IBC wants to ensure that all of its banking customers have convenient
and reliable access to a wide range of banking products, as
well as the opportunity to reach their financial objectives
- whether it be a start a business, purchase a home or open
a checking or savings account.
Indeed, many of the residents and business owners with whom
IBC does business have had limited access to full service
financial institutions, and have conducted a majority of their
financial transactions at currency exchanges, pay-day loan
centers and money shops, often paying exorbitant check cashing
fees and interest rates.
The communities that IBC serves have high minority, immigrant
and refugee populations, and many of the residents and business
owners face a variety of challenges including poor credit
histories, a lack of financial resources and insufficient
knowledge of financial issues. International Bank of Chicago
has attempted to respond to the many needs of these individuals
by providing safe and affordable financial products, offering
valuable financial seminars, helping to prevent predatory
lending and re-investing capital into the community in order
to build sustainable and self-sufficient neighborhoods.
| Regular Checking |
Minimum Opening Deposit of $500 Required
|
| No Monthly Service Charge with $500 Minimum
Balance |
Free Direct Deposit
|
| Free First Order of Paper Checks |
| NOW Accounts |
Minimum Opening Deposit of $1,000 Required
|
| No Monthly Service Charge with $1,000 Minimum
Balance |
Free Direct Deposit
|
| Free First Order of Paper Checks |
| IBC Accounts |
Minimum Opening Deposit of $5,000 Required
|
| No Monthly Service Charge with $5,000 Minimum
Balance |
Free Direct Deposit
|
| Free First Order of Paper Checks |
| IBC Debit Card |
| Savings Account |
Minimum Opening Deposit of $200 Required
|
| No Monthly Service Charge with $200 Minimum
Balance |
Free Direct Deposit
|
| Limited to 3 Withdrawals per month |
| Money Market |
Minimum Opening Deposit of $2,500 Required
|
| No Monthly Service Charge with $2,500 Minimum
Balance |
Free Direct Deposit
|
| Free First Order of Paper Checks |
| Overdraft Protection-When
Linked to Another Account |
| Limited to 6 transfers per settlement cycle
with no more than 3 by check |
| Certificate of Deposit |
Minimum Opening Deposit of $10,000 Required
|
Rates
| Business Checking |
Minimum Opening Deposit of $1000 Required
|
Free Direct Deposit
|
| Free First Order of Paper
Checks (50 Checks/40 Deposit Slips) |
| Lock Box Service Available |
International Bank of Chicago offers many different types of
loans to its residential and commercial customers. These include
SBA and state loans to small, minority-owned start-up businesses,
as well as consumer, construction, first-time home buyer, commercial
drafts, commercial loans and commercial real estate loans.
One of International Bank of Chicago's primary goals is to promote
small business development. To achieve this goal, the bank has
created a comprehensive lending process. This strategy combines
affordable small business loans with the technical expertise
needed to establish and maintain viable businesses. Because
the IBC customer base consists of individuals who speak a variety
of languages, IBC lenders speak with applicants and borrowers
in their native languages, whenever possible. IBC has originated
nearly 200 business and 115 residential loans over the past
three years. The bank is especially proud of the fact that many
of these loans were made to low and moderate-income minority
entrepreneurs and other individuals who required small personal
loans because of unanticipated circumstances. For example .
. . <Read More>
Check processing and collection services for corporate and government
associates.
These are low-cost electronic transfer accounts. IBC customers
can have their Social Security checks, veteran's benefits and
other federal monies automatically deposited into their checking
or savings accounts.
<Read More about ETA's>
These seminars, which are given for area residents and business
owners, are offered in a variety of languages. Subjects covered
include predatory lending, basic facts about checking and savings
accounts and the various types of loans that the bank offers.
| A Modern Online
Banking Service |
This service enables bank customers, either at home or at their
businesses, to quickly download up-to-date information about
their banking transactions. They may also transfer funds to
another account, stop payment on a check and change PIN and
other confidential account information.
International Bank of Chicago is committed to installing computer
terminals in all of its lobbies by the end of 2002. Customers
will then be able to easily access their accounts and learn
about the many banking products and services that IBC offers.
|
