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!
Cash Management
Checking Accounts
Small Business Checking, Sweep and Zero Balance Accounts, Cash Management and Account Analysis are your tools to maximize return on your money while minimizing time and cost.
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 100 or fewer items, then this is the right option for you. For balances which fall below the required 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. 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 or 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 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. Contact 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 maintaining a monthly balance of at least $2,000. For balances which fall below the required 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, PIN based Debit/ATM 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 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 without preparing a deposit. 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 & Tele-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 rates, balances or to 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
Returned Check/NSF/Overdraft.........................$35.00
Domestic Collections..........................................$10.00
Account Record Copies.........................................$5.00/Page
Courier Services.................................................Variable
Unpaid Check Deposits.......................................$10.00
Wage Garnishments & Tax Levy.......................$100.00
Merchant Card Services.....................................Variable
Night Deposit/Lock Bag Set-Up..........................$15.00
Online Banking................................................No Charge
Research................................................................$35.00/Hour
Statement Copies.....................................................$3.00
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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