I created a new account this year. Their support agents are very attentive, but I encountered a tech issue yesterday. A past fund transfer were missing, so I had to login to PayPal what that for and when that occurred. I hope this will not happen again.
One of the worst banking experiences EVER! I deposited funds, which the bank had no problem taking, and was waiting for the funds to clear for some of it to be withdrawn to conduct business.
Every day I called to speak with one of their representatives and every day they told me funds would be available that same day or the next.
A week and a half goes by and still the same run around until one of them gives me an actual date when funds would be available.
That day comes and a wire transfer was executed...verified even by speaking to one of their representatives! She said wire is all good and that it should be out by that evening.
Next day, the same run around and fluff.
I called the bank where the funds came from and they said First Internet Bank withdrew the funds a week ago!
So, of course I call to speak with the manager and even he gives me the run around. Gave me some excuse saying there can be problems with checks because they could come back...BUT FIB ALREADY WITHDREW THE FUNDS FROM THE BANK A WEEK AGO!
This company is frustrating, and it's clear that it starts with Executives and trickles down to their representatives and ultimately you, THEIR WORTHY CLIENT!
They're just trying to keep my money in their account so they can LEND IT OUT TO OTHERS 9 TIMES the amount we deposit!
Take your money elsewhere and give this BENEFIT to another bank who's worth it. Trust me!
My experience with this bank was horrendous. I deposited funds which the institution gladly accepted but then they would not permit me to withdraw the funds. Subsequently they lied to me and told me the funds had been returned when this was not, in fact, the case. This behavior constitutes, at best, gross incompetence, or, perhaps, outright fraud. I have contacted the authorities in an effort to recover my deposit. My advice to anyone contemplating dealing with this institution: Stay Away!
I recently opened up a money market account with First Internet Bank. Smooth online account opening process, fast set up and wonderful customer service. Add great rates for being an online bank and it’s a win. I would recommend them to anyone.
After a lot of paperwork and multiple documents sent back and forth, I finally opened up a Business Savings Account a year ago with First Internet Bank and funded the account consistently every month with normal deposit amounts ($10k per month). Last week I received an email from Michele P. - Deposit Operations Specialist from FIB, who stated they were closing my account because of "Know Your Customer" standards.
"All Financial institutions are required by federal and state regulations to follow Know Your Customer standards, monitor and understand ongoing customer activity. Therefore periodic reviews are conducted on all accounts. In a recent review of the account activity, we have made the decision to exit the banking relationship."
I asked her to give me a call to discuss or email me with an actual specific reason but she emailed back and stated again the decision had been made and there was nothing to discuss and just copy/pasted the previous blanket corporate statement. I looked up Know You Standards and it's to prevent money laundering and criminal activities!!
I immediately emailed Michele back to try and discuss and to explain to her I have been with the same employer (high profile company) for over 10 years and she could check my employment record but she just ignored my communications. Absolutely terrible customer service and a big warning for anybody else considering going to all the trouble of opening a business savings account with this shady bank. Don't waste your time. Jon
Took them over two months to set up my account. Every time I used their online system to submit the (ridiculous amount of) documentation they requested, I'd hear nothing for a few weeks. Then, when I emailed to ask what was going on, the reply would be, "Oh - we didn't see that you'd submitted anything. Haha!" Seriously? That doesn't inspire a lot of confidence.
The final straw was when they asked me to sign a form releasing them from liability - and I'm not kidding here - "even if we do not follow our own security guidelines".
Btw - the 5-star review below me is clearly a shill. Just read it.
I have used this bank for well over 10 years and have been satisfied with their product. About a year ago I switched all my banking from a laptop running MS to an iphone running Safari.
And I had and continue to have numerous problems with FirstIB. They keep telling me that they are working on fixes, but everytime I use their app or their fill site there are more problems. Its sad to see that what once was a pioneer in internet banking has deteriorated to a level where is doesnt even work on iphones!
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!
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.
