Good Business Banking Begins with Good Business Checking

That’s why we offer a comprehensive variety of checking plans specially designed to meet the needs of business. We’ll help you choose a basic account, or something more complex to handle your day-to-day transactions, online banking, bill pay and more. Plus, every Litchfield Bancorp Business Checking account offers access to our Target Rate Money Market (TRMM) account.

All Business Checking accounts include:

• Access to TRMM account, with guaranteed market rates and complete liquidity
• Overdraft protection through automatic fund transfer from TRMM account to checking
• Combined statement includes TRMM account or any CDs or savings accounts (available with Business Checking 50, Analysis Checking, Business Checking 150 and Commercial DBA)
• Debit cards
• Online Cash Management

Business Checking 50

• Up to 50 checks or ACH debits per month, unlimited number of items deposited
• A low statement rendering fee, which can be offset by an average daily account balance of $1K or more, or average daily balance or $10K or more in a linked Target Rate Business Money Market account. For new accounts: call us today and we’ll waive this fee.

Business Checking 150

• Up to 150 checks or ACH debits per month, unlimited number of items deposited
• A low statement rendering fee, which can be offset by an average daily balance of $10K in your account, or an average daily balance of $15K or more in a linked Target Rate Business Money Market account. For new accounts: call us today and we’ll waive this fee.

Municipal Checking

The Municipal Checking Account is the ideal place to deposit semi-annual or quarterly tax revenues, or other large sums that can then be spent as needed. Includes all the benefits of our TRMM account, but with a higher, preferred rate just for municipalities.

• Unlimited over-the-counter withdrawals, transfers and debits
• Up to six pre-authorized withdrawals, transfers or checks in each statement.

Analysis Checking

• Flat monthly fee and competitive per item charge, which can be offset with an earnings allowance.*
• Sweep Account
• Maintenance Charge: $12/Mo.
• Fee for check paid: $.15
• Fee for each deposit: $.25
• Fee for each item deposits: $.13
• Fee for each ACH debit, credit & ACH return items: $.10

*You will earn a competitive monthly allowance on deposit balances to offset charges. The earning allowance varies with prevailing rates and may be adjusted monthly.

Direct Deposit for your Employees

Accidents, employee carelessness, mail glitches, or other unforeseen conditions can make it easier to loose checks than you might think. Direct Deposit is a safe, easy way to put uncertainties to rest. It’s the most widely used form of electronic payment, with a 40-year record of success. It’s also a greener way to bank. It’s estimated that paper checks use more than 674 million gallons of fuel and add 3.6 million tons of CO2 to the environment every year. Direct Deposit can be set up for any Business Checking Account through your third party payroll or our Command Biz online cash management.

• You designate which accounts pay by Direct Deposit
• There are no checks to be lost or stolen.
• Payments reach your account the day checks are issued.
• Less danger of overdrafts, because deposits are direct and on time
• Fewer trips to the bank and waiting at tellers or ATMs

Bank at work

Litchfield Bancorp offers Free Personal Checking for your employees.

• ATM/Debit Card
• Combined Statement
• Savings Accounts

Target Rate Money Market

Our TRMM account lets you earn competitive rates on excess funds, without tying up your money in CDs.  Variable rates are indexed to the target Federal Funds rate,* so you’re guaranteed to always get competitive market rates.  And tiered rates ensure that the more you save, the more you earn.

• Unlimited over-the-counter withdrawals, transfers and debits
• Up to six pre-authorized withdrawals, transfers or checks in each statement.
• We also offer a TRMM account specifically designed for municipalities.

* The Federal Funds rate as set from time to time by the Federal Reserve Bank’s Open Market Committee and listed daily in the Money Rates section of The Wall Street Journal

Certificates of Deposit

Get higher yields and the security of FDIC insurance in terms from just 31 days to 5 years.  You can open a CD with as little as $500.00. View our current Special CD Rates.

Simplified Employee Pension Individual Retirement Account (SEP-IRA)

We offer a full range of IRA plans, with investment options in a wide array of secure, insured certificates of deposit.  Plus there is no annual fee! Choose from a Traditional IRA, Roth IRA, Coverdell Education Savings Accounts (ESA) and Simplified Employee Pension (SEP) IRA.  See our CD rates, which also apply to IRA accounts.

To learn more about SEP-IRAs, visit Internal Revenue Service IRA Online Resource Guide

CDARs®

Looking for a way to keep large deposits safe?   With CDARS, you can receive up to $30 million in FDIC protection through Litchfield Bancorp.  Learn more.