BOC is a forward-thinking West Texas bank that combines the friendly service of a community bank with the benefits of 21st-century technology. It offers personal and business checking and deposit accounts, loans, and mortgages in the surrounding area. However, it also provides commercial loans in Austin and beyond.
What is BOC Bank?
With a banking history stretching back to 1903, the bank is notable for its traditional customer-focused values. However, while its service started with traditional brick-and-mortar banks, BOC has expanded its horizons recently. This process included the development of modern banking software, which allows its customers to access their finances through mobile and desktop devices, and a rebrand from its original name Bank of Commerce.
At first glance, BOC Bank has many of the hallmarks of a community bank, such as friendly, approachable customer service, low fees, excellent deposit interest rates, and a personable, flexible approach to lending and mortgages. However, its development of core software and real-time banking systems means it can offer modern digital banking services without the charges associated with national banks.
BOC Bank aims to deliver essential banking services with the support of quick and reliable payment and collection tools. The bank’s technology will open up new financial pathways for customers while providing ultra-competitive rates for borrowers and depositors. Moreover, they will expand their credit facilities to other areas of Texas, including commercial loans for Austin’s high-growth business community.
How BOC Bank Works
BOC Bank is a family-owned and operated bank serving the Texas Panhandle. It has four branches, which you can find in:
- Amarillo, Tx
- Miami, Tx
- Shamrock, Tx
- McLean, Tx
While BOC has brick-and-mortar branches, it has recently pivoted to convenient online services. BOC banking services now include everything you’d expect, like checking and deposit accounts, lending, and mortgages, alongside online banking and other services like:
- BOC collect: Free B2B electronic payments
- BOC Pay: A free electronics payment service that settles within the next business day
- Pay-a-friend: Customers can send money to anyone with a cell phone
- ACH banking: Automated Clearing House (ACH) services for bulk payments, like paychecks and recurring monthly bills
- Mobile check deposits: Deposit your checks into your account using a mobile phone
BOC Bank’s investment in technology means they provide a superb middle ground between typical national and community banks. The upshot of these digital investments is that BOC can give its users contemporary services without high monthly charges or hidden fees. Instead, BOC operates with a small team and minimal overheads, passing those savings down to its customers with excellent rates.
Thanks to its digital infrastructure, BOC allows customers to avoid a trip to the branch entirely. Customers can bank wherever they are and apply for loans and mortgages through BOC’s secure online platform. Their proprietary risk analysis software means deciding on loans takes minutes, meaning lightning-quick response times for customers.
BOC’s roots in agricultural banking mean their core-user base has certain expectations.
However, they also understand and need the convenience of digital banking in the 21st century. Many of their traditional users are slowly migrating online. BOC banking services help with that transition because they offer a transparent, easy-to-understand system its users are comfortable using.
Another notable element of BOC’s software is its use of automation for cumbersome manual tasks. By mechanizing its workflows, BOC can reduce costs and free up employees for customer-focused tasks.
BOC Bank Features and Services
BOC offers a good range of services for its customers.
Banking
BOC Bank offers personal and business accounts.
One of the best parts of the BOC Banking services is their excellent no-monthly-charge deposit accounts. Their deposit accounts are FDIC-insured up to $250,000 and have favorable annual percentage yields (APYs).
BOC’s current rates are:
- Savings: 3% APY
- Money market: 3.5% APY
- Certificate of deposit (CD): 4.3% for one year
These rates are available to personal and business customers far above the national average.
Mortgages
BOC Bank offers a blend of low rates and high-quality service. It works one-to-one with homebuyers to ensure they have mortgage loans that are right for them. BOC focuses on creating long-lasting relationships with buyers by making the mortgage process straightforward and transparent.
The different types of mortgage loans available through BOC are:
- Conventional loans: With as low as 3% down and a 620 credit score
- Jumbo loans: With as low as 10% down and a 700 credit score
- USDA loans: Zero down payment and a 600 credit score
- FHA loans: 3.5% down and a credit score of 580
- VA loans: No downpayment and credit score of 600
- Cash-Out Refinance Loans: Up to 80% LTV (throughout Texas) and 620 credit score
Lending
Alongside the home mortgage loans, BOC also offers a varied range of loans, including:
- Commercial Loans
- Consumer Loans
- Agricultural Loans
Potential lenders can apply for these loans through BOC’s easy-to-use online portal. Additionally, thanks to the firm’s proprietary commercial loan software, response times are quicker than many of the nation’s leading lenders.
