 day CD's have a grace period of 1 day to withdraw/deposit funds without penalty. CD interest can be withdrawn at any time after it is credited. Withdrawal of CD principal before maturity will be assessed a penalty equal to the amount of interest that would be earned during the number of penalty months shown below at the CD interest rate, on the CD principal amount that is withdrawn before maturity (whether or not such interest has actually been earned).

CD Maturity Penalty
30 to 60 days 30 days
90 to 182 days 3 months
1 year 6 months
2 years 12 months
5 years 24 months

4Monthly, on last day of month, for Certificate of Deposit (CD) maturities of one year or more; at maturity for shorter terms.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS - All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes interest on Lawyers Trust Account ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts. For more details visit www.fdic.gov.

 

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last updated 10/12/2010 lmm
Member FDIC