Business Checking Accounts
We offer a variety of business checking accounts designed to fit your business needs.
Business Checking account options include:
- FREE Business Debit Mastercard®
- Access to thousands of FREE Star® ATMs
- Online banking and bill pay
- Mobile banking and automatic alerts
- Positive Pay fraud detection
- I-CaptureSM Remote Deposit
Business Money Market Accounts
Earn a competitive interest rate while maintaining liquidity.
Business Money Market Accounts include:
- Competitive interest rates
- Easy access to funds*
- Online and Mobile banking
- Option to write checks directly from your account
*Transaction limits apply. Federal regulations limit money money account transfers or withdrawals.
We provide the means for our commercial customers to do more business internationally. Using Verve’s International Payments system is now easier than ever.
Why: Using foreign exchange means better terms with suppliers and customers.
How: Call a foreign exchange coordinator 312-491-7139 (Ivy Huang) or 312-491-7143 (Karen Garcia) to get funds priced immediately at the best market prices. We are online throughout the business day to get you a firm quotation with any common foreign currency.
When: Foreign currency wires are available immediately during regular weekday banking hours. Foreign currency drafts are available by overnight delivery.
Confirm Payment: On outgoing international wires we can set up a firm confirmation response to assure you that the recipient received payment.
INTERNATIONAL WIRE TRANSFERS
Verve, a Credit Union, National Association is a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT) for secure interbank financial message services.
With SWIFT, it’s faster and easier to use our cost effective international wire transfers. Here’s how:
For incoming international wires in U.S. dollars, simply provide your overseas customer with the following three (3) lines:
1. BIC SWIFT Code for our bank: SCENUS44
2. Business or other Name of the account
3. Verve account number
For outgoing international wires in U.S. dollars or any common foreign currency call:
- Ivy Huang: 312-491-7139
- Karen Garcia: 312-491-7143
We will need the name of the company or person receiving the wire, their account number, the name of their bank, address of the bank branch, and that bank’s SWIFT code or BIC code.
Commercial Term Loans
Term loans provide a way for businesses to plan for long-term growth. They can help provide funding for equipment, assets or improvements to keep up with your growing business. Types of loans available include:
- Commercial Real Estate Loans
- Multi-family and Rental Property Loans
- Equipment and Vehicle Loans
- Business Buyout Loans
Commercial Lines of Credit
Lines of credit provide businesses with a great way to take advantage of opportunities when they arise or to assist with fluctuations in cash flow. They are typically repaid from your business’ receivables or cash flow. A revolving line of credit lets your business borrow, repay, and borrow again up to the original amount committed by us throughout the life of the loan.
The U.S. Small Business Administration (SBA) recognizes that conventional loans may not offer many small business owners access to the capital they need to keep their businesses strong and help them grow. Therefore, the SBA has developed a number of financial programs for small businesses, and partners with financial institutions like Verve to provide them to you—the small business owner—at the local level. The SBA’s government-guaranteed programs offer qualified borrowers more flexibility, so you can improve and invest in your business.
Compare our Checking Accounts
|This account is designed for you if…||Minimum Daily Balance||Monthly Maintenance Fee||Annual Percentage Yield|
|Beyond Free Checking||You do not want to maintain a minimum balance on your account||$0||None||None|
|Beyond Interest Checking||You want to earn dividends on your checking account.||$500||$5.00 if balance falls below $500||Variable dividend rate and APY on balances $1,000 and greater|
|Digital Banking Plus||You want to earn cash back on all digital transactions and earn a higher dividend rate.||$0||None||Variable dividend rate and APY on balances $10,000 and greater|
All Checking accounts include:
- FREE transactions at thousands of Star® surcharge-free ATMs.
- FREE Debit MasterCard
- FREE Online Banking and Bill Pay
- FREE Safe Deposit Box
- FREE Check Printing
- Automated transfers to and from your deposit accounts within Verve.
- E-mail alerts for low balance or overdrafts.