What are the Pros and Cons of BOC Bank?
Like all banks, BOC comes with some advantages and disadvantages.
Pros
- Family-owned: BOC is family owned and operated. Despite offering mobile and internet banking, they maintain many of the benefits of community and relationship banking.
- Zero fees: Large national banks have substantial overhead costs that get passed down to their customers. BOC runs a streamlined operation, meaning no deposit fees or hidden costs
- Excellent account interest rates: The interest rates on BOC savings, money market, and CD accounts are well above national averages.
- FDIC insured: BOC accounts are FDIC insured up to $250,000.
- Proprietary commercial loan software: BOC’s self-built banking software allows them to provide quick loan response times.
Cons
- Limited service area: BOC personal and business banking is limited to West Texas. However, it has expanded its services to Austin and offers commercial banking in the metroplex.
- No credit cards: BOC does not provide its customers with the option of a credit card.
- No investment services: While BOC provides excellent deposit interest rates, they don’t provide investment services, which can produce higher yields.
- $8 limit in ATM reimbursement: With only four branches around West Texas, customers withdrawing cash might rely on other ATMs. While BOC will reimburse two ATM fees per month (at a limit of $8), that might only suit some users.
Comparing BOC Bank to Other Banks
BOC offers the benefits of a tight-knit community bank with all the advantages of modern banking. Any comparison between BOC and other banks needs to acknowledge the niche they serve.
Compared to local community banks, BOC offers the same friendly, transparent, and trustworthy service that customers demand. The digital banking revolution has led to a reduction in relationship banking. Community banks can still provide a better one-to-one experience and consider factors other than credit scores when granting loans to individuals or businesses.
However, community banks also come with some downsides. For starters, their products and services are more limited. They generally only provide specialized services like investment banking or credit cards. Other drawbacks include less robust digital banking and security and the potential of contending with out-of-network ATM fees.
National banks, on the other hand, have plenty of positives. They have ATMs and branches nationwide, which is helpful if you travel around and need banking services.
Additionally, they offer more financial services (credit cards, brokering, etc.) and, in many cases, more cutting-edge technology.
The downside of national banks includes higher fees, less personalized customer service, and tighter loan regulations, which can be particularly unsuitable for small businesses.
BOC Bank has looked at these two polarities and created a service that meets the needs of modern consumers. While they don’t provide credit cards or investment services, they offer online services that eliminate the need to visit a local branch. Its focus on tech means users can access the benefits of modern banking without the extra costs associated with large national banks, like low deposit rates, hidden fees, long response times, and expensive and complex products.
Customers can access friendly, personal services for various loans, including home mortgages. Additionally, BOC Bank’s excellent deposit interest rates are well above the national average. By leveraging technology, it can provide low-cost services but retain what users love about community banks.
Some of the excellent services that BOC offer are things like:
- Check deposit via cell phone
- A proprietary send money via text service
- Online loan applications via a secure portal that support e-sign documents
Should You Use BOC Bank?
BOC is an excellent personal and business bank option for people in the Texas Panhandle region. As mentioned above, it offers a mix of national banking services like online banking, bank transfers via text, and check deposits by phone. They’re an excellent choice if you’re looking for a community bank that allows you to use 21st-century technology.
However, their checking accounts only carry a maximum of two withdrawal reimbursement fees. This situation could prove limiting (and expensive) if you travel outside BOC’s network of branches and ATMs.
That said, modern customers are less reliant on cash. BOC checking accounts offer debit cards, which can suit everyday needs. It also supports Apple and Google Pay.
As a lender, BOC offers many mortgage options and quick loan decisions. Alongside its low rates, these qualities make BOC banking an excellent choice for lenders.
How to Get Started with BOC Bank
Getting started with BOC Bank is easy. They offer an online portal to sign up for personal or business accounts without entering the branch. However, they still have four branches in the West Texas area where you can sign up too.
Signing up for the bank is as simple as clicking the “Get Started” link on the BOC website, filling out the forms, and uploading the necessary documents. Loan and mortgage applications are straightforward, too, and can be done online.
