We have a host of innovative deposit services specifically designed for your school or municipality. Whether you carry a high or low daily balance, handle a large or small volume of deposits, or have more specialized needs, we have a solution that will work for your organization. Experience tells us that schools and municipalities have many different needs and we are prepared to assist you in meeting each of them.
Checking Deposit Accounts
Municipal NOW Checking Account
The Municipal Negotiable Order of Withdrawal (Muni NOW) is an interest bearing checking account designed especially for villages, townships, cities, counties, schools and other publicly funded organizations. The Muni NOW account combines the earning power of a money market account with the convenience of unlimited check writing. Chemical Bank offers this competitive and convenient account in an effort to minimize service charges while maximizing efficiency and internal control and funds segregation processes in keeping with the needs of our community’s municipalities.
The Commercial Checking account is a non-interest bearing account designed for customers with a higher monthly transaction volume. This account features a competitive earnings credit rate, which can help offset transaction and monthly Treasury Management charges.
Zero Balance Account
The Zero Balance Account is used to maintain multiple collection and disbursement accounts while streamlining the reconciliation process. Collected funds are automatically transferred to a linked operating account from sub account(s) all held at Chemical Bank. Checks and other debits are funded by automatic transfers from the main account to the sub account(s), resulting in a zero balance within the sub account(s) at the end of each business day.
Business Cash Management
The Business Cash Management Account is a collateralized overnight repurchase agreement relationship in which the collected balance in an interest-free checking account is automatically transferred to an interest yielding investment pool. Transferred funds are collateralized by US Treasury and Agency (government backed) securities the bank owns. This rate is variable, tiered, normally indexed to the Fed Funds Rate and updates daily. Target balances can be established within the account to maintain minimum balances for earnings credit purposes. A daily notice of advice is provided which details the invested amount and CUSIP information. This account type is utilized when balances in excess of FDIC insurance limits require collateralization.
Savings Deposit Accounts
Term Repurchase Agreements
The Term Repurchase Agreement is a collateralized Certificate of Deposit. Funds are collateralized by AAA rated, US government backed securities owned by Chemical Bank. These funds are not subject to FDIC limits as they are collateralized. The interest rate would be fixed for a term, and paid upon maturity.
Public Fund Money Fund
The Public Fund Money Fund is an interest-bearing savings account that allows unlimited deposits and up to six pre-authorized debits or checks per month.