Business Rates/Fees
Along with great service and fast, valuable advice from our local banking team, Westfield Bank gives you a wide variety of products to choose from. From business and personal checking and savings and ATM access across the US to money markets and loan services, Westfield Bank offers a full-range of products for all your needs.
Business Checking
Business Savings
Business CD/IRA
Business Fee Schedule
| Business Checking | ||||
| Rates & Fees | Business Checking | Advantage Checking | Just Checking | |
|---|---|---|---|---|
| Minimum Average Collected Balance required to waive monthly service charges | $2,500 | - | - | |
| Monthly Maintenance Fee | $12.00 | $12.00 | Free | |
| Per Item Deposited | $0.10 | $0.10 | Free | |
| Per Item Withdrawn (check or electronic) | $0.15 | $0.15 | Free | |
| Number of Free Credit Items Monthly | 250 | 250 | Unlimited | |
| Number of Free Debit Items Monthly | 250 | 250 | Unlimited | |
| Earnings Credit | 0.380% / 0.38% | - | - | |
| Interest Rate/APY on Collected Balance | - | 0.380% / 0.38% | - | |
The interest rate and annual percentage yield (APY) may change at any time. Interest is compounded monthly and paid monthly. Interest begins to accrue on the business day funds are collected.
| Business Savings | ||||
| Rates & Fees | Escrow Savings | Business Relationship Savings | ||
|---|---|---|---|---|
| Interest Rate / APY on Daily Balance: | Rate / APY | Rate / APY | ||
| From $0.00 through $4,999.99 | 0.5000% / 0.50% | 0.380%/ 0.38% | ||
| From $5,000.00 through $9,999.99 | 0.500% / 0.50% | 0.380%/ 0.38% | ||
| From $10,000.00 through $24,999.99 | 0.500% / 0.50% | 0.590% / 0.59% | ||
| From $25,000.00 through $49,999.99 | 0.500% / 0.50% | 0.590% / 0.59% | ||
| From $50,000.00 through $99,999.99 | 0.500% / 0.50% | 0.810% /0.81% | ||
| From $100,000.00 and above | 0.500% / 0.50% | 0.810% /0.81% | ||
| Minimum Daily Collected Balance required to waive monthly service charges | $100 | $10,000 | ||
| Monthly Service Charge | $2.00 | $6.00 | ||
The interest rate and annual percentage yield (APY) may change at any time. Interest is compounded monthly and paid monthly. Interest begins to accrue on the business day funds are collected.
| Business CD/IRA | |||
| Rates & Fees | Certificates of Deposit | IRA Time Deposit | IRA Savings |
|---|---|---|---|
| Interest Rate / APY through Maturity: | Rate / APY | Rate / APY | Rate / APY |
| 1 Month Time Deposit | 0.150% / 0.15% | 0.150% / 0.15% | - |
| 3 Month Time Deposit | 0.200% / 0.20% | 0.200% / 0.20% | - |
| 6 Month Time Deposit | 0.300% / 0.30% | 0.300% / 0.30% | - |
| 1 Year Time Deposit | 0.400% / 0.40% | 0.400% / 0.40% | - |
| 2 Year Time Deposit | 0.800% / 0.80% | 0.800% / 0.80% | - |
| 3 Year Time Deposit | 1.190% / 1.20% | 1.190% / 1.20% | - |
| 4 Year Time Deposit | 1.590% / 1.60% | 1.590% / 1.60%= | - |
| 5 Year Time Deposit | 1.980% / 2.00% | 1.980% / 2.00% | - |
| Interest Rate / APY on Daily Balance: | Rate / APY | Rate / APY | Rate / APY |
| From $0.00 through $4,999.99 | - | - | 0.500% / 0.50% |
| From $5,000.00 through $9,999.99 | - | - | 0.500% / 0.50 |
| From $10,000.00 through $24,999.99 | - | - | 0.500% / 0.50 |
| From $25,000.00 through $49,999.99 | - | - | 0.500% / 0.50 |
| From $50,000.00 and above | 0.500% / 0.50 | ||
| Minimum Daily Collected Balance required to waive monthly service charges | - | - | - |
| Monthly Service Charge | - | - | - |
| IRA Transfer Fee | - | $30.00 | $30.00 |
The interest rate and annual percentage yield (APY) may change at any time. Opening rate guaranteed for full term of the CD or IRA. Interest begins to accrue on the business day funds are collected. Time deposits compound and pay interest monthly.
| Business Fee Schedule | |
| Insufficient Funds (Items returned, not paid) (created by check, in-person withdrawal, ATM withdrawal or other electronic means)* | $30.00* |
| Insufficient Funds (Items paid, not returned) (created by check, in-person withdrawal, ATM withdrawal or other electronic means)* | $30.00* |
| Return Check Fee | $10.00 |
| Official Bank Checks* | $5.00 |
| Uncollected Funds (per item) | $30.00 |
| Outgoing Wire Transfer | $15.00 |
| Incoming Wire Transfer | $5.00 |
| Outgoing International Wire | $30.00 |
| Non Collection item / foreign | $5.00 |
| Collection Item | $20.00 |
| International Collection Item | $45.00 |
| Draft Collection | $5.00 |
| Foreign Drafts (1st class delivery/special delivery) | $15.00/ $25.00 |
| Stop Payment | $30.00 |
| Postage for Special Mailings: Next Day | $20.00 |
| Postage for Special Mailings: 2nd Day | $10.00 |
| Returned Mail Charge per Item | $5.00 |
| Research, Legal - Per Hour / Minimum Charge | $50.00 / $20.00 |
| Research, Customer - Per Hour / Minimum Charge | $35.00 / $10.00 |
| Photocopy fee | $3.00 |
| Paper Statement Mailing | $2.50 |
| Interim Statement | $5.00 |
| Check Images - Front Only | No Charge |
| Check Images - Front & Back (free with E Statements) | $2.50 |
| Account Inactivity Fee | $5.00 |
| Garnishment / IRS Levy | $50.00 |
| ACH Batch | $20.00 |
| Each additional batch, same day | $5.00 |
| Each returned item | $5.00 |
| Lockbox Services | Varies |
| ATM Deposits (except Jeanie) | FREE |
| ATM Withdrawals | |
| Westfield Bank ATM - MoneyPass network Unlimited | FREE |
| non-Westfield ATMs - reimbursement per month | up to $12.00* |
| Replacement Debit / ATM cards | $5.00 |
| Regulation D Excess Transaction Fee | $5.00 |
| Investment Sweep (Monthly) | $45.00 |
| Line of Credit Sweep (Monthly) | $100.00 |
| Payroll Initiation/batch | $20.00 |
| Merchant Services Varies | |
| Remote Check Capture (Monthly) | $45.00 |
| Remote Check Capture - High Volume Machine (Monthly) | $100.00 |
| Early Account Closure Penalty (within 12 months of opening checking or savings) |
$50.00 |
*NSF Fees and ATM fees are not subject to business earnings credit.
