Business Banking

Are you a Business Owner seeking Cash Management Solutions at the Lowest Cost? Does your Company or Retail Chain need Flexible, Personal Service and Customized Banking Products for the Best Price? Let us serve you today…

Commercial Loans

We offer customized loan products to match the needs of our business customers: custom credit lines and financing, revolving credit lines, term loans and real estate (acquisition, construction, rehabilitation) loans. Please contact our Commercial Loan Department to discuss your needs at (202) 628-5500. You may also click on this link to print a Commercial Loan application.

Cash Management

Checking Accounts
Small Business Checking, Sweep and Zero Balance Accounts, Cash Management, Account Analysis: Your Tools to Maximize return on your money while Minimizing time & cost.

Small Business Checking
$2,000 monthly minimum balance means no monthly service charges or per-item fees. If you anticipate monthly volume of deposits and checks paid of 100 or fewer items, then this is the right option for you. For balances below the minimum, there is a $10 monthly maintenance fee.

Commercial Checking
This is the solution for businesses or organizations with larger monthly volumes. If you have 100 or more transactions, you get a full commercial checking account for a monthly service charge of just $10. And, with Account Analysis we can calculate the value of your average available balance and apply that earnings credit to offset the service charge.

Concentration & Sub-Account Feature
Set up one Concentration Account and as many Sub-Accounts as you want to service payroll, inventory—whatever suits you. With our automatic funding, you don’t have to monitor Sub-Account balances or make transfers. Each Sub-Account automatically draws from the Concentration Account for each check or debit, and excess funds will sweep back into the Concentration Account. You can customize each Sub Account to be funded with any dollar increment, and to maintain any target balance.

Sweep Investment Feature
Make money on your money. Each day, we can automatically sweep excess cash over your target balance into a Money Fund or Treasury Money Fund Investment Account (your choice). Each month, the earnings are automatically credited to your account. Investments in money market funds are not FDIC-insured and involve investment risk, including the possible loss of principal. Income is taxable. Ask your Branch Manager for a prospectus.

Commercial Interest Checking
Non-profit organizations and Sole Proprietors can get unlimited check writing with no monthly maintenance fee and receive a competitive rate of interest if you maintain a monthly balance of at least $2,000. For balances below the minimum, there is a $10 monthly maintenance fee. Interest is computed daily (so long as the balance is at least $1,000) and credited monthly.

Merchant Card Processing
We’ll help you accept and process MasterCard, Visa, Discover, American Express, Diners Club—even PIN-based Debit/ATM cards and gift cards!
• Card receipts credited to your account automatically.
• Get a separate, detailed report of card sales activity.
• Buy or lease a card swipe terminal from us, or let us seamlessly interface with your existing terminals.
• Process card sales via computer, telephone or cell phone, cash register/terminal or directly from your website.

Night Deposits
We’ll provide a key-lock bag; you bring the deposit to an Independence Federal Savings Bank branch and drop it in our safe, convenient and secure night depository. And if you’re a shop owner, run a restaurant or other cash-driven business and don’t want to keep that cash on the premises overnight, you can use the night deposit service without preparing a deposit, and we’ll keep your money safe for you until the next business day. Available at our 1229 Connecticut Ave NW office in Washington, and at our Maryland locations at 5530 Wisconsin Ave, Chevy Chase and 7901 Eastern Ave in Silver Spring.

On-Line & Tele-banking
Get 24-hour, 7 day a week access to account information.

Business Online Banking - Independence offers a full online banking cash management package for business customers, "Business Online Banking." We work individually with each business customer to tailor the package to your needs and to provide personalized training. Once your business is enrolled, you can access Business Online Banking by clicking here. To learn more about Business Online Banking call our main number at 202-628-5500 and ask to be connected to a Business Online Banking professional.

Tele-Banking
All you need is your Personal Identification Number and a touch-tone telephone. Check rates and balances. Transfer funds (limits may apply ). Call 1-888-922-6537 , follow the prompts and menu, and in an instant you’re connected!

Business Platinum Visa Card
The IFSB Business Visa is designed to give business organizations an efficient, cost effective way to handle business expenses such as travel and entertainment. You pay no annual fee, have complete online access, and Visa Extras Rewards. We offer flexible billing, by Employee, or one bill for the entire company. Other benefits include auto rental insurance, travel & emergency assistance, purchase security and extended protection, and automatic travel accident insurance.
Applications are available at your local IFSB branch office.

FEES FOR BUSINESS CUSTOMERS
Services:
Cashiers checks.................................................. $ 5
Check returned/NSF/overdraft............................ $30
Collections (domestic)........................................ $10
Copies (account records)................................... $5/page
Courier Services................................................... varies
Deposited check unpaid..................................... $10
Garnishments, Tax Levy...................................... $75
Merchant Card Services....................................... varies
Night deposit/lock bag set-up............................. $15
Online Banking...................................................... no charge
Research................................................................ $30/hour
Statement copies.................................................. $0.20/page
Stop payment......................................................... $29
Tele-Banking/24-hour Access Line.................... no charge
Wire Transfer
• Incoming............................... $10
• Outgoing, domestic............ $25
• Outgoing, international....... $50
Cash Management:
• Concentration & Sub-accounts set-up....... $25
• Concentration & Sub-accounts monthly.... $10
• Sweep Investment set-up............................. $75
• Sweep Investment monthly.......................... $25
• checks/debits paid......................................... $.10
• deposits........................................................... $.15
• withdrawals..................................................... $.25
Many of our fees can be “soft” charges to Account Analysis; consult one of our Business Banking Professionals.