Digital Banking Plus Checking Account
Earn cash back on all digital transactions
Plus, you’ll get
- Free transactions at more than 57,000 surcharge-free ATMs nationwide
- Free online banking, mobile banking and bill pay
- Email alerts for low balance or overdrafts
- And, no fees!
One account per consumer. A minimum of 6 automatic transactions per month, enrollment in online banking, and sign up for electronic statements must be maintained in order to qualify for this account. Automatic transactions include any transaction that is digital/automatic such as direct deposits, mobile deposits, ATM transactions, ACH debits or credits, debit card transactions, online bill pay, and automatic transfers. Limits on cashback credits apply; see banker for details. After 3 months of account opening, if the qualifications are not met, the account may be changed to a Beyond Free Checking Account. Other restrictions may apply. The minimum balance to earn higher dividends is $10,000 or greater. Variable dividend rate and annual percentage yield depend upon the applicable rate tier. Terms may change at any time. Membership eligibility required. Federally insured by NCUA.
Personal Savings Account Options
|This account is designed for you if…||Minimum Daily Balance||Monthly Maintenance Fee||Annual Percentage Yield||Transaction Limitations||Statements|
|Statement Savings||You want a savings account that offers flexible access, including ATM/Debit and Online Banking.||$200||$7.00 if balance falls below $200.||Variable dividend rate and APY. Higher dividend rates earned at $40,000 & greater.||6*||Monthly|
|Regular Passbook||You want a passbook to track your balance.||$200||$7.00 if balance falls below $200.||Variable dividend rate and APY.||6*||None|
|Digital Money Plus||$1000||None||Variable dividend rate and APY.||6*||Monthly|
|Digital Investment Fund 100||$100000||$20 monthly fee if below minimum||Variable dividend rate and APY.||6*||Monthly|
Finance your new car through Verve, a Credit Union
Verve will finance your new personal or family vehicle if you are an established individual with a good FICO score, investing a reasonable down payment. Our loans are limited to current year models purchased from established new car dealers in the Chicago metropolitan area, and require an automatic-debit of the car payment from a Verve, a Credit Union deposit account.
PERSONAL AUTOMOBILE LOAN RATES
|36 Month||as low as 2.99% APR|
|48 Month||as low as 3.24% APR|
|60 Month||as low as 3.49% APR|
|72 Month||as low as 3.99% APR|
|84 Month||as low as 5.99% APR|
* Rates subject to change at any given time.
All loan offerings are subject to credit approval, financing may not be available for certain vehicles, and all quotations are subject to change at credit union’s sole discretion. Rates for business vehicles and recent model used vehicles are at higher rates.
Extended terms that fit your life—and your budget—a little better.
Sample monthly payments below based on a $20,000 truck *Assumes 3.24% APR for 48 months, 3.49% APR for 60 months, and 3.99% for 72 months, $1,000 down payment
Mortgage and Equity Loans
Verve can help you pick out a home loan you can cozy up to.
Protect your most valuable belongings with a secure, state-of-the-art safe deposit box through Verve. Boxes are available at our Main Office and the Chinatown Branch only. You can check each branch page for hours and location.
Safe Deposit Boxes are only available to deposit members of Verve, a Credit Union and rental amounts must be auto debited from a Verve checking or savings account. Charges must be made on a annual basis.
SAFE DEPOSIT BOX RATES:
2″ x 5″: $3/mo; $36/yr
3″ x 5″: $4/mo; $48/yr
3″ x 10″: $5/mo; $60/yr
5″ x 5″: $6/mo; $72/yr
2.75″ x 10″: $8/mo; $96/yr
5″ x 10.5″: $10/mo; $120/yr
10″ x 10″: $16/mo; $192/yr
Contents of the safe deposit box are not insured by NCUA. We recommend that any valuables stored in a Safe Deposit Box be insured by the lessee of the box with their own personal casualty insurance. You will receive two safe deposit keys, both should be kept in a save place, and not duplicated. The credit union does not have a copy of those keys, and will have to drill the box if both keys are lost. There is a $75.00 deposit required at Opening to cover Keys and Drilling Fee to replace lock if necessary.