First Internet Bank Business Checking Review 2024

First Internet Bank Review image - 3.6/5

First Internet Bank (FIB) is an online-only bank that provides a range of business services to its clients. Its commercial banking department offers checking and savings accounts, money market accounts, and other banking services, such as cash management and merchant services. FIB also provides various lending solutions, including business term loans, lines of credit, SBA loans, and commercial real estate loans.

Overall, First Internet Bank’s business services are designed to help businesses save time and money, improve cash flow, and streamline their financial operations, but are they right for your startup? Read on for a look at First Internet Bank’s account offerings, fees, customer reviews, and how it compares to other startup banking options.

First Internet Bank Eligibility Requirements

Business accounts at First Internet Bank are open to a wide range of businesses. There are no restrictions on the type of legal structure. Businesses that are corporations, limited liability companies, partnerships, and sole proprietorships are all welcome. There are also no restrictions on the type of business. Here are the basic requirements. Account holders must…

  • Be a legal US resident
  • Be at least 18 years old
  • Be a signer who is authorized to open accounts on behalf of the business
  • Be a US-based business

Opening a business checking account is easy. Simply navigate to the Business Banking page, select your preferred account (you can choose from Do More Business Checking or Commercial Checking) and hit the Apply Online button. 

Pros and Cons of First Internet Bank

Pros of First Internet Bank

  • Unlimited transactions for small business checking accounts 
  • iScan deposit or remote deposit capture
  • Online bill payment 
  • ACH Origination for both receipts and payments 
  • QuickBooks integration
  • Reimbursement of ATM fees charged by other banks

Cons of First Internet Bank

  • $15–$25 in monthly maintenance fees if balance requirements aren’t met
  • A 100% online bank with no ATMs and no physical locations.
  • No introductory offers.
  • No cash deposits

First Internet Bank Products, Pricing, and Features

First Internet Bank is just the bank for small business owners who are looking for a free checking account and are comfortable with accessing services through a desktop or mobile device. 

Balances of up to $250,000 on its Savings, Checking, Certificate of Deposit (CD), and IRA accounts are all insured through the Federal Deposit Insurance Corporation (FDIC). Moreover, account holders are provided with convenient tools to make everyday banking easier. 

These include remote and scanned deposit options, online bill payment, and ACH Origination, along with QuickBooks integration. You’ll also be able to receive electronic statements. ATM fees charged by other banks will be reimbursed. 

A Business Debit Card will provide easy access to funds in your checking account. 

Treasury Management Services include zero-balance accounts, ACH Origination for both cash disbursements and receipts, and sweep services. 

Credit access is provided through commercial loans and Small Business Administration (SBA) loans, including SBA Microloans. Phone and email support are available.


Do More Business Checking Account

This account is best for small business owners and sole proprietors.

  • No monthly fees
  • No minimum balance requirements
  • Unlimited transactions
  • Earns 0.50% APY with average daily balances of at least $10,000. 

Commercial Checking Account

For those businesses with higher transaction volumes and more complex business banking needs, FIB’s Commercial Checking accounts are the perfect fit. This checking account is designed for small businesses that need access to extra banking services like sweep services, remote deposit capture, wire services, and more. 

With Premium and Analyzed Checking, you’ll be equipped with the tools and services needed to take care of business. Plus, there are free online and mobile banking services that allow you to manage your funds from anywhere. 

First Internet Bank also provides dedicated staff members specifically for working with Commercial Checking customers. And there is no minimum initial deposit requirement to open a Commercial Checking account. Here are some of the perks: 

  • Remote Deposit Capture (RDC)
  • Sweep Services
  • Automated Clearing House (ACH)
  • Check Positive Pay
  • Zero Balance Accounts
  • Wire Services
  • Treasury Management Services
  • Merchant Services

Interest Rates 

  • Interest Income: 0.50% for accounts with at least $10,000 average daily balance
  • Interest Expense – Overdraft: 15.99%
  • Commercial loan rates vary 


  • Incoming wire transfer fee: $15
  • Outgoing domestic wire transfer fee: $20
  • Outgoing foreign wire transfer: $50
  • Uncollected funds fee: $30
  • Stop payments: $30
  • Paper statements: $3
  • Cashier’s checks: $5 each
  • Check copies: $5 per copy
  • Dormant account fee: $5 per account
  • $15-25 monthly service fee that can be avoided if the minimum balance is met
  • $0.25 per item over 300 transactions on Commercial Checking Account

An uncollected funds fee is similar to a Non-Sufficient Funds (NSF) fee. It’s charged when funds in the account are not available to pay the item due to holds on the account.

Customer Reviews

Here are some of the things that people like about the bank:

  • Convenience: As an online bank, First Internet Bank offers 24/7 access to accounts and services, making it convenient for customers to manage their finances from anywhere with an internet connection.
  • Competitive rates: The bank offers competitive interest rates on its products, including high-yield savings and CD accounts, which can help customers earn more on their money.
  • Low fees: First Internet Bank has a fee-free checking account, and its other accounts and services have low fees compared to traditional banks.
  • Customer service: The bank’s customer service team is known for being responsive and helpful, with many customers praising their experiences interacting with the bank’s representatives.
  • Technology: First Internet Bank uses modern technology to make banking easier and more efficient for customers, including mobile apps, online bill pay, and remote check deposit.

Overall, First Internet Bank is well-regarded by customers for its convenience, competitive rates, low fees, customer service, and technology.

That being said, some of the common complaints about First Internet Bank include:

  • Technical issues: Some customers have reported issues with the bank’s online platform, including difficulty logging in or accessing their accounts.
  • Customer service: A few customers have reported poor customer service experiences, including long wait times on the phone or unhelpful representatives.
  • Slow processing times: Some customers have reported that it takes longer than expected to process transactions, such as deposits or withdrawals.

It’s important to note that these complaints may not be representative of every customer’s experience with the bank. First Internet Bank has generally received positive reviews and is known for its competitive interest rates and digital banking capabilities.

How Does First Internet Bank Compare?

First Internet Bank may be ideal for businesses that are comfortable working with a bank that has no established brick-and-mortar presence. But some others may prefer the flexibility of dealing with a fintech company like Lili. 

First Internet Bank

Fee-free checking account

Tailor-made to help freelancers manage their money. 

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No fees and unlimited free transactions

Tailor-made to help freelancers manage their money. 

Visit Website

Final Thoughts on First Internet Bank

If you’re a small business owner seeking a free checking account and don’t mind accessing banking services through a desktop or mobile device, First Internet Bank may be the perfect fit for you. With FDIC insurance covering balances of up to $250,000 across Savings, Checking, Certificate of Deposit (CD), and IRA accounts, account holders can feel secure in their banking activities. 

Additionally, the bank offers convenient tools to streamline everyday banking, such as remote and scanned deposit options, online bill payment and ACH Origination, QuickBooks integration, and electronic statements. Plus, ATM fees charged by other banks will be reimbursed.

Frequently Asked Questions

Is First Internet Bank a real bank?

Yes, First Internet Bank is a real bank. Its deposits are insured by the Federal Deposit Insurance Corporation (FDIC). 

Who owns First Internet Bank?

First Internet Bank is a wholly owned subsidiary of First Internet Bancorp (Nasdaq: INBK).

What is the limit for First Internet Bank?

First Internet Bank sets all users to the default limit ($5,000 daily and $25,000 rolling 30 days).