Public Funds Money Market
An interest–bearing savings account for government, municipality and public entities1.
Features & Benefits
- Open an account with a minimum deposit of $1,000
- Variable rate, compounded daily2, paid monthly
- Deposit up to 50 items per month at no charge3
- Deposit up to $15,000 in cash per month without a fee4
- Use Business Online Banking to manage your finances efficiently using a mobile phone, tablet, or computer5
- Call our U.S.-based customer service center available 7am to 7pm Monday–Saturday 844-210-3602
- Go paperless with eStatements, eNotices, and eTax Documents6
Transaction limits apply. Make up to six withdrawals and transfers each month without a withdrawal fee.7
|Public Funds Money Market|
|Balance||Interest Rate||Annual Percentage Yield (APY)10|
|$0 - $999.99||0.00%||0.00%|
|$1,000 - $4,999.99||0.00%||0.00%|
|$5,000 - $24,999.99||0.05%||0.05%|
|$25,000 - $99,999.99||0.05%||0.05%|
|$100,000 - $249,999.99||0.10%||0.10%|
Please refer to the Deposit Account Agreement, Account Disclosure, Deposit Rate Sheet, and the Business Accounts Schedule of Fees, or speak with a banker for more details.
1. Public Funds Accounts – Eligibility rules may apply. Ask your banker for additional information.
2. Savings and Money Market Interest – Interest is calculated using the daily balance method. This method applies a daily periodic rate to the collected balance in the account each day. Annual Percentage Yield (APY) is variable and may change after the account is opened. Other fees may apply and may reduce earnings. Contact a Financial Center for details.
3. Transaction – A transaction is a combination of debited items (withdrawals) credited items (deposits) and deposited items per statement cycle, and includes the following: Credits–any deposit into the account. Debits–any withdrawal such as check, draft, ACH or other debit against the account. Deposited items–each individual item that comprises a deposit such as a check or other item deposited.
4. Cash Deposit Limits – There is a charge per $100 cash deposited over your allowance. For pricing, please reference the schedule of fees and/or the Account Disclosure document.
5. Business Online Banking & Mobile Banking – Mobile Banking requires download of the smartphone or tablet version of Vectra Bank Business Mobile Banking from the Apple® App Store, Google Play®, or Samsung Galaxy® App Store. Message and data rates from your wireless provider may apply. Requires enrollment in online banking. Please see the Service Charge Information schedule for applicable fees. Subject to the terms and conditions of the Business Online Banking services agreement.
6. eDocuments – To avoid the Paper Statement Fee of $3, you must enroll in Online Banking, and opt your account out of receiving paper statements. You may opt to receive either electronic or paper account notices and tax documents at no additional cost. If multiple accounts are linked in a combined statement, you must have opted your primary account out of receiving paper statements.
7. Excessive Savings or Money Market Withdrawals – Federal banking regulations allow up to six (6) withdrawals by check, debit card, or pre–authorized, telephone, or computer transfer to another account or third party during a monthly statement cycle of at least four weeks. However, you may make an unlimited number of withdrawals from your account in person, by ATM, or by mail. A excessive withdrawal fee of up to $15 is assessed if you exceed your withdrawal limits during a monthly statement cycle.
If the above limits are exceeded three (3) times in a twelve (12) month period, the account will be closed or changed to a different type of account.
Deposits: $0.40 charge per additional item over 50.
8. Waived Fees – Service fee waivers will only apply to the primary account.
9. Minimum Balance – In order to avoid a monthly service fee, the minimum balance requirement must be met. The monthly service fee amount is provided as part of the disclosures upon account opening. Minimum Balance: If your daily balance drops below the minimum balance requirement, then a monthly service fee will be assessed.
10. Interest Rates and Annual Percentage Yields (APY) – Interest rates and annual percentage yields (APY) are current as of and may change daily as determined solely by Vectra Bank Colorado. Interest is compounded daily and credited monthly on interest bearing deposit accounts. Interest begins to accrue no later than the business day we receive credit for non–cash items (for example, checks). Applicable service fees could reduce earnings on account. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. See Business Account Terms and Deposit Agreement for additional information about fees, terms and conditions.