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Common Questions
Streamline your organization’s cash outflow with multiple options for disbursements:
- ACH (Automated Clearing House) disbursements
- Wire transfer services
- Corporate credit card
- Commercial bill pay
If you have another account with First Internet Bank and wish only to close one account, you may transfer the entire balance of the account you wish to close to your other account. Or, if you have an ATM card, debit card or checks for your account, you may withdraw the entire balance of your account.
Important note: Withdrawing the funds in your account will not close the account. To close the account, please submit a written request with your name and the last four digits of your account number. An authorized account holder must sign the request. Email the request to bank@firstib.com, fax it toll-free to 1-888-644-8678 or mail it to:
First Internet Bank of Indiana
PO Box 6080
Fishers, IN 46038
We will send the balance of your account in the form of a bank check.
APY stands for Annual Percentage Yield, a measure of the total amount of interest paid on an account, based on the interest rate and frequency of compounding. It is considered the effective, or true, annual rate of return. The APY is the rate actually earned or paid in one year, taking into account the effect of compounding. Learn more.
There is a fee to receive a paper account statement, unless you opt to receive your statements electronically. (Customers with only an installment loan are exempt from the fee. Customers who have a CD with First Internet Bank and no other type of account will not receive an account statement and are therefore exempt from the fee as well.)
You retain physical control and responsibility for the check. Do not send it to First Internet Bank or negotiate the item anywhere else unless instructed to do so by a First Internet Bank representative. You are responsible for storing the check for a reasonable period of time, not to exceed 90 days, and then destroying the item.
Interest you earn on a First Internet Bank deposit account is taxable, and you should report interest earnings to the IRS each year. If you fail to report interest, the IRS will notify you that you are subject to backup withholding. During the application process, we ask you to disclose whether you are subject to backup withholding. If you are, we will withhold 31% of the interest you earn. We will not withhold interest otherwise.
Paying your loan balance in full — including accrued interest — will close any installment loan. We will release any security documents (i.e., car or boat titles) 7 calendar days after we receive your payoff. To determine your payoff amount, please contact a First Internet Bank Relationship Banker at bank@firstib.com or 1-888-873-3424.
Fees for bill payment depend on the type of account you have.
Interest Checking: no monthly fee, no per-transaction fees
Free Checking: no monthly fee, unlimited transactions
Business Checking: no monthly fee, unlimited transactions
Please be aware that certain other fees, such as fees for non-sufficient funds (NSF) or stop payment requests, also apply and will be charged according to our then-current fee schedule.
Manage your deposits quickly and easily with multiple options:
- ACH (Automated Clearing House)
- Remote deposit capture (from your desktop or a mobile device)
First Internet Bank cannot block a merchant from charging your account. If you feel that a charge has been made to your account in error, you must first contact the merchant directly to attempt to resolve the disputed charge before you can file a dispute with First Internet Bank. When and if it becomes necessary to file a dispute with us, you will need to provide documentation of your attempt to resolve the matter with the merchant.
Documentation, at a minimum, should include the date and time(s) of your contact with the merchant, the name(s) of the person(s) to whom you spoke, and the response(s) you received. The merchant has 30 days to credit your account.
If you are unable to resolve the matter with the merchant, you may file a Visa dispute form and submit it to us as quickly as possible. You will need the free Adobe Acrobat Reader software to view and print the form. If you cannot print the dispute form, please call us at 1-888-873-3424 and we will email, fax or mail the form to you.