IBC Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
IBC Bank (formerly International Bank of Commerce) is a great choice for businesses that need in-person banking in Texas and Oklahoma. It has two checking accounts: one for those with a low monthly transaction volume and one for companies that can maintain a high investable balance.
It also offers two interest-bearing money market accounts. Besides that, it provides a free debit card, online and mobile banking access, savings accounts, lending products, payroll cards, credit cards, various insurance products, and investment services.
IBC Bank is a Federal Deposit Insurance Corp. (FDIC)-insured traditional bank. It has more than 180 branches and more than 280 ATMs around 88 Texas and Oklahoma cities, including Laredo, Houston, San Antonio, Corpus Christi, McAllen, Oklahoma City, Tulsa, Lawton, Austin, Port Lavaca, Eagle Pass, Brownsville, Zapata, and Dallas.
Pros
- No monthly maintenance fee for Biz Rite Checking
- 250 free monthly transactions for Biz Rite Checking
- Full range of business products, from money market accounts and business savings to certificates of deposit (CDs), small business loans, and commercial loans
Cons
- Limited branches (only in Texas and Oklahoma)
- No free wires
- $100 opening deposit
How IBC Bank Stacks Up With Its Competitors
Monthly Service Fees | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Fees | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
 Biz Rite Checking | None | 250 items, then 50 cents per item | $3,000 free, then 8 cents per $100 | $100 | |
 Business Advantage Fundamentals Banking | $16; waivable | 200 items, then 45 cents per item | $7,500 free, then 30 cents per $100 | $100 | |
 Silver Business Checking | N/A | 125, then 50 cents per item | $2,500 free or 25 free cash transactions per statement cycle | None at U.S. Bank and MoneyPass ATMs | $100 |
When IBC Bank Is a Good Fit
- You’re a small business owner or nonprofit that wants to save on monthly fees: Small businesses, clubs, and nonprofits can open a Biz Rite Checking account, which does not charge a monthly service fee.
- You have low or average monthly transactions: Opening a Biz Rite Checking provides up to 250 free monthly transactions and up to $3,000 in free cash deposits.
- You can maintain a higher balance and have many transactions: It waives the monthly service fees as well as other transaction fees, if the investable balance Investable balance is calculated by using the average balance less uncollected funds, less reserve requirement and a premium assessment factor. is sufficient and the account activity volume is met for its Commercial Checking account.
- You seek to generate interest from your checking account: You can choose between two interest-bearing accounts (Check ‘N Save Plus and Check ‘N Save Negotiable Order of Withdrawal accounts), both of which offer check writing privileges.
When IBC Bank Is Not a Good Fit
- You prefer in-person banking, and your business is based outside the bank’s service area: IBC Bank’s branches are only located in Texas and Oklahoma. Chase is worth considering, with more than 4,700 brick-and-mortar locations nationwide. Learn more about it in our review of Chase Business Checking, which details its different checking accounts to help you decide which suits your needs.
- You want to earn interest without maintaining any balances: IBC Bank’s interest-drawing business accounts require a minimum balance to earn interest. If an online account satisfies your needs, consider Bluevine. It provides up to 2.0% annual percentage yield (APY) for qualifying balances of up to $250,000 without requiring any maintaining balances. See our Bluevine Business Checking review to learn more about its fee-free features.
- You want to open multiple subaccounts: IBC Bank does not offer subaccount options. A good alternative is Relay, which offers up to 20 individual subaccounts with individual account numbers to help organize finances better. Besides that, the latter offers no incoming and low outgoing wire fees under its standard free account while IBC Bank does not waive its wire transfer fees. Check out our review of Relay Business Checking to learn how it helps streamline your business operations.
Check out our top-recommended small business checking accounts for additional options.
IBC Bank Business Checking Overview
IBC Bank Business Checking Requirements
You can visit an IBC Bank branch to open a business checking account. Check its website to find one nearest you and speak with a representative to find out what documents to prepare.
Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of commonly required documents.
IBC Bank Business Checking Features
Scalable Business Checking Accounts
IBC Bank provides two business checking accounts:
- Biz Rite Checking: This is ideal for small businesses with a low number of transactions but is also suitable for clubs and nonprofits that make 250 or fewer transactions each month. Depositing up to $3,000 monthly cash deposits is free and costs 8 cents per $100 beyond the limit. Besides that, this account does not charge a monthly service fee.
- Commercial Checking: Designed for companies with more transactions, this account has a $19.50 service fee that can be waived when the investable balance Investable balance is calculated by using the average balance less uncollected funds, less reserve requirement and a premium assessment factor. sufficiently covers the cost of services provided. The service charge for this account depends on the investable balance, earnings credit, and the volume of transactions.
Online and Mobile Banking
IBC Bank’s online banking services allow you to:
- View and print the balance and transaction history
- Access free e-statements for up to 18 months
- Transfer funds between IBC deposit accounts
- Set up future or recurring money transfers
- Use Bill Pay with enhanced features
- Export the account history to popular accounting software
- Reorder checks online
- Send secure messages to IBC Bank
Customers can deposit checks through their mobile devices by downloading IBC Bank’s mobile banking app. On the App Store1, IBC Bank’s mobile banking app scored 4.6 out of 5 stars from around 10,800 reviews while it got 4.6 out of 5 from about 13,100 reviews on Google Play2.
