First Internet Bank is the 326th largest bank in the nation. It was established in 1998 and as of March of 2018, it had grown to 204 employees. First Internet Bank has an A health rating.
As someone who has been on the Internet for over 20 years, one thing you can't be notice is that there is alot of great stuff to buy online. Whether it is from other online vendors or just trading with other people, there is no shortage of great things I want to buy. If you are like me, you also know how dangerous it is dealing with money online. The ever present identity theft is very real, so having a bank that you can count on is important.
First Internet Bank is the answer to this. You don't have to worry about ID theft and open up a checking account that will let you do online shopping with hassle, and without fear of identity theft.
I have had a really great overall experience with First Internet Bank. They make online banking so easy. I do feel that their website could be improved. Some of the areas I'm looking for when I log on are hard to find. I've also had issues a few times with their website down. Overall though, it's a great bank if you're looking for an online option.
I opened a CD with them. First the good: 1. Good rates. 2. The process of funding the CD happened quickly (2 days faster than another bank we've used) and the funds showed up in my CD account the same day they were withdrawn from my outside savings account.
Now the bad: 1. Outgoing ACH transfers cost $5 each (many banks are free). 2. You can't verify or manage joint ownership and beneficiary designations from the website - the information just isn't there. You have to call on the phone for this information and they will email documents which you must complete, and then fax, email, or snail mail them back. 3. Security questions can be obscure (like the date of your last auto loan or lease, which can be hard to produce if it was decades ago, etc.) If you miss a security question, you must wait for an account verification specialist to contact you and the process of opening an account becomes more complicated. 4. Once you've opened a CD, you cannot open a second CD from your online account without also opening a checking or savings account (this was verified with account representative over the phone). If you do not wish to open checking and/or savings with them, you must go through the online application process all over again.
Now for the truly bizarre: If you decide to complete a second application, partway through the process it recognizes that you are an existing customer and pulls up all the identity information from your other account (FULL SSN, FULL Drivers License #, DOB's, etc) and populates the personal information screens. Great, so you don't have to enter the information twice, but after it displays all your personal information THEN it asks the security questions! Sadly, I missed one of the security questions (about auto loans) and was booted, but not before all of mine and my husband's personal information was displayed. The lesson here: Any fraudster that fails the security questions has already been given your Social Security Number, Drivers License #, DOB, address, phone numbers, everything!
I have been with FirstIB for some years now. I have not ever had a problem with them. My direct deposits are always within a day or two of making and I can use my checking account whenever it is convenient for me. The best thing I like about my checking account is that I don't have to worry about overdraft fees. For instance, I am only able to spend what is in my account and if there is not anything in there, then I can't go over in my account. That is a plus for me. I think I will be continuing on with my business with FirstIB. Another good thing about FirstIB is that you can receive discounts from vendors/stores when you make purchases and also there was not a fee or small deposit to be made to create an account.
|FDIC Certificate #||34607|
|Return on Assets - YTD||0.99%|
|Return on Equity - YTD||12.16%|
|Annual Interest Income||$26.0MM|
|Assets and Liabilities|
|Assets||Q1 2018vs Q1 2017||$2.86B$2.05B|
|Loans||Q1 2018vs Q1 2017||$2.21B$1.44B|
|Deposits||Q1 2018vs Q1 2017||$2.20B$1.58B|
|Equity Capital||Q1 2018vs Q1 2017||$235.1MM$162.7MM|
|Loan Loss Allowance||Q1 2018vs Q1 2017||$15.6MM$11.9MM|
|Unbacked Noncurrent Loans||Q1 2018vs Q1 2017||$660.00K$3.4MM|
|Real Estate Owned||Q1 2018vs Q1 2017||$5.0MM$4.5MM|
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Rates for First Internet Bank are currently being reviewed.
First Internet Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 11201 Usa Parkway - Fishers, IN 46037