Business Checking

At Norwood Bank, we have been a part of our community’s growth and expansion for over a century, so we know the kinds of financial services our local business owners need and want.

Which Account is right for you?

 

Business Checking

Business Advantage Checking

Checking Accounts

Our basic checking account is ideal for small businesses that have high transaction activity. Average monthly balances receive credit to offset services charges.

Ideal for small businesses that maintain at least $20,000 in combined deposit and loan balances and have less than 200 transactions per month.

Standard Account Features

  • Free Online Banking, Mobile Banking, Bill Pay with Checkfree, and eStatements
  • Instant issue EMV Chip debit Mastercard®
  • Business credit card
  • Currency and coin services
  • Night drop
  • Free personal checking account for business owners.

Additional Account Details

  • Monthly Maintenance Fee: $6.00
  • Per Deposit: $0.75
  • Per Check Paid: $0.20
  • Per ACH Debit: $0.20
  • An annual credit back of .25% will be applied against the average available monthly balance on the account to offset service charges.
  • With $20,000 in combined business deposit and loan balances, the $15 monthly fee can be waived.
  • Transactions are defined as deposits, checks paid, deposited items, ach debits and ach credits. Any combination of these transactions that exceed 200 will be charged .25 each regardless of account balance.

All Business Checking Accounts offer the following features:

  • Free Online Banking, Mobile Banking, Bill Pay with Checkfree, and eStatements
  • Instant issue EMV Chip debit Mastercard®
  • Business credit card
  • Currency and coin services
  • Night drop
  • Free personal checking account for business owners.
  • Business Checking

    Checking Accounts

    Our basic checking account is ideal for small businesses that have high transaction activity. Average monthly balances receive credit to offset services charges.

    Additional Account Details

    • Monthly Maintenance Fee: $6.00
    • Per Deposit: $0.75
    • Per Check Paid: $0.20
    • Per ACH Debit: $0.20
    • An annual credit back of .25% will be applied against the average available monthly balance on the account to offset service charges.

  • Business Advantage Checking

    Checking Accounts

    Ideal for small businesses that maintain at least $20,000 in combined deposit and loan balances and have less than 200 transactions per month.

    Additional Account Details

    • With $20,000 in combined business deposit and loan balances, the $15 monthly fee can be waived.
    • Transactions are defined as deposits, checks paid, deposited items, ach debits and ach credits. Any combination of these transactions that exceed 200 will be charged .25 each regardless of account balance.

IOLTA (Interest on Lawyers’ Trust Accounts)

We are pleased to participate in the Massachusetts IOLTA program.

Our IOLTA program enables lawyers and law firms to establish interest-bearing accounts for client deposits which are nominal in amount or expected to be short term.

Some examples of the types of funds in IOLTA accounts are real estate deposits and closings, personal injury awards and litigation settlements.

We remit all interest generated from client accounts to the Massachusetts IOLTA Committee where it is further distributed into three charitable entities: The Boston Bar Foundation, The Massachusetts Bar Foundation and The Massachusetts Legal Assistance Corporation. These organizations then make the funds available to individuals in need of various legal services.

UNLAWFUL INTERNET GAMBLING TRANSACTION PROHIBITEDThe Unlawful Internet Gambling Enforcement Act of 2006 (the “UIGEA”) prohibits businesses from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling (termed “restricted transactions” in the Act). You may not use your Account or any other service we offer to process restricted transactions. Norwood Bank will block any transaction that we believe is restricted and take any other action we deem reasonable under the UIGEA.