Frequently Asked Questions

Basic Checking
A convenient checking account with no minimum balance requirements or monthly fees.

Prime Life Checking
An account for people 55 and older and interested in competitive interest rates, with unlimited check writing with no monthly service charges.

Classic Checking
Accounts that earn interest on your deposits.

Veteran Checking*
We honor those who’ve served in any branch of the military by offering a checking account with no account requirements and additional benefits, including:

• APR interest rate discounts offered on an automobile loan
• APY increases offered on a new Certificate of Deposit (CD) or Individual Retirement Account (IRA)
• Free 3 x 5 Safe Deposit Box (SDB are not FDIC insured). Subject to availability. North Riverside location only

* To qualify for this account, you must identify yourself as a Veteran at account opening with either a valid Veterans ID Card (VIC), Uniformed Services ID Card, DD 214 form or Common Access Card (CAD).

Every new Personal Checking Account includes:

• Free debit card
• Free online banking and bill pay
• Free Direct Deposit of payroll, pension, or Social Security benefits
• Free access to your account information 24 hours a day, 7 days a week with Telebanking 866-652-5652
• Free ATM transactions at all WTBT ATMs
• Free non-WTBT ATM transactions at all ATM locations that participate in the STARsf (surcharge free) ATM Network*
• Free return of check images for easy record keeping
• Free easy-to-balance monthly statement
• Free initial order of 50 personalized checks

*ATM transactions at foreign banks that do not participate in the STARsf network will be charged at the foreign bank’s rate.

Passbook Savings
A great way to start saving for your future, with a competitive interest rate and free passbook to keep a record of your deposits, withdrawals and interest payments.

Statement
Save with the convenience of a monthly statement, earning a competitive interest rate

Junior Passbook*
A great way to teach the children in your life the importance of starting a savings plan! With a competitive interest rate, no monthly service charge or minimum balance

*Offer available in Chicago area only.

Christmas Club
A great way to save each year to ensure a Merry Christmas! Earns a competitive interest rate when your account balance reaches $100, with no monthly service charge or minimum balance.

Yes. West Town Bank & Trust’s Personal Money Market Accounts offer you higher interest rates and the benefit of account liquidity, with interest rates increasing with the balance of your account. Plus, the added security of knowing that your deposit is insured at the maximum allowed by the FDIC.

Yes. West Town Bank & Trust’s Certificates of Deposit offer you another savings instrument that is perfect when you want to invest your funds for a specified period of time. You can open a WTBT CD with an initial deposit as low as $1,000.00 with maturity periods from 91 days to 5 years. You can receive your interest earned on your investment by check; have it deposited into another WTBT account or back into your CD. All of your CD deposits are insured to the fullest extent allowed by the FDIC.

Yes. West Town Bank & Trust has teamed with élan Financial Services, an industry leader in providing credit card services, to offer a variety of hardworking Visa® credit cards. Choose from a number of Platinum or Regular cards to meet your unique needs, all with great rewards, some including 1.5% cash back.

Yes. You can use your West Town Debit Business Debit Card to get cash from thousands of ATM locations nationwide, all while tracking expenses since your monthly checking account statement will detail each and every transaction.

Simply fill out the WTBT Checking/Savings Account Form. This form is a quick & easy way to gather the information you will need to open your new account(s) with WTBT.

Bring your completed form to an WTBT location along with proper identification: Driver’s License or Picture ID and Social Security Card. For more information, see our Change of Bank form.

Simple. Head to the Deluxe site for easy ordering.

If you believe your West Town Bank & Trust check & ATM Card or Personal Identification Number (PIN) has been lost or stolen, please call 708-447-3330 during regular business hours and 1-888-297-3416 (Collect: 206-389-5200) during non-business hours to report it.

Each time an account is opened for a covered Legal Entity, we’re required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for each individual that has beneficial ownership (25% or more), and for one individual that has significant managerial control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. We proudly support all efforts to protect and maintain the security of our customers.

Small Business Checking

An economical option for small businesses, with limited transactions. Open an account with as little as $500.00, with no minimum balance required or monthly service charge.

Preferred Business Checking

Good for businesses with a higher volume of transactions and account activity. Open an account with $1,000.00. Earnings credit allowance on your account balance over $1,000.00 may offset activity fees.

Community Partner Checking

Perfect if you’re looking for a business checking account that earns interest. Open an account with an initial deposit of $2,500.00. Pays a competitive interest rate on balances above $2,500.00. Comes with 50 free monthly transactions.

