International Bank of Commerce (IBC) is a subsidiary of International Bancshares Corporation that has its headquarters and had its historical beginning in Laredo, Texas. One of the largest banks in the big state of Texas, it ranks 83rd in assets nationwide, but all of its branches are within only two states: Texas and Oklahoma. It was founded in 1966 with less than one million dollars in capital but now owns assets valued at some 12 billion dollars.
Services
IBC began with a strong emphasis on helping small businesses succeed and still maintains that goal, but it has since branched out to cover personal accounts and other areas of service as well.
Business Accounts
Business Checking: IBC offers a basic Great Value business checking account designed to meet the needs of small businesses and other organizations. A business Visa debit card is included along with a business line of credit. An interest-bearing option also exists for small businesses. Both business checking accounts are in many ways mirrored by their personal account counterparts, though certain details differ that make these a much better fit for businesses.
Business Savings: A $100 deposit can open this account, and the three dollar fee can be avoided by maintaining an average collected balance of $1,500 or a daily balance of $500. There is also an interest bearing business savings account that may work well for some businesses with extremely large cash flows.
Personal Accounts
Personal Checking: A free checking account can be opened for only $50, and other checking options for a $100 deposit. IBC personal checking comes with free online banking and bill pay, ATM and debit card use, access to automated voice-operated banking through telephone, and an introductory set of 50 free checks. By adding a “Do More Package” for $5.00 a month one can enjoy extra benefits like travel discounts and accidental death insurance. The next step up from free checking is Great Value checking which requires a $3,000 balance to avoid the nearly $7.00 fee. Interest bearing checking accounts, Money Market and NOW accounts, and more are also offered. Those 50 and over can take advantage of the Elite Checking NOW account and its competitive interest rates.
Personal Savings: Those under 18 can enjoy a free savings account, otherwise a minimum daily balance of $500 or collected balance of $1,500 is needed to avoid a fee. Savings accounts are accepted as collateral on loans, direct deposit is available, and CD’s and IRA’s lie at the high end of the IBC savings spectrum.
Other Types of Accounts and Services
IBC offers many international accounts; home loans; auto, life, health, commercial and other varieties of insurance; and a number of investment accounts for both individuals and businesses. Personal investments offered include: stocks, bonds, annuities, mutual funds, and more. Business investment options at IBC often help create good retirement and employee benefit packages such as 401K’s, Profit Sharing, Pension Plans for OK businesses, and SEP or Simple IRA’s.
Pros and cons
IBC offers a wide spectrum of services to cater to both business and individual needs. They do seem somewhat stronger on the business accounts with which they began originally, but their provision of totally free checking is a major plus. Business investment programs are a strong point, but unfortunately a few of the programs only exist in Oklahoma. Overall we can say that IBC is at least on a par with the competition in most areas, and perhaps a leg up in the business account sector.
Online Banking
IBC already has free online banking and bill pay but is currently upgrading the whole system to allow its clients to bank anywhere, anytime, from any web-connected device. A browser update will need to be done by customers, but the end results should be worth it.
Locations
The 217 locations in 88 towns across Texas and Oklahoma and the 315 ATM’s can be looked up at the IBC website’s Branch Locator.
Banking Hours
Each location varies somewhat in hours of operation and the exact hours can be found with the Branch Locator, though the following is somewhat typical:
- Monday through Friday- 9:00 a.m. to 5:00 p.m.
- Saturday- 9:00 a.m. to 3:00 p.m.
- Sunday- closed
Customer Service Phone Numbers
Each branch has its own customer service numbers, but HQ location in Laredo has two numbers: (956) 722-7611 for Monday through Friday; (956)726-6630 for Saturday.
