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Common Questions
First Internet Bank customers may request the deletion of their mobile and online banking profiles by sending an email request to bank@firstib.com. Please type “Remove App/Online Banking Profile” in the subject line of your email and provide us with a good phone number to reach you at. One of our representatives will be in touch with you to confirm the request is valid and initiate the process.
If you request to have your mobile and online banking profile deleted, however, it is crucial to understand the implications of this action. Below are key points to consider before proceeding with your request:
1. What is the impact on services?
– You will no longer be able to log in to online or mobile banking.
– Any scheduled internal transfers you had set up will be deleted and will not be processed.
– Your online profile settings will be deleted and no longer available to you or us.
– We will send you paper statements as required by law and you will be charged the fee listed at:
- Fees Common to All Personal Accounts | First Internet Bank (firstib.com)
- Fees Common to All Business Accounts | First Internet Bank (firstib.com)
– You may be subject to and incur other fees, as detailed at:
- Fees Common to All Personal Accounts | First Internet Bank (firstib.com)
- Fees Common to All Business Accounts | First Internet Bank (firstib.com)
2. What is not deleted?
– Regulated account data and transaction history that we are required to retain.
– Data that is stored on third party systems as a result of your separate enrollment with those third parties.
– Our record of your consent to banking agreements.
3. Data Retrieval:
– Please note that once your mobile and online banking profile is deleted, we will be unable to retrieve it. Any saved preferences and settings will be lost irreversibly.
4. Future Interaction:
– If you choose to rejoin online banking in the future, you will be required to create a new profile from scratch, as we will no longer have any record of your profile.
5. Privacy Commitment:
– Rest assured that we adhere to strict data protection regulations and industry best practices. Your information is handled securely and with the utmost confidentiality.
6. Contact Us:
– Should you have any questions or concerns about the deletion process, please do not hesitate to contact our customer support team at bank@firstib.com. We are here to assist you every step of the way.
By requesting the deletion of your information from First IB, you acknowledge and understand the consequences outlined above. Your privacy and data security are our top priorities, and we appreciate your trust in our commitment to safeguarding your information.
SBA Loans may be used for a variety of purposes, such as working capital, expanding or purchasing a business, new equipment purchases, real estate or operating capital to support current business efforts.
Yes, borrowers can have multiple 7(a) loans so long as each loan fits into SBA guidelines, is in good standing and the total does not exceed $5MM.
The Small Business Administration doesn’t have a fixed minimum personal credit score; however, the lending banks with which they work do have minimums, which are usually around 620. In most circumstances, a score of 680 or higher will likely qualify.
The SBA 7(a) loans can help small business owners refinance existing debt into loans with lower payments and/or longer terms so long as a number of basic requirements are met, including:
- The debt to be refinanced must have been exclusively for business purposes
- The loan can’t be used to refinance business debt that’s already determined to be on reasonable terms
- A loan can’t be used to shift all or part of a potential loss to the SBA
- The debt to be refinanced must have a purpose that would have been eligible for SBA financing when it originated.
- If the debt to be refinanced was used in whole or in part to refinance a previous debt, the current loan must be reported on your balance sheet for two full tax cycles before applying for an SBA 7(a) loan. Documentation to confirm all funds were used only for an eligible business purpose is required
- Individual lenders might have additional restrictions
SBA 7(a) loan rates are negotiated between the borrower and the lender; however, the SBA establishes maximums which are generally based on the prime rate. Loans may be fixed or variable rate.
An SBA loan can be denied if you:
- Can reasonably obtain financing elsewhere
- Have had a past default on a government loan
- Are engaged in illegal activities, gambling or multi-sales distribution
- Are on parole or have been convicted of a felony in the past year
While not all transactions require a business plan, it is a great starting point for anyone seeking an SBA loan. If one is required, it will be the document most closely scrutinized by lenders.
Retirement funds can be used as a down payment on an SBA loan if you have a 401(k) account or another approved tax-deferred retirement account containing at least $50,000.
Loans guaranteed by SBA range from microloans as small as $500 to as much as $5MM for a 7(a) loan and $5.5MM for a 504 loan. Certain eligible projects may qualify for up to three 504 loans not to exceed a total of $16.5MM. Lenders can choose the types of SBA loans they offer, so not every option may be available from a local financial institution.