Amboy Direct
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eSavings

 

Account Details

Business Maximizer is a special money market savings account for businesses that offers the highest rate of interest on larger balances without tying your money up. Maximizer offers convenient access to move money between your business checking account and your Business Maximizer account. With Business Money Market Maximizer, you take maximum advantage of your balances without changing your commercial banking relationship.

 

What is a Business Money Market Maximizer Account?

  • Pays monthly interest at a competitive variable money market interest rate
  • Minimum initial deposit is $100. Balances over $5,000 earn interest.
  • Maintains a link between your commercial checking account and Business Maximizer account
  • Guarantees your balances with FDIC Insurance
  • Allows 24-hour access to transfer money between your accounts
  • Offers optional Same-Day Transfer an alternative way to speed up access to your funds
  • Limited to New Jersey businesses - proprietorships, partnerships and corporations (profit and non-profit).
 

Corporations Opening a Business Money Market Maximizer

  • Available to both profit and non-profit corporations
  • You can open an account online or by mail.
  • The individual opening the account on behalf of the corporation must be at least 18 years old, a U. S. citizen and have a valid social security number. .
  • A Business Employer Identification Number (EIN) must be provided.
  • A minimum initial deposit of at least $100 is required. Once your account is established, there are no monthly balance requirements and your funds are always available online. Interest is paid when balances are over $5,000.
  • Account must be opened with an initial deposit from a business account with check writing privileges. Checks "made payable through" another bank name listed cannot be used to make your initial deposit.
  • Your initial deposit will begin to accrue interest 1 business day after the deposit is made and will be available for withdrawal after 7 business days. After the initial 30 days, funds that have been on deposit for more than 5 business days may be withdrawn.
  • After you submit your application, Amboy Direct will automatically send two small deposits to your commercial checking account. You will need to verify these transactions by contacting your bank to identify their amounts. Your initial login to Amboy Direct will require you to enter the amounts before you can access your account. These deposits are free and are sent as a fraud protection measure.
  • The initial deposit will be withdrawn from your linked account within 1-3 business days from account opening. Transfer capabilities will be available after verification is complete.
  • After receiving your application, our customer service representatives will contact you to provide additional business identification such as a copy of business license, DBA certificate, or sales tax licenses - usually faxed to us.
 

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Sole Proprietors and General Partnerships Opening a Business Money Market Maximizer

  • You can only open an account by mail.
  • Click on the "Apply Now" button and follow the link for a "Mail-In" Application form.
  • Send completed application with a check for the initial deposit to Amboy Direct, 3590 US Highway 9, Old Bridge, NJ 08857
  • Include a copy of business license, DBA certificate, or sales tax licenses.
  • The individual opening the account on behalf of the business must be at least 18 years old, a U. S. citizen and have a valid social security number. .
  • Include a Business Employer Identification Number (EIN) if available, otherwise the SSN number will be used..
  • A minimum initial deposit of at least $100 is required. Once your account is established, there are no monthly balance requirements and your funds are always available online. Interest is paid when balances are over $5,000.
  • Account must be opened with an initial deposit from a checking account with check writing privileges. Checks "made payable through" another bank name listed cannot be used to make your initial deposit.
 

Using Your Amboy Direct Account

Amboy Direct makes banking easy while earning more on your savings balances. You have access to your funds 24/7 by logging into www.amboydirect.com or calling Amboy 24 at 1 877-22-AMBOY. Here are some features of Maximizer:

  • Accounts are automatically linked to the checking account used to open the account allowing you to make deposits or withdrawals by transferring Bank-to-Bank between these accounts.
  • Account information can be accessed 24/7 by logging into www.amboydirect.com or calling Amboy 24 at 1 877-22-AMBOY.
  • Deposits will begin to accrue interest 1 business day after the deposit is made and will be available for withdrawal after 5 business days. Every day is a business day, except Saturdays, Sundays and Federal Holidays.
  • Electronic transfers to your non Amboy checking are free and will generally be at your bank within 2-3 business days.
  • There are no charges for transfers. However, Federal Regulation D, which banks must comply with, limits preauthorized transfers from the account to six per month. A $25 fee will be charged for each transfer over 6.
  • Amboy Direct Service Consultants are available by phone 8:30 - 7:00 Mon. - Thurs, 8:30 - 5:00 Fri., 9:00 - 1:00 Sat. EST You may also contact us via email.
  • Quarterly statements are sent electronically via email and are secured with your personal password.
  • The account balance limit is $250,000 per client.
  • Amboy Direct does not generally charge fees. Fees may apply for optional services, such as Same-Day Transfers. Fees may be charged by your existing bank.
  • Rates are subject to change daily unless otherwise guaranteed by special offer.
  • There are no branch transactions available for this account.
 

FDIC Insurance

Sole Proprietor Accounts Coverage
Accounts listed under a sole proprietor name are covered as just another account for that individual. FDIC coverage insures up to $250,000 per depositor. Individual and joint accounts are insured separately. If you have both types of accounts, your total deposits can be insured up to $500,000 - that is, up to $250,000 in all of your individual accounts and an additional $250,000 in all of your joint accounts.

Corporation Accounts Coverage
FDIC insurance for a corporation is limited to $250,000 collectively for all accounts held at the bank.

 

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