1I was denied a bank account at several banks. Can I still open an IBank Account?
Yes, No one is denied an IBank Account as long as we can verify your identity.
2How can I access my IBank Account if I don't have a Smartphone or Internet Connection?
All Online Banks and Payment Networks require an Internet Connection. After all, that's why they're called "online". IBank is different - we're the only Cloud Bank that can be accessed without a smart mobile device or Internet Connection with the IBank SmartCard.
3My credit score is not great. Can I still get an IBank Card?
There are no credit requirements. The IBank card is a Debit Card which is tied to the funds on deposit in your IBank Account. Much like "Prepaid" Debit Cards - but without any of the fees. And Prepaid Debit Cards don't allow you to send money overseas.
4Does the IBank Card Have Rewards?
Yes! You pay No Fees and get to keep your hard-earned money! Traditional bankcard Cash Back Rewards are an illusion. The money you receive in "rewards" is money the banks have collected from the merchant - who has simply passed those costs onto the consumer in the form of higher prices for their goods and services. The Credit/Debit card providers are just giving you back your own money. Wouldn't it be better to just keep it in the first place?
5When will IBank be available in my area?
We are adding new locations as rapidly as possible. It is difficult to say exactly when IBank would be available in your specific area. You can sign up for our Newsletter which will announce new locations as they become available or check back on our website on the "Locate Merchant" page.
6I don't have Internet at home, how do I register for an IBank Account?
The best way to register if you do not have access to the Internet is to visit a participating merchant for an application or simply call us and we will take your application over the telephone.
7If IBank doesn't charge any fees, how do you make money?
IBank is able to provide our services to consumers at no cost by charging merchants a very small fee to access our network. We also make a small profit through the currency exchange rates. By eliminating most of the fees charged by major banks and credit card companies, merchants can see a substantial savings overall and consumers pay no fees of any kind.
8Are there restrictions on how much money I can deposit or withdraw?
There are no restrictions on deposits unless they are cash deposits; in which case they would be subject to local regulations. Withdrawals made at a merchant location are subject to the cash availability of that merchant. Transferring funds from your IBank Account to another bank is also subject to daily transfer limitations which are imposed by regulations that differ by jurisdiction. Generally, those limits are much higher than the average balances held by most consumers.
9How do I set up Direct Deposit?
In order to set up a direct deposit you will need to give the Payor your IBank Account details. Call or visit us online to receive additional instructions on setting up Direct Deposit.
10Is IBank anything like Bitcoin or similar cryptocurrencies?
Absolutely not! In order to understand why, it is important to understand the difference between "digital currency" and "cryptocurrency". Any financial transaction that is not a hand-to-hand transfer of cash - in other words, an electronic transfer - involves "digital" currency, which is a digital representation of physical currency. Cryptocurrencies are manufactured through a high-level mathematical process and they do not represent fiat currency or "real" money. The value in cryptocurrencies is based upon what someone "believes" they are worth. This is one of the reasons why the value of cryptocurrencies can swing wildly from day to day. Your IBank account is a digital representation of cash that is on deposit in our partner banks around the world and the value of that currency will never change.
11How do I set up a vendor for recurring payments?
Your vendor must be an IBank Member in order to set up a Bill Pay Account. We are negotiating with many of the larger local vendors in expectation of having most of the vendors that are members will be paying, such as utilities and government services. If you have a favorite vendor that you would like to add to Bill Pay and that vendor is not an IBank Member, encourage the vendor to join the IBank Network. If the vendor joins the IBank Network using your account as a referral code, we will deposit a $10 Thank You reward into your IBank Account.
Bill Pay is simple; add the vendor's IBank Account Number, enter the amount to send and the frequency and we'll do the rest. Keep in mind that Bill Pay is subject to the available funds in your IBank Account.
12Can I set up a Bill Pay vendor without using Auto-Pay?
Yes; enter the payee's information and select "manual" for "Pay Frequency". You will be responsible for initiating the payment.
13How do I know that my bill has been paid?
Transfers from one member's account to another member's account are immediate. You will receive a confirmation code which is your assurance that they payee has received your funds.
14Are my bills included in my monthly sending limit?
No. Only remittances are considered in the calculation of those limits.