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Review: First Internet Bank Business Checking Account

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The landscape of banking has evolved dramatically over the years, and in this digital age, the importance of reliable, user-friendly, and dynamic banking solutions cannot be overemphasized. This is where the First Internet Bank shines, providing an all-inclusive business checking account service tailored to your business needs.

With a blend of technological advancements and personalized service, the First Internet Bank business checking account is designed to simplify your banking experience, saving you time and money.

But before we start diving into the First Internet Bank waters, I want to share with you the following video, where I talk about the 7 Best Small Business Checking Accounts for your business, including, of course, the First Internet Bank, as well as other Banks that offer great benefits when opening a business checking account:

You can find the comparison sheet mentioned in this video here.

Ok, now we can jump into the water!

First Internet Bank: A Virtual Powerhouse

Established in 1999, First Internet Bank is a trailblazer in the online banking industry, providing a comprehensive suite of services from personal banking to lending and commercial banking. With a robust online platform, First Internet Bank allows businesses to manage their finances efficiently and effectively.

Their services include business checking and savings accounts, loans, treasury management, and more. Their business checking account stands out with features designed to support businesses of all sizes.

How to Open a Business Checking Account with the First Internet Bank

Setting up a First Internet Bank business checking account is simple and straightforward. You’ll need standard documents, including a valid identification, business license, EIN (Employer Identification Number), and organizational documents that reflect your business structure.

To summarize, this is precisely what you’ll need to open a Business Checking Account with the First Internet Bank:

  1. A valid form of identification.
  2. Business License.
  3. Employer Identification Number (EIN).
  4. Organizational documents according to your business structure.
  5. Opening deposit of $500.

The opening deposit for a business checking account is $500, with no monthly maintenance fee if you maintain an average daily balance of $10,000. Businesses can enjoy up to 100 free monthly transactions, beyond which a nominal fee of $0.50 is charged.

Benefits of the First Internet Bank’s Business Checking Account

With the First Internet Bank’s business checking account, you get the following:

  •  Online and Mobile Banking: Manage your finances anytime, anywhere.
  • Free ATM access: Enjoy surcharge-free access to thousands of ATMs nationwide.
  • Cash Management Services: Access to ACH, wire transfer, and remote deposit capture services.
  • Business Loans and Credit: Eligibility for various loan and credit options to support your business growth.
  • Free Transactions: Up to 100 free transactions per month.
  • Monthly Fee Waiver: No monthly maintenance fee with a minimum average daily balance of $10,000.
  • Free Business Debit Card: No annual fee on your business debit card.

Here’s the Best Payroll Service for your Business!

Quick Overview:

FEES– $0.50 per transaction if you exceed 100 transactions in a month.
– $5 paper statement fee (this can be avoided by opting for e-statements).
– $10 monthly maintenance fee if the minimum average daily balance falls below $10,000.
BENEFITSOnline and Mobile Banking: Manage your finances anytime, anywhere.
– Free ATM access: Enjoy surcharge-free access to thousands of ATMs nationwide.
– Cash Management Services: Access to ACH, wire transfer, and remote deposit capture services.
– Business Loans and Credit: Eligibility for various loan and credit options to support your business growth.
– Free Transactions: Up to 100 free transactions per month.
– Monthly Fee Waiver: No monthly maintenance fee with a minimum average daily balance of $10,000.
– Free Business Debit Card: No annual fee on your business debit card.
PROS– Easy and efficient online banking services.
– Wide array of banking services tailored for businesses.
– Excellent customer service.
– Ability to waive monthly maintenance fee.
High limit on free transactions per month.
CONS– Fees apply when transactions exceed the free monthly limit.
– Paper statement fee (though this can be avoided by opting for e-statements).
– Requires maintaining a minimum average daily balance to avoid monthly maintenance fee.

Overall, a First Internet Bank business checking account is a strategic tool that empowers businesses with a range of services designed to support their growth and profitability.

Business Checking Account vs. Normal Checking Account

The difference between a business checking account and a normal checking account goes beyond the title. With a business checking account from First Internet Bank, you get tools and services tailored to meet the unique needs of your business.

These include higher transaction limits, access to business loans and merchant services, and options for multiple cardholders – benefits that you won’t find with a regular checking account. It’s more than just a bank account; it’s a strategic tool for your business growth.

Public Opinion

The rave reviews from satisfied customers affirm the top-notch quality of First Internet Bank’s business checking account. Users commend the seamless online banking experience, the excellent customer service, and the plethora of features and services that cater to their business needs.

Comparatively, a business checking account at First Internet Bank offers superior benefits over a regular account, especially for those running businesses. The consensus is clear: for a banking partner that understands and supports your business, the First Internet Bank business checking account is an excellent choice.

Conclusion

In the realm of digital banking, First Internet Bank makes a resonating impact with its tailor-made business checking account, becoming the ultimate financial wingman for businesses of all shapes and sizes. With its robust features, user-centric services, and impeccable dedication to fostering business growth, it certainly sets the gold standard in banking services.

Whether you’re a blossoming startup or a seasoned enterprise, this business checking account is your passport to financial efficiency. You’re not just opening an account; you’re unlocking a treasure trove of benefits – from surcharge-free ATMs to free monthly transactions and from cash management services to eligibility for business loans and credits.

While every rose has its thorn, the minor fees associated with the account are largely avoidable and in no way overshadow the immense value offered by the First Internet Bank. Remember, with power comes responsibility. So, maintain a healthy balance and avoid extra transactions to maximize the benefits of your account.

As businesses evolve and grow, so should their banking partner. The First Internet Bank business checking account is not just a product; it’s a partnership that understands, supports, and evolves with your business. So, why wait? Embrace the digital banking revolution and propel your business into the future with First Internet Bank because your business deserves nothing less than the best!

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