In most cases, you can deposit checks written in Canadian dollars. When we receive the deposit, we will credit the face value of the check to your account (see example below). We will then send the item to the Federal Reserve for processing, where the Fed will calculate the amount of the check based on the current exchange rate. The Fed will send First Internet Bank an adjustment for the item, which we will then debit or credit to your account (this process may take a few business days to complete).
Other than the adjustment, there are no service charges associated with depositing Canadian items. For example, suppose you send a check for $100 (Canadian) to deposit to your account, and the exchange rate is $1 Canadian = $0.85 US. First Internet Bank would credit $100 (US) to your account. On the next business day, First Internet Bank would debit $15 (US) from your account. (This example is provided for illustrative purposes only and may not reflect current exchange rates.
Please review our Funds Availability Disclosure for other terms and conditions that apply to your deposit.) Please be aware that the Fed may not be able to process all Canadian items. If the Fed cannot process the item, we will inform you of the situation and reverse the deposit. We will also return the item to you.