Thursday, August 16, 2012

International Bank Of Commerce - Ibc

The International Bank of Commerce (IBC) was founded in Laredo, TX in 1966. The purpose of this new bank was to meet the financial needs of small businesses located throughout Texas, and has grown to become the largest holding company in Texas. Assets have soared to over billion, and customers of IBC enjoy the convenience of nearly 400 ATMs and over 200 branches scattered throughout Texas and Oklahoma.

The employees of IBC are encouraged to strive for customer excellence and satisfaction within the bank, but to also strengthen their communities through volunteer work. IBC's motto is to "Do More" for their customers and neighboring families by investing time into arts, education, medical research, and supporting charitable organizations. IBC has received numerous awards over the years commending their community efforts. These awards include the Governor's Volunteer Award in 2001, the Cornerstone Award from the Texas Banker's Association in 2005 and numerous recognitions from United Way with the Corporate Excellence Award.


IBC caters to its customers by providing free online banking twenty-four hours a day. Options available with this online service include viewing and printing account balances, using BillPay to pay bills online without worrying about postage, and creating a budget plan. Customers can also order checks online and feel secure knowing their confidentiality is protected using advanced encryption technology and firewalls. Each customer account requires a correct user ID and password. Failure to provide a correct ID and password after three attempts will result in the system refusing access until an IBC representative is contacted to reset the required information.

IBC offers a wide range of services for its customers ranging from traditional personal and business banking to international banking. Each of these services offers online banking with checking and savings options that include an ATM Check Card to make purchases wherever MasterCard is accepted. Customers can also choose a traditional ATM card to withdraw funds and make transfers without penalty at any of IBC's machines. Additionally, international banking through IBC offers customers foreign currency exchange, letters of credit, and wire transfers.


The international checking and savings accounts offered by IBC are not for everyone. There are many options to choose from, and it is important to become familiar with the required deposit and daily balance amounts to avoid paying penalties. A RITE checking account only requires 0 to open, but the customer must maintain an average balance of ,000 per month to avoid a .95 service charge. The first fifty debits from this account are free, and each debit over fifty incurs a .15 charge. A regular checking account only requires a minimum average balance of ,500 each month to avoid an .95 service charge. While the monthly balance is less with this account, each debit incurs a .21 charge. Neither of these accounts will accumulate interest.


IBC also offers international checking accounts with earned interest. The checking account options for interest checking are the IBC Connection, Check 'N Save, Check 'N Save Plus, IBC Elite Checking, and IBC Elite Advantage. Each of these accounts offers free services such as online banking, a check card, and earned interest.

The accounts differ in the minimum required daily/monthly balances and fees associated with failing to meet this minimum balance. Each of these accounts charges a .25 fee for making debits. The Elite checking account charges a .00 monthly fee if the customer fails to maintain a ,000 minimum balance.

The Check 'N Save account requires an average balance of ,000 to avoid the monthly .95 service charge. The Check 'N Save Plus account requires a ,000 average monthly balance to avoid paying a .95 service charge, and a minimum of ,500 daily balance to accrue interest.

The Elite Advantage Account requires a minimum daily balance of ,000 to earn interest, and an average balance of ,000 to avoid paying a .00 service charge. In order to open an Elite Advantage account the customer must also have an Elite Checking Account.

Probably the most comprehensive and beneficial interest checking account offered by IBC is the Elite Checking account. This account is only available to persons over the age of fifty and offers more options than traditional checking accounts. With an Elite account customers must only maintain an average balance of ,500 to avoid the .00 service fee, and a daily balance of 0 to earn interest. With this account customers also receive pharmacy service discounts, a nationwide discount book, 24-hour travel reservation services, emergency cash advances, and a 0,000 common carrier accidental death insurance coverage.


An international savings account with IBC is subject to rules that may differ from traditional bank policies. With this savings account customers are only allowed two free withdrawals per month and are charged .00 for each withdrawal afterwards. Customers must only maintain a minimum average balance of ,500 to avoid the .00 service charge, and a daily balance of 0 to earn interest. This account also offers direct deposit and an ATM card, which enables customers to transfer funds and make deposits at any of IBC's machine locations.


IBC also offers international investing options for its customers. Options available through IBC include Certificates of Deposit (which are FDIC insured), Mutual Funds, and Annuities. It is important to keep in mind that investments such as Mutual Funds and Annuities are not federally insured and may go down in value.

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