First Internet Bank Small Business Checking is an online business checking account that has no monthly minimum balance, no monthly fees, and no transaction limits. It offers a 0.65% annual percentage yield (APY) for accounts with an average daily balance above $10,000. It provides secure online and mobile banking tools that allow you to manage your finances anytime, anywhere.
First Internet Bank Small Business Checking Pros & Cons
No monthly fee
Online-only bank, no physical branches
No transaction limits
Requires a high minimum balance to earn interest
Refunds up to $10 third-party ATM fees per month
Who First Internet Bank Small Business Checking Is Best For
- Business owners who prefer to bank online all the time: First Internet Bank is a good option for business owners who prefer to do all of their banking transactions online because it does not have physical branches.
- Business owners who can maintain a $10,000 average daily balance: First Internet Bank Small Business Checking allows you to earn 0.65% APY if you can maintain an average daily balance of at least $10,000.
First Internet Bank Small Business Checking Fees
Minimum Opening Deposit
Minimum Balance Requirement to Avoid the Monthly Fee
Wire Transfer Fee
Outgoing (Domestic): $20
Outgoing (International): $50
Cash Deposit Fee
Returned Item Fee
Uncollected Funds Fee
Reimburses up to $10 per month in third-party ATM fees
First Internet Bank Small Business Checking does not charge monthly fees and transaction fees. It does not have ATM fees and reimburses up to $10 of third-party ATM fees per month. It charges $20 per returned item and a $30 uncollected funds fee. First Internet Bank charges $15 for incoming wires, $20 for outgoing domestic wires, and $50 for outgoing international wires.
First Internet Bank Small Business Checking Features and Perks
Online and Mobile Banking
First Internet Bank offers convenient tools to make everyday banking easier. It provides free online and mobile banking, remote and scanned deposit options, and electronic statements.
First Internet Bank Small Business Checking comes with debit cards that you can use to withdraw cash from ATMs.
Other Bank Business Accounts
First Internet Bank also offers various business bank accounts, which include savings, money markets, and certificates of deposits (CDs). The First Internet Bank Small Business Checking offers seamless integration with FIB Business Savings Accounts.
First Internet Bank Small Business Checking Alternatives 2020
Growing businesses that want banking with unlimited transactions
Business owners who do not often transact using cash
Business owners who don’t handle cash transactions and are looking for an online-only bank that offers free ATM use
$10, waived if you maintain a minimum balance of $5,000
Minimum Opening Deposit
Cash Deposit Fee
None; unlimited ATM fee reimbursements
No ATM fee from Azlo; however, third-party ATM owners may impose usage fees
Novo refunds all ATM fees
Most Helpful First Internet Bank Reviews
Most First Internet Bank reviews available online consist of both positive and negative ratings. Customers who left positive reviews are happy with First Internet Bank’s great customer service, secure online banking, and its affordability. Clients who left negative reviews expressed disappointment because of the requirements to open an account and the long processing time it took for the debit card to arrive.
Great, secure online banking experience
One client who left a positive review of First Internet Bank on DepositAccounts.com is happy because of the bank’s smooth online account opening process, fast set up, and wonderful customer service. The client is also satisfied with the great rates being offered by the bank.
Debit card took too long to arrive
A client who left a negative review on Yelp was disappointed because it’s been more than three weeks since he opened his checking account, but his debit card has not arrived yet. The client is unhappy because he couldn’t withdraw his money without the debit card, and he cannot transfer his funds as well because the bank will not give him his account number.
First Internet Bank Small Business Checking Frequently Asked Questions (FAQs)
Can I really bank without branches?
First Internet Bank offers services like direct deposits and ATMs, so you don’t need to visit bank branches anymore. Without a costly branch network to support, First Internet bank also loaded up its online banking site with tools and resources to help you manage your money more easily, anytime, anywhere. If you have concerns, its experienced relationship banker is available to help—either by phone, email, or online chat.
How long does it usually take to open an account?
In some cases, you may receive an immediate decision after you submit your completed application. In other cases, First Internet Bank will need to review your application. You will typically 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.
Can I deposit a third-party check—one that was originally payable to someone else—in my account if they sign it over to me?
All checks must be originally made payable to an account owner to be eligible for the scanning deposit option.
First Internet Bank Small Business Checking is an online checking account with no monthly fee, no minimum balance, and no transaction limits. This is best for business owners who want a pure online checking account and those who can maintain an average daily balance of $10,000 or more to earn interest. It’s important to note that First Internet Bank is an online-only bank and does not have physical branches.
If you are still not sure if First Internet Bank Small Business Checking is right for you, then our article about the best online business checking account is a review of our top choices. In this guide, we looked at a variety of online checking accounts based on its features, fees, terms, opportunities to earn an introductory offer, the size of the banks’ network, as well additional services they offer.