First of all, I have become more concerned about cybercrimes and breaches when doing business online. I chose an online bank because I was tired of being told to come into the branch when I need things done. Also, the customer service is not as good as it was years ago. FIB has been great for me mostly, I am able to transfer money from checking to savings easily, and update my debit pin instantly. They also have many products and services with competitive rates available to those who need them. When I quit my job and started my business two months ago, I was able to open a business account with no problem. I had been denied by another popular bank and not given a reason as to why. My 401k was transferred and I was approved for a better return rate. This was surprising! I really have not had experience with the overdraft fees, but I have setup an overdraft line of credit from my savings account. What I most look forward to is utilizing the VA and FHA loan services to make my first home purchase.
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.
I banked with First Internet bank of Indiana (FIB) while I was in High School and College and enjoyed the experience overall. I had both a checking and savings account with FIB. The perks of the checking (0.5+%) and savings accounts were higher interest rates than the competitors at the time. One additional perk I enjoyed was having access to free checks as well as getting ATM fees refunded. Customer service was always great, with quick turn around on both mailed in check deposits and phone based deposits. The one incident I had of fraudulent activity was quickly and professionally handled. Fees were reasonable, i had both the free checking at one point as well as the interest checking which was roughly $5-10/month. Overall i enjoyed banking with First Internet Bank, and I think that their history as having been one of the earlier banks in onto the online banking train serves them well in the marketplace.
I started using First Internet Bank (FirstIB) in 2014 because of reading about their free checking account program. They were so quick and easy to setup and use online that I also opened a free savings account. Their free accounts only require having a $100 balance in order to remain free. They have free transfers between accounts, free online bill-paying, and an easy to use iScan check deposit system which allows me to simply scan my paycheck and upload the image in order to deposit it to my account. I have never had any problems with them and will probably use them forever. They pay .60% interest on their savings account and .80% on a money market account. Their customer service has been very friendly and willing to quickly answer any questions I've had since joining.
Originally became aware of them through a freelance job I was working. We received a card from them through this bank for deposits. I liked them so much after the job ended I upgraded to a full checking account. Deposits were always on time, and the few times I did have a problem the customer service reps fixed everything in no time. A business day tops. Making cash and check deposits was the hardest part, and why I ended up leaving them for something local. You had to physically mail checks and such for deposit, which took quite a while. As I started receiving more payments this way, having an online only account was no longer feasible for me. If you do direct deposit only though, and just need to pay bills and withdrawal money from and ATM, they're very good.
Up until recently, I banked strictly online with The First Internet Bank Of Indiana. I had had an account with them since 2006, when I worked online and the company would deposit my earnings directly into my checking account there. I have always loved their customer service, and have never EVER had any issues with them. I would call them right up if I had a question and my questions were never NOT answered, or treated as if they were stupid. The only reason i'm rating them a 4 in everything instead of a 5, is the location aspect. I do most of my banking online, however the fact that the only physical locations for this bank is in Indiana is an issue if you need to go deposit something. You either have to mail them a deposit or do an ACH or Wire Transfer. That can be a big pain. I didn't run into it often, but now that i'm even further away, I decided to just get a local bank account at my local bank. That being said, I still also have my First Internet Bank account and use that as kind of a savings account.
FIBI CD account comments only. First, they charge 5 dollars for all out ACH. This 60 dollars a year fee lowers their 2.27% APY, subtract 60 and recompute your real APY. The monthly interest payouts are Direct Deposite and hence ACH. All ACH out is 5 dollars per transaction. After 3 days, I got an email reply on how to write the funding check. You write the check out to FIBI on the Pay To The Order Of line. Thus, not your name as it appears on the account. Legally, you've signed your money away to them. You write for deposite only on the back. And put your SS number on the memo line. As a temporary account number. To wire (instead of check), you get their routing number, and the email said to list your SS as the temp account number for the bank wire.
