Merchants Bank of Indiana is headquartered in Carmel and is the 3rd largest bank in the state of Indiana. It is also the 169th largest bank in the nation. It was established in 1923 and as of March of 2022, it had grown to 469 employees at 6 locations. Merchants Bank of Indiana's money market rates are 5X the national average, and it has an A health rating.
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1/2 - Money Market Rate Drop From 1.00% To .75% APY On 1 Jan 2021
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Easy And Smooth Process
• No credit check, only ChexSystems for opening a money market account
• $15 incoming wire fee is reimbursed the next business day
• Personal phone call from a CSR to confirm information in online application
• No issue with a joint account initiated online
Account Opening
I am sharing my experience in setting up a Money Market Account at Merchants Bank of Indiana.
I attempted to complete the online application multiple times yesterday and was unable to get past the step where I entered my personal information. Finally, I received a popup saying to contact the bank.
This morning, I called the Carmel Midtown branch and spoke with Cathy. She suggested that I try completing the online application without specifying I wanted a joint account. This did not work, so I called her back and she sent me a secure message with profile forms to complete. We completed the profile forms and attached copies of our drivers’ licenses, and sent back via secure message.
Within a few hours, I received a call from Madison. Madison apologized for the misinformation I had received from the branch office, and explained that my application had not processed because of a problem with my license information. Also, that the application had to be completed online and that I must wait 48 hours before trying again. Madison had to put me on hold, but Jessica came on the phone to help me. It was agreed that I could call in two days and either Madison or Jessica would attempt to walk me through the online application.
After my conversation with Madison and Jessica, I sent an email to Cathy asking that she forward the information I had sent her to Madison and Jessica. I received a prompt email reply saying that she would take care of it.
I was set to wait two days to setup the account, but I got a voice mail from Cathy saying that Matt would be sending me emails that would provide a link to sign the account application using DocuSign. Shortly thereafter we received two emails from Matt, and my wife and I provided our electronic signatures.
I sent an email to Matt and he called me to confirm the account had been setup. On the same day I first called them.
While it would have been nice to just submit the online application and have the account setup, I was delighted to see that there were real people at Merchants Bank of Indiana that cared about helping me.
If I find out any additional information worth sharing as I get things setup, I will share in a future post.
Funding By WIRE ONLY!
On 06/17/22 CSR told me the only way to initially fund the 1.51% MM account is with a wire transfer. If you have to use this bank, I found that Fidelity doesn't charge for an outgoing wire.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8056 |
| Year Established | 1923 |
| Employees | 469 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.97% |
| Return on Equity - YTD | 17.97% |
| Annual Interest Income | $73.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $9.36B$9.45B |
| Loans | Q1 2022vs Q1 2021 | $8.36B$8.67B |
| Deposits | Q1 2022vs Q1 2021 | $7.28B$7.92B |
| Equity Capital | Q1 2022vs Q1 2021 | $1.13B$922.1MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $31.1MM$28.4MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $4.1MM$3.9MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $520.00K$0 |