Learn about our Value Plus Money Market for Business Use
The Value Plus Money Market account for business use at Enterprise Bank is a checking account that pays a higher interest rate and also has restrictions on check writing placed by the Federal Reserve. The $10 monthly maintenance fee will be waived if a minimum daily balance of $5,000 is maintained. A minimum of $100 is required to open this account. You will receive a monthly statement for this account. Your check images will be returned within the statement.
The Value Plus Money Market account pays a higher rate of interest due to the limited number of checks that can be written per month. There are no limitations on the number of over-the-counter transactions. However, Federal regulations limit you to no more than six transfers or withdrawals (or a combination of six transfers and withdrawals) per monthly statement cycle by means of a preauthorized or automatic transfer, order of instruction, or telephone transfers. This applies to both transfers to another account at Enterprise Bank and to transfers to third parties. No more than three of the six transfers can be by check, debit card, or similar order payable to third parties.
However, there is no limit on the number of transfers for the purpose of repaying a loan and related expenses at Enterprise Bank. Also, there is no limit on transfers to another one of your deposit accounts at Enterprise Bank or withdrawals paid directly to you when such transfers are made in person, by mail, by messenger service. Similarly, there is no limit on the withdrawals requested by telephone to a personal banker and paid via cashiers check and mailed to you. A $10 per transactions fee for those transactions that exceed the above limitations will be applied to your account for violation of the maximum allowance of transfers. Bill pay transactions are subject to transaction limits.
The interest rate earned is based upon the balance of the account and calculated on a daily basis and are subject to change. Interest is compounded daily and credited monthly to the account. Interest begins to accrue the day of your deposit
There are five rate tiers on this account.
$0 - $24,999.99
$25,000.00 - $49,999.99
$50,000.00 - $99,999.99
$100,000.00 - $149,999.99
$150,000.00 and above
Enterprise Online Banking and Bill Payment services are also available with no annual fees and no transaction charges, but not recommended due to the Federal restrictions of withdrawal. Internet banking may incur charges from your Internet Service Provider that are not associated with Enterprise Bank.
Please click here for rates on this product.
See how your checking account interest can add up by clicking this interest rate calculator feature. Please consult a tax advisor regarding the deductibility of interest.