Certain restrictions may apply.  Please contact us to learn more.

We’re here to support you with working capital, equipment, leasehold improvements, and other business lending needs to help your business grow.

Business Lines of Credit

For businesses that need a revolving line of credit or overdraft protection for their business checking accounts, we offer West Town Bank Business Lines of Credit.

Agribusiness Lending

Our agribusiness loans are structured on a revolving, seasonal, or term basis, with repayment terms structured to work with your cash flow. We offer loans for warehouse operations, farm machinery, crop production, livestock production, and agricultural land purchases.

Business Owner Occupied Real Estate Loans

We offer competitive financing for crucial projects that help you take your business to the next level, like the purchase of new office space, a manufacturing facility, a warehouse to store inventory, or the refinancing of existing business real estate.

Construction Loans

Our experienced lenders can assist you with projects from the ground up or improve the current state of your building.

Equipment Loans

When you’re ready to purchase the equipment you need to grow, West Town Bank & Trust offers competitive financing with flexible terms and options. Our Commercial Lenders can offer loan terms that correspond with the life of the equipment, repayment arrangements based on your cash flow, and flexible collateral options.

Yes.  Download the West Town mobile app and start taking pictures of your checks to deposit.

In addition, West Town provides Remote Deposit Capture (RDC) so you scan checks and transmit the scanned images to us for posting and clearing.  You’ll need a PC, internet connection, and check scanner.

Checks that you receive at your business can be scanned to create a digital deposit. The digital deposit is then transmitted over an encrypted internet connection to West Town and posted to your account, and assigned availability based on your availability schedule.

There is a monthly fee, based on the chosen scanner hardware, which will be applied to your Business Check Account at the end of each statement cycle.  The fee may be offset by the monthly earnings credit.

Each time an account is opened for a covered Legal Entity, we’re required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for each individual that has beneficial ownership (25% or more), and for one individual that has significant managerial control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. We proudly support all efforts to protect and maintain the security of our customers.

Simple. Head to the Deluxe site for easy ordering.

SBA 7(a) Loan Program

Considered the SBA’s flagship loan program, 7(a) partially guarantees loans up to $5 million made by banks or other direct lenders to eligible small businesses across the country.

SBA 504 Program

The 504 program helps fund long-term, fixed-asset loans up to $5.5 million, provided in conjunction with Certified Development Companies which are licensed by the SBA.

Eligible projects include:

• Business Acquisitions, Expansions and Start-Ups
• Inventory, Equipment and Franchise Purchases
• Commercial Real Estate
• Refinance of Existing Debt
• Working Capital

With longer amortization periods, small businesses can have lower loan payments, with competitive market rates.

Up to 10 years for business acquisitions, equipment purchases, debt refinancing and working capital, and up to 25 years for commercial real estate.

For loans under $150,000, SBA charges 2% of the guaranteed portion (85% of the total loan amount).  For loans between $150,001 – $700,000, SBA charges 3% of the guaranteed portion (75% of the total loan amount).  For loans between $700,001 – $5,000,000, SBA charges 3.5% of the guaranteed portion (75% of the total loan amount).

Find that information in our “How much will my monthly payments be?” calculator.

Business and Industry program (B&I)

The B&I program is considered the USDA’s flagship program, helping create jobs and stimulate rural economies by providing financing up to $25 million for small businesses.

Rural Energy For America program (REAP)

The REAP provides guaranteed financing to rural businesses or agricultural producers of up to $25 million for renewable energy systems or to make energy efficiency improvements.

Farm Service Agency programs (FSA)

The FSA’s Guaranteed Farm Loan Programs help farmers and ranchers obtain financing from lenders to buy farmland or finance agricultural production.

Community Facilities program (CF)

The CF Loan Guarantee Program was established to help develop facilities that provide an essential service to its local rural community of 20,000 inhabitants or less.