Monthly compounding. Daily accrual. For CDs the online is simply a view only balance viewer. This is basically a phone bank, and to withdraw any money for a CD requires a phone rep. Like CIT.
You start the application online, yet it makes you print it out and mail the application and check via the mail (or wire for check). This is as far as I got. They are A rated BBB and the complaints are all about home lending not CDs. Its an old world style mail in bank, with phone service for CDs. If you've got a week of time, and you may even dig this way of business, that's how it works.
I would definately establish a phone relationship with them and verify all details. Their business accounts show the CD application, and all sorts of items like old statements you have to mail. I assume that had I completed the consumer CD online application it would have resulted in the same. A mound of paperwork sent in the mail instead of an online application that creates an account. I assume that after they get the large package in the mail, they create an account and give you the email log in details. I chickened out.
First IB's online money market account pays a pretty good interest rate (although there are certainly other banks that do better than it, the account is in the top 20 or 25 available).
There are, however, three features of the account that make it less appealing:
1. Low transaction limitations: There are $500 limits for inbound and outbound transfers, possibly increasing to $5k with an account open for a longer period of time.
2. Relatively short window for account inactivity fees to start. After twelve months of no new deposits or withdrawals, the account is subject to a $5/month dormant account fee. If you use a money market as a place to park funds, this short window could offset some of the yield you receive from the bank.
3. A charge for an outbound ACH initiated at the bank. To withdraw funds from the bank, there is a $5 fee per withdrawal (or 1% of the maximum amount of $500).
One can work around the above by initiating deposits and withdrawals from another account, so it may be worth the hassle.
Customer service was forthright and friendly in discussing these account features. In addition, all of the above information is disclosed clearly on the website. In short, a reasonable secondary account for those who need or want one and for those willing to do a bit of extra work.
The best thing about this bank is that the checking account bears interest. This is important, because why would you leave money without earning anything on it? I usually have a thousand or two on deposit at any time, originating from the direct deposit from my job, even though there is no minimum deposit amount required. I earn a buck or two every month on this money.
Also, not only are there no minimum deposit requirements, but the bank offers an overdraft line of credit that is attached to the checking account. Need to pay someone today, but your paycheck won't be deposited until next month? No problem! Just go ahead and write that check. You'll never, ever have a bounced check fee at this bank. The interest rate on the loan from the overdraft will be minimal, and you can pay it off as soon as that paycheck clears.
I highly recommend this bank. I've been a customer for at least a dozen years now, and have only had a couple of minor problems in all that time.
I was first introduced to First Internet Bank of Indiana five years ago when the work at home job company I was with suggested I open an account to receive direct deposit payments. I was rather reluctant because I hadn't ever known or had any experience with an internet bank whose only physical location was out of state. Well, five years later and I am so pleased. This bank is amazing. I have the free checking account with a debit card. There are no monthly fees like I have encountered with other banks or quotas to meet as far as a certain number of transactions you must make each month. Sure, there are the typical ATM fees which range from $1.50 to $2.75, but that is still really reasonable. You can even work around that by using the cash back feature at a grocery store when making a purchase with the bank issued debit card. The card does have a Visa logo so it can be used as credit at pretty much all retailers. I've had no issues at all with this bank. Customer service is great. I've only had to call three times during the time I've had the account, but they're personnel is always really professional yet warm and friendly. I would highly encourage anyone looking for an online bank to check this one out. You can also do online bill pay. I haven't used this feature yet, but I may within the next few months.
I've been using FIBI since 2002 and they have always had outstanding customer service. Need to maintain only a $500 "average" balance during a month to earn interest on money sitting in your acct. For a rare month when my avg monthly balance was less than $500, the "monthly minimum" fee is ONLY $10, which is far less than at other banks that have higher min account balance requirements. It's the reason why I don't switch to another bank that pays a slighly higher interest rate -- until the interest rate difference is large, it's just not worth it for me to switch and get my money locked in to higher account balance minimum requirements for a checking account.
Free checking, debit/ATM card, etc.