Business Banking
Flexible, Personal Service and Customized Banking Products for Business Owners at the Lowest Cost!
Checking Accounts
Small Business Checking
$2,000 monthly minimum balance means no monthly service charges or per-item fees. If you anticipate a monthly volume of deposits and checks paid of 200 or fewer items, then this is the right option for you. For balances which fall below the required minimum, there is a $15 monthly maintenance fee. FDIC insurance coverage is currently unlimited since this is a non-interest bearing transaction account.
Business Checking
This is the solution for businesses or organizations with larger monthly volumes. If you have 200 or more transactions you get a full commercial checking account for a monthly service charge of just $15. With Account Analysis we can calculate the value of your average available balance and apply that earnings credit to offset the service charge. FDIC insurance coverage is currently unlimited since this is a non-interest bearing transaction account.
Commercial NOW Checking - NEW
Effective July 21, 2011, any business (not just Non-Profits and Sole Proprietors) can get a competitive rate of interest. A low minimum of $500 is required to open and earn interest. A daily balance of $1,500 is needed to avoid a monthly maintenance fee of $12. Other fees (shown below under “SERVICE FEES FOR BUSINESS CUSTOMERS”) apply. Interest is accrued daily and credited monthly. This account provides up to $250,000 of FDIC insurance coverage.
Merchant Services - Debit and Credit Card Processing
Through our partner WorldPay™ IFSB makes it easier and less expensive for you to accept credit cards, debit cards, and electronic checks through your retail store, web site and phone center. Switching to our merchant card processing is easy. Call today to see how you can save money and receive better Merchant service.
Night Deposits
We will provide a key-lock bag to allow you to bring the deposit to an Independence Federal Savings Bank branch and drop it in our safe or convenient and secure night depository. If you are a shop owner, run a restaurant or other cash driven business and do not want to keep cash on the premises overnight, you can use the night deposit service. We will keep your money safe for you until the next business day. This service is available at our 1301 9th St. NW office in Washington, DC and our Maryland location at 7901 Eastern Ave. in Silver Spring.
On-Line Banking
Get 24-hour, 7 day a week access to account information.
Tele-Banking
All you need is your Personal Identification Number and a touch-tone telephone to check balances or transfer funds (limits may apply). Call 1-800-561-6829, follow the menu prompts and in an instant you're connected!
SERVICE FEES FOR BUSINESS CUSTOMERS
Cashiers Checks........................................................$8.00
NSF/Overdraft Item - returned or paid........................$35.00
Uncollected and overdraft penalty fee………............Prime + 4%
(Begins business day after overdraft occurs)
Statement Copies......................................................$5.00
Courier Services....................................................Variable
Returned Deposited Item.........................................$10.00
Wage Garnishments & Tax Levy.............................$100.00
Online Banking..................................................No Charge
Research........................................................$35.00/Hour
Copy of check, deposit, etc................................$5.00 each
Stop Payment.........................................................$32.00
Tele-Banking/24-Hour Access Line......................No Charge
Wire Transfers
• Incoming............................$15.00
• Outgoing Domestic............. $25.00
• Outgoing International.........$45.00
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