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Banking Service
Our branch is insured with Federal Deposit Insurance Corporation; the deposits of U$ 100,000 or less are guaranteed fully. |
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| Deposit |
Interest Rate |
Remark |
Time Deposit
(Certificates of Deposit) |
Differential
Interest Rates |
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Differential interest rates are applied depending on deposit amount and term. |
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Favorable rates for the deposit more than U$50,000 |
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Deposit Term : 1 month, 3 months, 6 months and 1 year. |
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Minimum to open : U$1,000 |
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Rose Installment Deposit.
(Club Savings) |
5% |
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Term : Minimum 1 year up to 3 years with 6 months term length |
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Minimum to open : U$ 1,000 |
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Savings Deposit
(Savings) |
3.14% |
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Unlimited deposits and up to 6 times of withdrawal per month. |
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Minimum Balance : U$ 200 |
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MMDA.
(Money Market Deposit) |
3.14% |
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Unlimited deposits and up to 6 times of withdrawal per month (including 3 checks issues). |
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Minimum Balance : U$ 1,000 |
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Current Deposit
(Checking) |
- |
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| Personal account |
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Minimum Balance : U$500 |
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Unlimited checking privilege |
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| Business account |
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Minimum Balance : U$1,000 |
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Unlimited checking privilege |
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| * Rates are subject to change without notice. |
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Required documents when opening an account : |
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An individual customer with Social Security Number of the USA :
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Photo ID (Social Security No, Birth Date, Address and Signature should be included.) |
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A copy of Utility bill that can verify the address |
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An individual customer without Social Security Number of the USA
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ID card (passport) and visa (in case of a student: I 20) |
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A certificate verifying the fact of residing in the USA (resident registration card) |
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Some documents such as a lease contract or utility bill that are useful in verifying an address |
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Business Account :
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Business Registration Certificate (Article) |
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Tax ID Number (SS 4 Application or IRS Confirmation) |
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Corporate Resolution |
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CEO's Photo ID |
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When average balance is U$ 100,000 or more : Financial Statement |
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Loans
Diverse loans are available within a short period of time. |
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| Category |
Fund Use |
Maturity |
Repayment Term |
Revolving Loan
(Line of Credit) |
T/R Loans
(Trade Financing) |
Export and Import Fund
(L/C, D/P, D/A) |
1 Year |
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Principal : On maturity date |
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Interest Rate : Monthly collection |
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O/F Loans
(Trade Financing) |
Various Costs including trade related taxes, insurances and charges |
| Working Capital Loans |
Operation funds |
Individual Loan
(Term Loan) |
Working Capital Loans |
Operation funds |
5 Year |
Repayment of the principal in monthly uniform installments |
| Equipment/Facility Loans |
Fixed Assets Purchase or Re-Financing |
10 Year |
Repayment of the principal in monthly uniform installments |
| Business Loans |
Acquisition of a Business, etc |
3 Year |
Real Estate
Loan |
Commercial Mortgage Loan |
Commercial Real Estate Purchase or Re-Financing |
Up to 20 Years |
Repayment of the principal in monthly uniform installments (However, in case of Commercial Mortgage, re-contract every 5 years is necessary) |
| Home Mortgage Loan |
Residential Real Estate Purchase or Re-Financing |
Up to 20 Years |
Individual Loan
(Personal Loan) |
Individual Loans
(Personal Loans) |
Household Fund |
Up to 3 Years |
Repayment of the principal in monthly uniform installments. |
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Remittance / Foreign Exchange |
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When remitting to Korea : |
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Remittance Charge: Less than U$ 3,000 (U$ 15), U$ 3,000 or more (U$ 20) |
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When remitting, an ID card should be presented. |
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Mail remittance is available due to long distance from our branch (a copy of an ID card with a photo and signature should be enclosed). |
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When receiving the remitted fund from Korea |
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With opened account at our branch
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Without account at our branch
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If a remitter in Korea sends using beneficiary's name, address and phone No., then the beneficiary can withdraw the remitted fund after an identifying process. |
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Charge at our branch : Less than U$3,000(U$15), U$3,000 or more(U$20) |
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When an account is opened at other bank
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A remitter in Korea sends using beneficiary's name, address, phone No., receiving bank name, ABA No., and beneficiary's A/C No., then the beneficiary can withdraw at the receiving bank. |
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Charge at dour branch : Less than U$3,000(U$15), U$3,000 or more(U$20) |
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As a foreign exchange specialized bank, we provide prompt and high quality services. |
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Services : L/C Open, L/C Advice, Negotiation, D/P, D/A, Reimbursement. |
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The Office of Foreign Assets Contral(OFAC) |
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All banks transacting foreign currency in the U.S. are legally bound to follow the 'Foreign Asset Control Regulations' when dealing with remittance and other foreign currency transactions for countries where U.S. economic sanctions are imposed. If any bank violates this OFAC compliance, they will be fined the minimum of US$50,000, and will eventually come under severe supervision of the Federal Reserve Bank. While our branch closely monitors every foreign exchange transactions, we will transfer any fund involving illegal transactions to a 'blocked account' in compliance with the ruling. The release of the blocked funds to the remitter will be decided at the OFAC's discretion, but the process of sending the money back to the remitter is time consuming. To prevent possible damage, any exporter/importer and remitter should take precautions by referring to the following questions.
Is any bank from a sanctioned country involved as a corresponding bank or a paying bank?
Is the receiving party's address located within a sanctioned country?
If the answer is yes in either of these cases, you are advised to choose a settlement bank outside the U.S.
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Sanctioned countries as of March 2000 : LIBYA, CUBA, IRAN, IRAQ, NORTH KOREA, SYRIA, SUDAN, MYANMAR, FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO), THE NATIONAL UNION FOR THE TOTAL INDEPENDENCE OF ANGOLA (UNITA), THE TALIBAN (IN AFHANISTAN), THE DEPOSED NORIEGA REGIME IN PANAMA, AND FOREIGN TERRORIST ORGANIZATIONS, DESIGNATED TERRORISTS AND NARCOTICS TRAFFICKERS |
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