Business Checking, Savings, & Money Market Account Changes
With awards of excellence for business banking and treasury services, TowneBank offers a robust line of products and services to meet your unique needs. Whether your business is large or small, we have the perfect package of financial services to assist in your company’s success. We have taken the utmost care to select TowneBank products that align closely with the account(s) you hold at Farmers Bank. Please review the chart below that highlights your new business account.
Checking Accounts
| If you have this Farmers Bank Checking Account... | This will be your checking account at TowneBank. |
|---|---|
| Small Business Checking*^ | Value Classic |
| Non-Profit Appreciation | Community Partner Checking |
| Business Interest Checking* | Value Select |
| Mid-Size Business Checking Large Business Checking Professional Checking** | Value Classic Plus |
| Commercial Analysis | Value Solutions |
*Value Classic and Value Select both have a $20 maintenance fee if the $3,000 minimum daily balance requirement is not met. TowneBank will waive this maintenance fee for Farmers Bank account holders for the first full year.
^Nonprofit organizations with a confirmed 501(c)3 status that are in a Farmers Bank Small Business Checking account will transition to a TowneBank Community Partner checking account.
**Bankers will contact Professional Checking account holders directly to determine if the right account for you based on your monthly activity and cash management needs. We are pleased to introduce our Legal Partners program for title companies and law practices and our Healthcare Partners program for physicians, dentists, veterinarians, and other healthcare practitioners.
Savings & Money Market Accounts
| If you have this Farmers Bank Savings or Money Market Account... | This will be your savings or money market account at TowneBank. |
|---|---|
| Business Savings | Cashflow Saver |
| Business Money Market* | Cashflow Investor Cashflow Market Master |
*Your money market account balance at Farmers Bank determined your new account type at TowneBank. Accounts with balances below $10,000 will move to a Cashflow Investor account. Accounts with balances $10,000 or greater will move into a Cashflow Market Master Account.
Frequently Asked Questions
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Great news! All active personal and business checking, money market, and savings account numbers will remain unchanged. A small number of active CD/IRA account numbers will change. Those new numbers will be provided on your maturity notices. For your convenience, we will have the ability to reference your former account number at any time.
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You can continue to use your Farmers Bank checks, deposit tickets, and money market documents through December 31, 2023. You should have received a coupon in the mailed booklet we sent to you in March for your first order of business checks and free money market documents.
For your convenience, we will provide a complimentary order of personal checks and offer up to $125 for your first order of business checks with the TowneBank routing number and your account number. Ask your banker for details. -
All Farmers Bank customers will transition to the TowneBank Business Online Banking system on April 17, 2023. However, we will have a preview period that will begin on April 3, 2023 that will allow your company admins to explore the TowneBank Business Online Banking system and set up users before April 17.
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On January 13, 2023, Farmers Bank became a division of TowneBank, and the two banks became a single deposit institution under the FDIC. To provide a grace period for depositors, the FDIC permits separate insurance coverage for six months following mergers. After that time, deposits held under each trade name - Farmers Bank and TowneBank - will not be separately insured but will be combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit. Talk to your banker about coverage if you have deposits at Farmers Bank and TowneBank.
You can find detailed information about FDIC coverage changes here. -
Yes. If you have any automatic debits tied to your Farmers Bank Debit Card (like gym memberships, toll passes, etc.) it's important that you provide your NEW TowneBank Debit Card number to these specific merchants so that your payments will continue as before.