Deposit & Cash Management Accounts
Cost, efficiency, convenience, simplicity – these are things you consider when choosing the banking services that will best fit your business. Southern Community can offer you the right account to meet all your needs and the personal service that bigger banks can’t.Deposit Accounts
At Southern Community, you can choose from three different business deposit accounts. A deposit of only $100 opens any account.
Free Business 500
- Basic operating account for companies with medium monthly activity
- No monthly maintenance fees
- No minimum balance requirements
- First 500 transactions* each month processed free ($0.49 per item after 500 items)
- Free basic Business Online Banking
- Free e-Statements
- Free Online Bill Pay
- Free Business Investment and Retirement Plan Consultation
Business Analysis
- For companies with medium to high volumes of monthly account activity
- Charges based on monthly activity, with $16 monthly maintenance fee
- Fees can be offset by earnings credit given based on the account's average collected balance
Business Money Market
- Interest-bearing account for companies with limited monthly account activity
- $16 maintenance fee (waived by maintaining a minimum $2,000 daily balance)
- Six free withdrawals per month (three by check) with $4 per withdrawal fee after that
Cash Management Accounts
Southern Community offers three cash management services to help you lower costs and increase efficiency, and we will work with you one-on-one to determine which services best fit your specific business needs.
Sweep Investment Account
- Automatically reviews your commercial checking account balance and invests funds above a pre-determined target balance into a special money market account
- Eliminates idle balances and makes your money work harder for you
- Money Market Sweep and Master Note Sweep options are available
Sweep to Line Account
- Automatically reviews your commercial checking account balance and uses excess collected funds to pay down your line of credit balance, so you pay less interest
- If needed, funds are automatically transferred back to your checking account to avoid overdrafts
Zero-Balance Account
- A special disbursement account set up with sub-accounts for various functions
- All checks written from the Zero-Balance Account are automatically funded by a checking account; all credits are automatically up-streamed to the checking account
- Eliminates idle balances, avoids potential overdrafts, and enhances accounting with a separate audit trail for each account
Accounts for Non-Profit Organizations
At Southern Community, we understand that non-profit organizations have unique business needs. We offer two specialized accounts to serve our non-profit customers.
Community BasicsCommunity Plus
- Interest-bearing account for non-profits with limited monthly account activity
- The $6 monthly maintenance fee is avoided when a minimum daily balance of $250 is maintained
- Features tiered interest rates, so as balance increases, so do returns
- First 25 withdrawals each month are processed at no charge, with a $0.50 fee per withdrawal after that
- Interest-bearing account for non-profits with higher volumes of monthly account activity
- Monthly fees include analysis fees and a $16 maintenance fee
- Maintenance fee can be avoided with a $2,000 minimum daily balance
- Account pays tiered interest rates based on your average balance level
* Transactions include combined paper and electronic debits, credits and items deposited