FAQ

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General

What does APR mean?

APR stands for Annual Percentage Rate, a measure of the cost of credit expressed as a yearly rate. It is the finance charge on a loan over a one-year period expressed as a percentage. This is used to calculate and compare the actual finance costs of your loan. Learn more.

What is the routing number for First Internet Bank?

Our routing number is 074014187.

I am not a US citizen. May I open an account with First Internet Bank?

To be eligible for a First Internet Bank account, you must have a verifiable US residential address and a US tax identification number or Social Security number.

May I open a custodial account for a minor at First Internet Bank?

Yes. Under the Uniform Gifts (or Transfers) to Minors Act (UGMA/UTMA), a minor owns the funds in the account, but the custodian is responsible for monitoring and distributing the funds to the minor. The Indiana Uniform Transfers to Minors statute declares that a party can become a custodian without a court appointment.

When I apply for an account, how long will I have to wait before I receive a decision?

In some cases, you may receive an immediate decision after you submit your completed application. In other cases, we will need to review your application. You will receive an email within two business days after your completed application has been reviewed, at which time you can return to the online application to view the decision.

What is the mailing address for First Internet Bank?

Please send deposits, loan payments and other correspondence to:

First Internet Bank
PO Box 6080
Fishers, IN  46038

For overnight deliveries, please use our street address:

First Internet Bank
11201 USA Parkway
Fishers, IN  46037

Am I ever required to take distributions from my Traditional IRA?

Traditional IRA distributions become mandatory beginning in the year that a Traditional IRA owner turns age 70½. These mandatory distributions are called required minimum distributions (RMDs). IRA owners must begin taking RMDs by April 1 of the year following the year they turn 70½. These distributions are based on the IRA balance divided by the applicable distribution period. Because IRAs were created to provide income during retirement—not to be a tax shelter— IRA owners failing to take their RMDs are subject to a 50 percent excess accumulation penalty tax on the assets that should have been distributed but were not.

What’s the difference between a fixed and a variable rate?

A fixed rate does not change over the life of the loan. A variable rate, also known as an adjustable or floating rate, is adjusted periodically and is usually based on a standard market rate outside the control of the bank, such as the prime interest rate. These rates often have a specified floor and/or ceiling, called a cap or a collar, which limit the adjustment.

I have been inundated with telemarketing calls and letters from other lenders since I applied for a loan with First Internet Bank. Did First Internet Bank sell my information?

First Internet Bank does not sell your information to any third party for marketing purposes!

During the course of reviewing a loan application, we will request your credit report and credit score from the major credit bureaus. All three national credit bureaus have ‘event-based trigger’ programs, which identify you to be in the market for new credit in the near-term based on certain changes in your credit profile. In this case, the fact that you are applying for a mortgage may indicate that you are likely to be shopping for a mortgage. Other lenders purchase this information and will contact you quickly in an attempt to win your business before you close your loan.

Event-based trigger programs are legal, even if you don’t particularly like them. They meet all Fair Credit Reporting Act regulations and guidelines and are presently offered by all three national credit bureaus (Experian, Equifax, TransUnion). Consumer information could vary depending on the credit bureau providing the trigger notification service, but lenders may purchase a list that includes your name, address, inquiry type, credit score, and other optional data attributes. They may buy your phone number from a third-party provider.

If you do not want to receive pre-screened offers of credit and insurance, you have two choices: You can opt out of receiving them for five years or opt out of receiving them permanently by calling toll-free 1-888-5-OPTOUT (1-888-567-8688) or visiting www.optoutprescreen.com for details. The telephone number and website are operated by the major consumer reporting companies. When you call or visit the website, you’ll be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.

If you have joint credit relationships, like a mortgage or a car loan with a spouse, partner or other adult, you may continue to receive pre-screened solicitations until both of you exercise your opt-out right. Opting out has no effect on your credit score or your ability to apply for or obtain credit or insurance. Requests to opt out are processed within five days, but it may take up to 60 days before you stop receiving pre-screened offers. Calling the opt-out line or visiting the website will stop the pre-screened solicitations that are based on lists from the major consumer reporting companies. You may continue to get solicitations for credit and insurance based on lists from other sources. For example, opting out won’t end solicitations from local merchants, religious and charitable associations, professional and alumni associations, and companies with which you already conduct business. To stop mail from groups like these — as well as mail addressed to ‘occupant’ or ‘resident’ — you must contact each source directly.

What are the requirements for my online banking password?

Your online banking password ensures that only you can access your confidential information. Your password must more than six characters, is case sensitive, and must contain a mix of letters, numbers and special characters (!@#$ etc.), but cannot contain spaces. Please remember this password and keep it secure. If you forget your password, you will have to be reset.

Your password is one of the most important defenses you have for protecting your account information! Here are some tips for choosing (and protecting) a strong password: Try to memorize the password, and avoid writing it down. Mix letters, numbers and symbols, and use case sensitivity (upper and lower case letters). This makes it harder to ‘crack’ your password. Find a good way to remember it. For example, choose the first letters of a sentence that you will remember. ‘I have 2 dogs called Rover and Fido’ translates to Ih2dcRaF. Use punctuation to your advantage.

Also, avoid using:

  • The name or birth date of your spouse, child, pet or other loved one
  • Social Security or phone numbers
  • Any part of your physical address
  • Other information that is easily obtained about you (your alma mater, mother’s maiden name, or past address, for instance)
  • Any username on the computer in any form
  • A word in the English or foreign dictionary
  • A password used on another site
  • Any of the above spelled backwards
  • Sequences: “12345678,” “abcdefg” or passwords that could easily be advanced: “January2015,” “February2015,” “March2015,” etc.

Above all… Do not share your password with anyone! The employees of First Internet Bank do not need your online banking password to answer your questions or troubleshoot your account.