ComplaintsforFirst Internet Bank of Indiana

• Initial Complaint

  05/17/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  This bank has communication problems. There was a undisclosed limit on the ammount you can deposit/withdrawl in a money market savings account after opening an account. It was disclosed that you could only process 6 transactions a month. It did not put a limit to those transactions. After bringing my cocerns to surface no one properly addressed it and I have not heard back in over 4 business days. With this experince opening an account I can only imagine what it would have been if we used it too.

  Business response

  05/19/2023

  See attached letter as our response.  

  Please let me know if you need anything further. 

  Thank you,

  ***********************

• Initial Complaint

  12/23/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  This bank allowed me to open an account and when I got a deposit thru zelle from my mom they closed my account and never returned my funds can you guys please help

  Business response

  12/27/2022

  First Internet Bank of Indiana (the Bank) is in receipt of the above referenced case forwarded by the Better Business Bureau of Central Indiana to the Bank on December 27, 2022, regarding funds in a closed account that were not returned.    
  
  The Bank has reviewed the circumstances surrounding the complaint.  An account was opened in **************** name on Tuesday, December 20, 2022.  A subsequent review of the account resulted in the account being closed.  A check for the remaining funds in the account was issued back to ************ at the address on file.       
  
  Thank you for forwarding this case to the Bank and allowing the Bank to respond accordingly.  I have included my contact information in the response letter to ************ should you require additional information regarding this matter. 
  

• Initial Complaint

  10/24/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  This bank is absolute garbage! They pre-approved us for a loan and then after dragging their feet for 8 weeks, they came back and said "we're sorry for pre-approving you for the loan, we didn't know how to admit the fact that we couldn't provide the original terms that we pre-approve you at, would it be possible for us to change the original terms of the agreement?" It's the most unprofessional experience we've had with a bank (and trust me we use many loans for our transactions). Would highly recommend anyone stay away from them and not even waste their time, there are so many more reliable banks out there that it's not even worth the headache.

  Business response

  10/27/2022

  Tell us why here...First Internet Bank is in receipt of a complaint filed by a customer on October 24, 2022. A review was performed to evaluate the nature and circumstances of the complaint.   
  
  Representatives of a corporate entity applied for a business loan with First Internet Banks ***************************** (SBA) department,and a Term Sheet was signed by the representatives on September 26, 2022.  A Term sheet is not a pre-approval as the customer suggests, but rather denotes that the base parameters and requirements have been met to continue with further underwriting and approval of the loan. 
  
  The loan was assigned to an underwriter immediately upon receipt of the signed Term Sheet and was worked in a manner consistent with our process flow.  However, there were multiple changes to the structure of the credit during the underwriting process.  *********** changes to the loan structure necessitate the need for further documentation which can slow the process.  Part of these changes included adding the customer as a party to the loan subsequent to the original Term Sheet being issued. First Internet Bank received the customers initial information on October 10, 2022. 
  
  Unfortunately, it does not appear that the process has been as timely as the customer anticipated.  The customer did have a conversation with ******************************************* Banks underwriter and loan officer on Monday, October 24, 2022, to express his dissatisfaction with the process and the amount of time it was taking to approve the loan.  However, since that conversation, on Tuesday,October 25, 2022, the customer issued a written apology to the underwriter and loan officer for his behavior via email. 
  
  While we understand the customers frustration and perspective that he feels the process has been slow, the loan has been worked in a timely manner consistent with our internal policies and procedures.  New information for the loan was received on Monday, October 24, 2022, and is currently under review in order for a final decision to be issued. 
  
  Please let me know if you should need any further information.
  
  Thank you,
  ***********************

  Customer response

  10/28/2022

  Better Business Bureau:

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this response/resolution is satisfactory to me. 
  
  The bank did address my concerns by providing the approval that they originally promised they would which I believe was a result of me filing this complaint so thank you.

