FAQ

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Savings

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.

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.

How is First Internet Bank different from a traditional bank?

In some ways, First Internet Bank is very much like a traditional bank. We offer a full range of banking products and services (checking, savings, credit cards, CDs, mortgages, commercial loans and more). But the most obvious difference between First Internet Bank and traditional banks is that we don’t have any branches. Without a costly branch network to support, we have lower operating costs than traditional banks — and we pass those savings on to our customers in the form of better rates and lower fees!

If you’re wondering how to make a deposit without a branch, there are multiple options for making deposits to your account. You may also be wondering how you get access to your accounts to manage your money. We’ve built an extremely powerful website that puts account information and transactional capabilities at your fingertips.

With our online banking site and mobile app, you can complete online (or on your phone) most of the transactions that traditional banks make you complete in person at the branch. And you’ve already found the “DIY way” to get answers to any questions you may have — the FAQs on our website! But for those questions that require a personalized response, our team of professional, knowledgeable Relationship Bankers are available (outside of typical “bankers’ hours”) to assist you by phone at 1-888-873-3424, chat or email at bank@firstib.com.

Is my savings account eligible for the funds transfer service?

Savings accounts are eligible for the funds transfer service. However, many institutions place transaction limits on savings accounts. Any limits and conditions placed on transactions into or out of your savings account by your institution will apply.