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First Internet Bank Triples Checking Account Business
Six-Month Growth Figures Reflect Rising Acceptance of E-Banking Plus the Popularity of the Bank's No-Fee, Interest-Bearing Checking Accounts
First Internet Bank of Indiana today announced that the number of checking accounts in its portfolio nearly tripled between May and November 2000, marking the most rapid expansion in the institution's history. Transaction volume and the number of customers with more than one account at First IB also increased substantially in the same six-month period, and deposits rose to nearly $175 million.
Bank officials attributed the growth both to the rising acceptance of Internet banking and to First IB's comprehensive product offerings, ranging from consumer and business checking and savings accounts to CDs, IRAs, debit cards, and ATM withdrawal and deposit services. They also cited the broad appeal of the bank's no-fee interest-bearing checking accounts, now offering yields of 5.00% APY* as well as free electronic bill payment and unlimited check writing privileges with no monthly maintenance fees or minimum balance requirements.
"The public is clearly becoming more comfortable with the concept of Internet banking and also seeing the advantage of services such as electronic bill payment and real-time account status. They also like the ability to retrieve checking, savings and loan information in one place 24 hours a day," said David Becker, Chairman and CEO of First Internet Bank. "We are benefiting from the growing awareness of these capabilities as well as our diversified portfolio of products and the specific features of our individual offerings."
First Internet Bank of Indiana is the first state-chartered, FDIC-insured institution to operate solely via the Internet. First IB has customers around the country and a top ranking in the Internet Banker Scorecard published by independent research group Gomez Advisors. Services include no-fee interest-bearing checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, IRAs, credit cards, and check cards that can be used instead of cash or checks. First IB also offers personal lines of credit, installment loans, unique real-time transfers between accounts, and the ability to display checking, savings and loan information on a single screen.