First Internet Bank of Indiana
Encyclopedia
First Internet Bank of Indiana, sometimes called First Internet Bank or First IB, is one of the first state-chartered, Federal Deposit Insurance Corporation
-insured institutions to operate solely via the Internet
.
The bank was founded in 1997 by entrepreneur
David B. Becker, incorporated on October 28, 1998, and opened to the public on February 22, 1999. It is engaged primarily in online
retail banking
and investment in securities
. Services include interest-bearing checking accounts, regular and money market
savings account
s, Certificate of deposit
s, Individual Retirement Account
s, credit card
s, and check cards
. The bank also offers personal lines of credit, installment loan
s, real-time transfers between accounts, and the ability to display checking, savings and loan information on a single screen.
First IB is a privately capitalized institution with over 300 private and corporate investors. On March 21, 2006, the bank consummated a Plan of Exchange by which the bank became a wholly owned subsidiary of First Internet Bancorp, a single-bank holding company.
A $10 maintenance fee is assessed when an account's average daily balance for a given month falls below $500. (Interest Checking only)
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
-insured institutions to operate solely via the Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
.
The bank was founded in 1997 by entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
David B. Becker, incorporated on October 28, 1998, and opened to the public on February 22, 1999. It is engaged primarily in online
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
and investment in securities
Security (finance)
A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...
. Services include interest-bearing checking accounts, regular and money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
savings account
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
s, Certificate of deposit
Certificate of deposit
A certificate of Deposit is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions....
s, Individual Retirement Account
Individual Retirement Account
An individual retirement arrangement is the blanket term for a form of retirement plan that provides tax advantages for retirement savings in the United States...
s, credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s, and check cards
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
. The bank also offers personal lines of credit, installment loan
Installment loan
An installment loan is a loan that is repaid over time with a set number of scheduled payments. The term of loan may be as little as a few months and as long as 30 years...
s, real-time transfers between accounts, and the ability to display checking, savings and loan information on a single screen.
First IB is a privately capitalized institution with over 300 private and corporate investors. On March 21, 2006, the bank consummated a Plan of Exchange by which the bank became a wholly owned subsidiary of First Internet Bancorp, a single-bank holding company.
Summary of fees
First Internet Bank will charge a checking account customers a flat-fee of $30 for each occurrence of overdraft or non-sufficient funds.A $10 maintenance fee is assessed when an account's average daily balance for a given month falls below $500. (Interest Checking only)
External links
See also
- Online bankingOnline bankingOnline banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
- Telephone bankingTelephone bankingTelephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone.Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability...