FAQ

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Account

How are tax/insurance projections calculated for the next year?

We project annually how much you’ll need to set aside in your escrow account for the upcoming year. The projected amount is based on the taxes and/or insurance premi­ums you paid during the previous 12 months. The total amount is divided by 12 to determine your projected monthly escrow payment. An important thing to keep in mind: customers are required to have a “cushion” in their ac­count, which is equal to two months of escrow payments.

What’s an escrow shortage?

An escrow shortage occurs when, even with a positive escrow balance, there are not enough funds in the account to pay your yearly project­ed taxes and insurance. By having a two-month cushion, you should have enough funds to cover unexpected tax and/or insurance increases; however, in some cases, insurance and tax premium increases may still exceed the amount in your escrow account.

Please note: Changes to your tax and/or in­surance premiums could result in a change in your monthly loan payment. This information is supplied on your escrow analysis statement described above.

What’s an escrow surplus?

An escrow surplus occurs if your taxes and/or insurance costs were lower than expected.

What’s an escrow analysis?

Every year, we review your escrow account to make sure there’s enough money in it to cover your taxes and/or insurance premiums. We send you a summary statement of this report on August 1st. It includes a review of escrow account activity during the past year, and payment projections for the next 12 months. It’s important that you take the time to review this document when you receive it.

What’s an escrow account?

Your escrow account, in a sense, is a savings account that is managed by First Internet Bank as your mortgage servicer. We deposit a portion of your mortgage payment into the escrow account to cover your estimated real estate taxes and insurance premiums.

How is my available balance different from my current balance?

Your available balance is the amount of money in your account to which you have immediate access. Your available balance will be different from your current balance if we have placed a hold on your deposit or if an authorized credit or debit card transaction has not yet cleared. When we place a hold on your deposit, you will receive a notice telling you when the funds will become available. Funds are applied to your current balance and begin accruing interest immediately, however, these funds are not part of your available balance and may not be used for transactions. The length of the hold depends upon the type of deposit you have made. Complete details are available in our Funds Availability Disclosure.

Are First Internet Bank accounts FDIC-insured?

First Internet Bank checking, savings, Certificate of Deposit (CD), and IRA accounts are insured through the Federal Deposit Insurance Corporation (FDIC). Basic insurance coverage for checking, savings, and CD accounts is $250,000. All transactions and agreements on the site noted above are solely negotiated between you and the corresponding service provider. First Internet Bank neither expresses nor implies any responsibility for such agreements or transactions. You may wish to consult the privacy disclosures of the above referenced site before transacting with this third party.

How can I add a joint account holder to my First Internet Bank account?

To add a joint account holder to your First Internet Bank account, you’ll need to complete the Add a Joint Account Holder form. Log in to your online banking account, click Additional Services and select Add a Joint Account Holder. The form is a PDF file, so you’ll need Adobe Acrobat Reader to view and print the form. Print, complete, and return the form to us following the instructions on the form.

I don’t want to receive my statement by mail. How do I request electronic statements?

To request electronic statements, log in to your online banking account. Click Additional Services, select Bills, Statements & Tax Forms and follow the on-screen prompts to confirm your account ownership. You will also have to accept the terms and conditions for receiving your statements electronically.

How do I close my checking or savings account?

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.