The Truth in Savings Act, Regulation DD, was enacted to help consumers understand the terms and conditions on which interest is paid and fees are assessed. First Internet Bank (“First IB”, “the Bank”, “we”) attests the information in this disclosure is accurate as of 8/21/2019.
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Account Description: First IB Free Checking is a transaction account for those who want a free account with the flexibility of unlimited transactions. This account is designed for you to take advantage of our online and mobile banking features.
Minimum Balance: A minimum balance of $25 is required to open the account.
Rate Information: The Interest Rate (at which interest is paid on the principal balance) is 0.75% and the Annual Percentage Yield (at which an account would earn interest each year if all interest paid on the account remains in the account) is 0.75%. The Annual Percentage Yield is based on no withdrawal of credited interest and no change in the interest for a full year. The interest rate for this account is determined at the discretion of the Bank and may change at any time.
Interest Compounding: Interest will be compounded and credited monthly on the last business day of the month. If the account is closed prior to the last day of the month, interest accrued but not credited will be forfeited. Interest is calculated by the daily balance method, which applies a periodic rate to the end of day balance in the account each day. Interest will begin to accrue no later than the business day we receive provisional credit for the deposit of noncash items (for example, checks) into your account.
Fee Information: Fees specific to this account include:
- Monthly Maintenance Fee: There is not a monthly maintenance fee with this account.
- Nonsufficient Funds Fee: $30.00 per occurrence
- Overdraft Items: $30.00 per occurrence
- Uncollected Funds Fee: $30.00 per occurrence
- Returned Item Fee: $20.00 per occurrence
- Stop Payment Fee: $30.00 per occurrence
- Check Copies: You may view copies of check you have written through our online banking system for up to 12 months. A charge of $3 per item applies if you ask us to retrieve a copy of an older check for you.
- Statement Copies: You may view up to 12 months of statements at no cost when you receive statements electronically. A charge of $3 applies if you wish to receive a paper statement by mail or if you ask us to retrieve a copy of an older statement for you.
- Other Fees: Please refer to our fee disclosure for a complete list of fees related to all personal accounts.
Transaction Limitations: There are no transaction limits on this account.