Here are eligible projects for each of the four USDA loan programs:

Business and Industry program (B&I)

• Business acquisitions, expansions and start-ups
• CRE (rent replacements)
• Refinance of existing debt
• Inventory, equipment purchases
• Working capital

Rural Energy For America program (REAP)

• Purchase and Install Renewable Energy Systems (RES), including retrofitting and Energy Efficiency Improvements (EEI)
• RES and EEI may include power generation systems, biomass, geothermal, hydrogen and solar and wind generation

Farm Service Agency programs (FSA)  

Start, improve, expand or transition family farming and ranching operations

• Farm operating loans: used to purchase livestock, equipment, insurance or make improvements (maximum loan terms up to 7 years)
• Farm ownership loans: Used to purchase or enlarge a farm or ranch (maximum loan terms up to 40 years)

Community Facilities program (CF)

• Community facilities
• Essential facilities may include healthcare, public safety, educational and other community support services

West Town Bank & Trust has partnered with Windsor Advantage, the nation’s largest independent government loan service provider, to provide an efficient and effective funding solution for small business clients across the country. “Accel” (a division of Windsor) is an advanced FinTech platform utilizing best-in-class technology and unparalleled expertise to deliver small business clients a seamless application and closing process for SBA 7(a) loans of $350,000 or less.

West Town Bank & Trust has a history of strong and long-lasting relationships with our partners. Our longevity is based on a commitment to compliance and efficiency, as well as the ability to scale through strategic relationships with a nationally recognized Loan Service Provider and technology-enabled loan processing solutions. As one of the nation’s top government guaranteed lending institutions, we’ve delivered over $1 billion in financing to small businesses across hundreds of industries through both SBA and USDA programs supported by the U.S. Federal Government over the last decade.

We look for partners with a common goal of obtaining affordable financial solutions for their clients on reasonable terms and conditions, while growing their own business and profits.

West Town Bank & Trust offers a number of federally insured loan programs.

Federal Housing Administration (FHA) Loans

Insured by the Department of Housing and Urban Development with a minimum down payment of 3.5%.  Max loan amount varies by state.

Veteran Administration (VA) Loans

Insured by the VA to help provide qualified military personnel the opportunity to purchase homes with no down payment. VA sets max loan amount by county and state.

United States Department of Agriculture (USDA) Loans

Insured by the USDA and helps buyers with low to moderate income purchase primary residence in rural areas.  Certain income and area restrictions apply.

West Town Bank & Trust also offers these loan programs and types of financing

Conventional Loans

Most widely used mortgage loan program.  Down payment options as low as 3% for first-time homebuyers.  Max loan amount up to $484,350.

Refinancing

Entails existing mortgage will be paid off and new loan will be authorized.  Conventional loans may require new appraisals and approvals while VA and FHA loans do not.

Jumbo Loans

Higher financing than conforming loan amounts of $484,350 as set by the Federal Housing Finance Agency.  Certain counties have higher thresholds.

These mortgages, with a fixed percentage rate, and a fixed loan amount usually carry higher rates than other types of mortgages, but they offer the security and certainty of knowing your monthly payment and interest rate will not change.

These mortgages (also known as ARMs) have a variable interest rate and monthly payments that are recalculated on a regular basis to reflect changes in the market interest rate. These rates are typically lower than the rates in fixed-rate mortgages, but expose you to the risk that market interest rates may rise in the future.

Read more here for a little help in understanding all of the jargon around mortgages.

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Homeowners Insurance

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RV Insurance

Boat & Watercraft Insurance

Condo Insurance

Flood Insurance

Renters Insurance

High Value Home Insurance

Umbrella Insurance

Mobile Home Insurance

Classic Car Insurance

Off-Road Vehicle Insurance

Special Event Insurance

Travel Insurance

Jewelry Insurance

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West Town Bank & Trust’s privacy policy.

• Internal Controls – Ability to demonstrate proper department separation and controls (i.e. checks and balances)
• Relevant Documentation – Audited financials performed by a CPA firm or controller (if available) or other relevant documentation (i.e. proformas, business plans, tax returns, etc.)
• Industry Knowledge – Understanding of regulatory requirements, applicable laws and operational risks
• Safety & Security – Appropriate plans in place and easy access for employees
• General Best Practices – Follows all applicable State and Federal laws

• Compliance-Focused – Thoughtfully designed internal policies and procedures
• Testing, Testing, Testing – Be prepared to share testing procedures, as well as testing samples on a regular basis
• Disposal Procedures – Remediation procedures are clearly defined and have been tested
• No MRB Connection – Proof of completely separate ownership and no operational ties to marijuana-related businesses (MRBs)
• General Best Practices – Be organized and prepared to discuss all of the above with a banker

West Town Bank has developed a solution to serve the unique banking needs of hemp-related businesses and actively partners with a wide variety of these business types.  We work with hemp cultivators, handlers, processors, manufacturers, testing labs and retailers to assist them with their banking needs.

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8450 Falls of Neuse Road, Raleigh, NC 27615

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We proudly partner with Windsor Advantage as well as Windsor Advantage’s Accel Fintech platform.

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