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Business Money Market Account

American Enterprise Bank’s Business Money Market Account is designed for our business customers with cash balances to access an easy, convenient and fully automated way to earn extra income.

The Money Market Account is linked to your business checking account. A target balance is then established for your checking account. Funds in excess of the target balance are automatically transferred, or swept, into the Money Market Account where they earn interest.

The Business Money Market Account offers tiered rates of interest and access to funds, with limited withdrawal privileges.

Advantages

  • Higher Return – Allows you to minimize your idle balances and offers you access to competitive returns.
  • Stability of Principal – Your checking account maintains your target balance and any excess funds are fully invested.
  • Liquidity – Because funds are automatically transferred between your checking account and your money market account whenever necessary as set by account limits, the sweep account ensures liquidity. (Money Market account transfer regulations apply.)
  • Convenience – Once your sweep account is established and your target balance is set, everything else is automatic.

Account Features

  • First three months of Maintenance Fees waived
  • Variable and tiered rates of interest paid at the Bank’s current rates
  • Interest calculated on all collected balances
  • Interest compounded and paid monthly
  • Unlimited number of in-person withdrawals
  • Up to six FREE preauthorized/telephonic and third party transfers with no more than three by check each cycle*
  • FREE check writing and debit activity privileges*
  • Detailed monthly statements
  • Free teller transactions (Drive-up and Lobby)
  • Convenient check imaging
  • Free direct deposit
  • Deposit any amount any time
  • Free sweep overdraft protection via link to an AEB Business Checking Account*
  • Free automatic transfers between your AEB accounts*
  • Access to your accounts, balances and transfers through AEB BankLine, our 24/7 telephone banking system
  • Free Internet banking via AEB BankNet, including free online bill payment
  • ATM Card issued at no charge
  • Debit Card issued at no charge
  • Free use of AEB's ATMs
  • Free use of NYCE® Network ATMs
  • Free use of non-AEB/non-NYCE® Network ATMs
    (other ATM owners may charge you a fee)
  • Remote Deposit Capture available to qualified customers
  • Night depository
  • FDIC insurance

Balance Requirements

  • Minimum deposit to open account: $1,000
  • $1,000 minimum daily balance must be maintained to avoid monthly maintenance fee

Fees

  • $15 monthly maintenance fee if the account balance falls below the minimum
  • Excess transaction limits apply. A fee of $25 per Federal Reserve Regulation D violation will be charged
  • Accounts closed prior to the interest credit date will forfeit accrued interest

*There are limitations required by federal law in the number and type of withdrawals which can be made during a monthly statement period. Withdrawals or transfers by mail, in person at one of our offices, and through an ATM are unlimited and are not subject to the “Reg. D” 6-transfer withdrawal limitation. Transfers/withdrawals in excess of the 6-transfer/withdrawal limitations may be subject to a service charge.

For customers who continue to violate these limits after they have been contacted by the depository institution, the Regulation
requires that either the account be closed or that the funds be transferred to a transaction account that the depositor is eligible to maintain.

For more information contact your local AEB branch, or click here to contact us via email.

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