Repurchase Agreement Checking
Our Repurchase Agreement Account is designed for businesses looking to earn interest on their Business Checking Account. A separate account in adition to the original Business Checking Account is established. An account analysis is performed to ensure sufficient funds remain in the Business Checking Account to offset service charges.
- Repurchase Agreement Account funds are not FDIC insured but are secured by Bonds & Securities owned by First National Bank.
- Monthly service charge does apply to a Repurchase Agreement Checking Account.
- Excess funds will automatically sweep between the two accounts to ensure Business Checking Account service charges are offset and interest is earned on finds in the Repurchase Agreement Account.