Wachovia offers a number of checking/savings account options specifically designed for municipal, state, and federal government entities.
The following chart can help you select the type of account best suited for your organization's needs.
Deposit Product
Government Checking
Most suitable for: Moderate to large municipal, state, or federal government entities that need a complete offering of cash management services
Transactions per month (checks, deposits, ATM, ACH): Unlimited
Interest features: Earnings credit designed to offset all or part of monthly service charges
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
Government Interest Checking
Most suitable for: Larger municipal, state or Federal government entities that need cash management services
FrTransactions per month (checks, deposits, ATM, ACH):Unlimited
Interest features: Competitive interest rate (no earnings credit is offered for this account)
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
Government Advantage Interest Checking
Most suitable for: Municipal, state, or federal government entities with high transaction activity each month
Transactions per month (checks, deposits, ATM, ACH):Unlimited
Interest features: Earnings credit designed to offset all or part of monthly service charges with a competitive interest rate on balances above those needed to offset monthly fees
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
Government High Performance Money Market1
Most suitable for: Government entities that want market rates for their short-term cash but need to maintain a high degree of liquidity
Transactions per month (checks, deposits, ATM, ACH): Six pre-authorized transfers (three checking); unlimited deposits and ATM transactions
Interest features: Tiered rates based on balance; compounded daily and credited monthly
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
Client Fund Manager for Public Funds
Most suitable for: Government entities that need to escrow funds
Transactions per month (checks, deposits, ATM, ACH): Unlimited on the master concentration account
Interest features: Tiered rates based on balances in each escrow account
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
Government Savings1
Most suitable for: Municipal, state, or federal government entities
Transactions per month (checks, deposits, ATM, ACH):Six pre-authorized transfers, or unlimited in-branch withdrawals
Interest features: Competitive interest rate, compounded daily and credited monthly
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
Government Time Deposits
Most suitable for: Government entities who want to maintain excess balances in FDIC-insured accounts
Transactions per month (checks, deposits, ATM, ACH): N/A
Interest features: Specific interest set at maturity—from seven days to over 60 months; may be paid to a transaction account or reinvested; early withdrawal penalties apply
Balance protection: Balances in excess of FDIC insurance coverage are collateralized according to state and federal law
* Federal regulations limit third-party transactions or pre-authorized transfers (including overdraft transfers) or transfers made by personal computer or telephone to six per month, no more than three of which can be made by check draft or check card. A fee may be imposed for exceeding this limit. If this limitation is exceeded on a regular basis, we may be required to close and/or convert your account to another account type.