Important Business Banking Information

Savings Accounts

APY means Annual Percentage Yield. Minimum deposit to open an account is $25.00. Interest is computed from day of deposit, to day of withdrawal, compounded daily and paid monthly. A monthly fee of $10.00 will be assessed if the account balance falls below $1,000. Fees may reduce earnings.

Checking Accounts

Business Checking accounts do not earn interest.

Certificates of Deposit

APY means Annual Percentage Yield. The minimum deposit to open a Certificate of Deposit is $500. Interest is computed from day of deposit, to day of withdrawal, compounded daily and paid monthly. A bonus rate is paid to qualified customers who have a BCSB checking account with direct deposit or regular deposits. The bonus rate does not apply to certificate renewals. Early withdrawal penalties are assessed in an amount equal to the lesser of all interest paid or three months earnings (for terms of 12 months or less) or six months earnings (for terms greater than 12 months).

IOLTA

1.00% Annual Percentage Yield (APY) is paid by BCSB and benefits Maryland Legal Services Corporation Fund. Normal IOLTA Administrative fees apply and reduce earnings.

Unlawful Internet Gambling Enforcement Act (UIGEA)

In accordance with the Unlawful Internet Gambling Enforcement Act (UIGEA and Regulation GG) all unlawful gambling transactions are prohibited and may not be processed through any account at BCSB.