Business Account Service Fees
With Industrial Credit Union, you can expect to find a comprehensive range of products and services to meet the financial needs of your business. Whether it is new, growing or well established, we're ready to help you find the right products and services for your business.
As explained in the Business Services Agreement, our Rates & Service Charges disclosure applies to all the accounts we offer. Except as specifically described, the following terms apply to all of the accounts you have with us.
Rate Information
The Dividend Rate and Annual Percentage Yield on the accounts are set forth above. The Dividend Rate and Annual Percentage Yield may change at any time as determined by the credit union's leadership team. The Dividend Rates and Annual Percentage Yields are the prospective rates as of the effective date shown above.
Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield identified above are the rates and yields for the last dividend period, as shown above.
Compounding and Crediting
Dividends will be compounded and credited as set forth above. For dividend bearing accounts, the Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
Accrual of Dividends
Dividends will begin to accrue on all deposits on the business day you make the deposit to the account. If you close the account before accrued dividends are credited, accrued dividends will not be paid.
Balance Information
The minimum balance required to open each account and earn the stated Annual Percentage Yield is set forth above. If you do not maintain the minimum balance, you will not earn the stated Annual Percentage Yield.
For all accounts, dividends are calculated by using the Daily Balance method, which applies a daily periodic rate to the balance in the account each day.
| Service | Fee |
|---|---|
| Canceled Check Copy (2 free) | $1.00 per check copy |
| Digital Opt Out Fee1 | $5.00 per month |
| Non‐Sufficient Funds (NSF) Returned Item2 | $25.00 |
| Overdraft Transfer Fee | $1.00 per overdraft |
| Courtesy Pay Overdraft ATM, everyday debit card transactions, and recurring debit card transactions | $15.00 per item |
| Courtesy Pay Overdraft ACH transactions, checks, in‐branch transactions, online Bill Payer items, and Online Banking transfers3 | $25.00 per item |
| Account Reconciliation | $15.00 per hour |
| Account Research | $15.00 per hour |
| Account Research Trip | $25.00 |
| ACH Stop Payment Request | $15.00 per item |
| Cashier’s Checks | $1.00 per item |
| Convenience Checks (4 checks per page) | $1.50 per page |
| Debit Card Instant Issue Fee | $5.00 |
| Debit Card Reactivation Fee | $15.00 |
| Deposit Correction | $10.00 |
| Deposited Returned Item | $10.00 per item |
| Dormant Account | $5.00 per month |
| Foreign Drafts | $2.00 per item |
| Online Bill Payer | $5.95 per month (fee waived with eStatement) |
| Return Check – Self | $25.00 per item |
| Returned Statement | $5.00 per month |
| Statement Copy | $5.00 per copy |
| Stop Payment | $15.00 per stop order |
| Wire, Domestic4 | $10.00 per transfer |
| Wire, International in Foreign Currency4 | $20.00 per transfer |
| Wire, International in U.S. Dollars4 | $40.00 per transfer |
1 Fee is waived when enrolled in Digital Banking and eStatements
2An NSF service charge is assessed each time an item is presented against insufficient funds. The payee (or the payee's institution) may re-present a previously returned item. Each presentment against sufficient funds will result in a separate charge.
3 Waived when total negative balance is $5 or less.
4Industrial does not charge a fee for incoming wires. For International wires in foreign currency, Industrial exchanges the funds on behalf of the member prior to sending the wire. For International wires in U.S. dollars, the organization that receives the wire exchanges the funds.