Reviewers said that the app is decent. It is easy to use, is accurate in providing information, notices, and updates, and only has minor glitches. Users also mentioned that the site is secure. However, some reported that performing account transfers between IBC accounts is difficult and that customers have to rely on doing transfers using other third-party apps. Others also mention that the balance does not update immediately after using a debit card.
IBC Voice
Through IBC Voice, the automated phone banking system, you can easily access your account information. Just dial the IBC Voice line and enter your PIN to inquire about your balance, transfer funds, check on transactions, and reorder new checks.
Other IBC Bank Business Products
The bank offers two business account options for those seeking to earn interest. IBC Bank refers to them as interest-bearing checking accounts—but they fall under the money market account category with greater limitations than standard checking accounts:
- Check ‘N Save Plus: This money market account suits businesses with high balances and limited check-writing needs. It provides premium rates and requires a $2,500 minimum balance to generate interest. Its $10 monthly service fee is waived by meeting an average balance of $5,000. A limit of six third-party checks written on money market accounts per statement cycle is imposed. Beyond this, a $10 fee is charged per check, no matter what the minimum daily balance. Interest earnings can also be forfeited.
- Check ‘N Save Negotiable Order of Withdrawal (N.O.W.): Businesses with higher balances and unlimited check-writing needs can benefit from this account. It’s restricted to sole proprietorships, nonprofits, and certain entities. It requires an average balance of $3,000 to waive the $10.95 monthly service fee. You need to meet a $1,500 minimum daily balance or a $3,000 average investable balance within the statement cycle to start earning interest.
For a minimum deposit of $100, you can open this account and earn a variable interest rate. The interest is compounded and paid quarterly. You need to maintain a $500 daily balance to earn an APY. Its $5 monthly service fee is also waived by keeping a $500 daily balance or $1,500 average balance.
Opening a CD with IBC Bank requires an initial deposit of $2,500. If you choose a term below 90 days, you need a minimum deposit of $70,000. Its term periods can range from 30 days to four years, and the account renews automatically after the maturity date. Contact one of its representatives or visit a branch to learn more about its rates and terms.
IBC Bank offers a payroll card where employers can load their staff’s wages automatically every pay period as an alternative to issuing paychecks. These can be ordered online and allow business owners to avoid paper check expenses.
See our guide on payroll cards to learn more about how they work, the regulations, and the pros and cons of using them.
- Business Edition® Visa® Card with Reward Simplicity: This offers unlimited rewards, a low introductory rate, and a bonus offer, as well as no annual fees.
- Business Edition® Secured Visa® Card: This allows business owners to request a credit limit between $2,000 and $100,000. The application is subject to approval and has an annual fee of $39.
- Revolving lines of credit: You can apply for this IBC Bank loan to support inventory purchases and business expenses through secured and unsecured lines from $5,000 to $100,000. You can access funds through convenient checks and pay interest only on advance funds.
- Term loans secured by business assets: For business equipment purchases, company vehicles, real estate, or to pay off consolidated debt, you can get a term loan financing solution with fixed rates. Loans can range from $5,000 to $100,000. Maturity periods can reach up to five years, with longer amortization periods.
- Term loans secured by real estate: To purchase owner-occupied business properties, acquire land, or refinance business debt, you can apply for a loan ranging from $5,000 to $100,000 at fixed rates and flexible terms. Loans can mature up to five years, and available amortization periods are 5, 10, and 15 years.
Learn about what a business line of credit is and how it works. Our article also covers who should consider it, its pros and cons, and how to choose one.
- Commercial and industrial loans
- Loans secured with company assets
- Loans secured with real estate
- Revolving lines of credit
- Property insurance
- General liability insurance
- Workers’ compensation
- Business auto insurance
- Garage insurance
- Surety bonds
- Medicare supplement insurance
- Business credit insurance
- Environmental insurance
- Individual life and health insurance
- Group benefits insurance
- Dental insurance
- Disability insurance
- Vision
You may be interested in our small business insurance guide—we give an overview of coverages and costs.
- 401 (k) plans
- Simplified employee pension individual retirement accounts (SEP-IRAs)
- Simple IRAs
- Profit-sharing plans
- Pension plans
- Direct deposit
- Direct debit
- Wire transfers
- Positive pay (fraud prevention service)
- Zero balance accounts
- Lockbox service
- Balance reporting
- User access control
IBC Business Checking Reviews From Users
As of this writing, there are no IBC business checking reviews online. On WalletHub3, the bank has a rating of 1.7 out of 5 stars from about 45 reviews. Most complaints were about poor customer service. Other users stated that their account balances don’t match and that their cards are locked regularly without notice for suspected fraud, making it inconvenient. Some also reported having difficulty with the bank’s money transfer system.
Bottom Line
IBC Bank’s business checking accounts support small businesses and larger companies. No monthly fees are charged under Biz Rite Checking, while Commercial Checking also offers a monthly fee waiver depending on the account balance. Businesses in Texas and Oklahoma also have access to robust business bank products and services, from savings and CD accounts to various loans, insurance products, investment services, and treasury management services.
User review resources:
1App Store
2Google Play
3WalletHub
