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Frequently asked questions
Do you have questions for us? Here are some of the questions we’re
asked most often.
If you don’t find the answer you’re looking for, please contact us for a personal response to your inquiry. Where are The PrivateBank’s branches? Is the bank FDIC insured? Does The PrivateBank offer online banking? How does the bank decide whether to approve a loan? How can I improve my odds of getting my loan application approved? Does The PrivateBank make asset-based loans? Where are The PrivateBank’s branches? Most of our customers are too busy running their businesses to spend time running back and forth to the bank. So we provide services that save you a trip, including a courtesy courier to pick up deposits, online account management, and free ATM transactions at any bank’s ATM, anywhere. Since customers rarely need to visit us in person, we have just two locations, one in Buckhead and another in Norcross. Is the bank FDIC insured? Yes. Deposits are insured up to $100,000 per depositor. Does The PrivateBank offer online banking? Yes. Our web site has tools for managing your account, paying bills, ACH (automated clearing house) payments and more. At your invitation, our Treasury Management expert will visit your business to discuss what online tools would most benefit you and give you hands-on training in using them. How does the bank decide whether to approve a loan? We typically look at the “five Cs” of credit: cash flow, character, collateral, capacity and conditions. That is, we look at your ability to pay us back the loan, your likelihood of repaying the loan, and what would happen if you weren’t able to repay us. We don’t just run the numbers to make our decisions. We get to know you and your business. Then we do our best to find a loan that makes sense for you. Also, unlike other banks, we don’t pass your loan application from desk to desk – we meet frequently to review applications and discuss the needs of our clients in a timely fashion. How can I improve my odds of getting my loan application approved? Most important is to provide plenty of information and documentation. Include three years of tax returns, current financial statements of the owners, a balance sheet and profit and loss statement, and a document describing your business plan for the future. It is also helpful to know exactly how much money you wish to borrow and how you plan to spend it. Does The PrivateBank make asset-based loans? Yes. We will issue revolving lines of credit from $100,000 to over $1 million. Our pricing is competitive and is tailored to fit each client’s individual financial structure. We can make asset-based loans based on receivables or inventory. |
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