At First Federal, solid business relationships are as important to us as they are to you. We know that your business faces opportunities and challenges daily. That's why we offer a wide variety of Business Savings accounts to put your money to work for you. Not sure which account is the best one for your needs? Our Customer Service Representatives are here to help you choose. Give us a call today or stop by the branch nearest you to open your account.
Business Savings
- $100 minimum deposit amount to open account
- No monthly service charge
- Earns interest* - tiered rate
MMDA Plus
- $1,000 minimum deposit amount to open account
- No monthly service charge
- Earns interest* - tiered rate
- Check writing privileges
- Limited to six withdrawals per statement cycle**
Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. EACH time an account is opened, or you need to make a change on an existing account for a covered Legal Entity, we will also be required to ask you for identifying information (name, address, date of birth, social security number), as well as identification documentation (Driver’s License) for:
- EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
- ONE individual that has Significant Managerial Control of the Legal Entity
* Must maintain a minimum daily balance of $5 to earn APY.
**Online, preauthorized, automatic and telephone transfer and transactions by check, debit card or similar order payable to third parties from your MMDA are limited to six (6) per statement cycle. Withdrawals made in person, either at the teller window or through an ATM, and automatic transfers made from your MMDA to credit a First Federal loan do not count toward this transaction limit. A fee of $10.00 will be charged for each transaction in excess of this limit.