  Regards,

  *************************

• Initial Complaint

  07/10/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  "We have temporarily placed your account on hold due to a large returned deposit. Please answer the following to assist in our review:1) **** was the purpose of the check? 2) **** services were performed for payment?3) **** is your relationship to xxxx company, a tech company?4) **** is the purpose of your business? 5) **** services do you offer/provide?Thank you, First IB Small Business Team First Internet Bank of Indiana rejected and returned a scheduled business deposit check via the mobile app after providing approval for the increase in deposit limit ($640 above the original limit). First Internet Bank of Indiana made it appear the US company ***** Fargo business account rejected the check. First Internet Bank of Indiana customer support could not provide details of the rejection but requested answers to the questions in the notification of rejection email received after the account had been disabled. If the debit card had been used on that day, the purchase would have been rejected. In addition, it has been confirmed that the US company nor ***** Fargo rejected the check. The US company has over $100 million in cash reserve. The US company has made direct deposits prior to the date of the attempted deposited check. The US company and our company both agree that First Internet Bank of Indiana behavior is vary unusual. Therefore, who rejected the check? Why was the check rejected? **** reasonable suspicion does First Internet Bank of Indiana have that a law was violated by both companies and why do this after First Internet Bank of Indiana accepted and processed the first direct deposit check. **** is First Internet Bank of Indiana's problem? Did the two US companies break the law? Why are they asking questions about relationships when they have answered their own question by identifying the company as a tech company? Systemic and historical biased behavior with a big dash of ignorance. **** will be First Internet Bank of Indiana excuse?

  Business response

  08/16/2022

  Dear BBB:

  We are in receipt of ************************ complaint regarding a returned check on his account, why the account was placed on hold, and his question of what gives us the right to ask questions about his account.  The following addresses his questions:

   

  - ******************** deposited a check to his business account held at First Internet Bank.  Following our normal procedures with the **************** the check was processed and presented to the check maker's bank.  The check was returned unpaid to us by the check maker's bank.  The return reason given to First Internet Bank was "Refer to Maker."  ******************** will need to contact the maker of the check and ask them to determine the issue as to why their bank refused to honor the check and returned the check unpaid.  First Internet Bank does not have any further information and would not be given this information by the other bank. 

   

  - In response to why the account was placed on hold -- This was a large returned check for an account relationship that was less than 30 days old with First Internet Bank.  In addition, the amount of the check exceeded the amount that was estimated for all monthly deposits when the account was opened.  It also exceeded ************************ daily remote deposit capture limit.  As a result, the Bank placed a hold on the account in order to review the activity and to ensure we have accurate information regarding the account.

  - In response to asking questions regarding the account -- This is not bias as ******************** suggested.  All banks have the responsibility to follow federal regulations specified in Bank Secrecy Act and *** Patriot Act.  These regulations require banks to do Customer Due Diligence regarding activity in accounts to ensure expected activity is consistent with the stated activity at the time of account opening. ************************ deposit and returned check was not consistent with the stated activity at the time of account opening.  As such, it is the Bank's responsibility to clarify activity with the customer to understand the nature and transactions within the account are consistent with expected activity.  

  While we understand that ******************** was frustrated with his experience, the large returned check on a new account, as well as activity above the expected transaction amounts in the account caused the Bank to review the account within our normal operating procedures and as outlined in federal regulations.

  If you should have any further questions regarding this matter, please contact me directly at ************ or *********************************.

   

  Sincerely,

  **************************

  Customer response

  08/21/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined the response would not resolve my complaint.  For your reference, details of the offer I reviewed appear below. 
  
  

  The policing bank placed a hold on a business account for a deposit that was $600 over the limit after complying with calling and getting confirmation of the additional amount of the deposit. Per their request, I contacted these people and received verbal confirmation about the additional $600 over the deposit limit. They confirmed it! Again, I complied with their request to contact them and inform them of the additional deposit amount, and they placed a hold on the entire account for almost three weeks. For three weeks, a business could not operate. Think about that. That is enough to shut most businesses down. In economics, we refer to this as a shutdown condition.

  I reject the idiot response from the business. This is an overreach and is destroying commerce and the economy. Proceed with caution and do not trust these people.

  
  Regard
  
  R ********

  
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