First Internet Bank Reviews 19

You don’t want to use this bank, especially if you are a person of color. They closed my account because they don’t expect someone like me to have so much money.

Would absolutely not recommend this bank at all, had a very negative experience and will never do any banking with them ever again in my life

Nightmare!! David Becker has abandoned principles that made him, FIB. Was Faithful FIB business and personal customer for over 25 yrs. In just 3 weeks, they completely trashed their reputation and all 6 of our bank accounts. Deleted already confirmed bill pays, over paid one bill by $32,500 and told "sorry, you'll have to call the company we overpaid and tell them to send it back"!!!! Yes, they really said that!
Deleted our payroll account and deleted 25 years of vendors we have paid through this bank. FInd another bank. The list goes on and on.

Tried to setup the account today and everything seemed fine. This was for my business bank account in the US. I didn't see any reason they would decline it. I have good credit and US citizen. I supplied all the documentation for my LLC and they accepted the application. No reason as to why, no explication, nothing.

Based on my recent SBA LOAN encounter with Ryan Kloge and his boss! All I can say is predatory lending. They drag you along and promises the moon. As it gets closer for closing you will experience such as changing the goal post, adding fees and force you to borrow more money that you actually need. The other stupid crap they do is, they get offended if you question them on anything. Ryan flew off the handle in each meeting and used the F bomb at each one of our meeting. His boss is as grifter as he is. There are many reputable banks that can help you to get a SBA loan. Not them. Ryan is an unprofessional non-human and has a unproven track record as a business broker. The term sheet he provided was full of errors. The borrowers name was incorrect with the effective date of 2024, not April 2025. I guess the poor illiterate did not know that he has to actually read legal documents specially when he is being lazy and cut and paste to generate a legal documents.he got so mad and started using foul langue when we pointed out the errors. Don’t trust them they are bunch grifters.

First Internet Bank name sounded like a partner that could deliver everything one would need in an asset sale agreement for an internet-based company. Even though I was the seller in this situation, I equally depended on the bank’s speed and accuracy. After all, they came recommended from an SBA approved lender. Unfortunately, they completely failed us, making the lender, broker, buyer and myself painfully disappointed.
The biggest issue in the entire process was the deceits on where the documents and the case stood. They strung us along the first 45-60 days multiple times stating, ‘we are waiting on an underwriter’, ‘we have all the documents, we are just waiting for an underwriter’, etc. Well, what they don’t tell you is the meaning of that. When you hear that, you might think we are waiting on an underwriter to finish reviewing the documents. Only after they informed us (and 60 days of waiting) stating ‘we have assigned an underwriter to your case’, did we realize that nobody was reviewing anything during all this time. They didn’t even have an underwriter yet. What a shame!
After that, they told us that the underwriter only needs 3-5 business days to review it and the funding will be approved. Well, they weren’t telling the truth again. After promising to sign off on it in 5 days, they kept sending us messages with different promises and every time with something different: ‘The loan is out for approval signature, which should happen this afternoon. Stay tuned!’, ‘You are in line to be reviewed and signed off on’, ‘We will have full load approval. I will keep you posted!’, ….you get the gist. So instead of 3-5 business days as promised, it took them 3 full weeks.
Then they said they will assign the best closer they got. They will need 3 or maybe 4 weeks at most. Well, you probably guessed it. Again, they didn’t deliver on time, but it took 5 weeks.
Deceptions and deceits are the reasons I will never use or recommend this bank. You have to be honest with your clints even when it is hard to hear it.

I created an account today, which required funding the account with an initial deposit of $25.00. I funded the account using another checking account that I own. Once set up, I received a Zelle payment $740 and it arrived in my account just fine. This was a commission payment to me, which I turned around and used to pay my rent (also through Zelle). Everything seemed to work fine, and all was good.

Five minutes later, I received an email from First Internet Bank stating that my account application hadn't been approved. No reason for the denial, and no option was provided to contest their decision. What could have possibly kept me from opening up an "internet" bank account? I have a 633 credit score (not great, but not terrible), I've lived in the U.S. for my entire life, I have my own tutoring business, and I haven't opened a bank account in over 10 years. This makes no sense, and seems a bit suspicious. Why wait until I deposit over $765 to deny my application?

To make matters worse, the (rude) customer support person that I spoke to said they would be sending my funds back through Zelle. What!? This means, they're sending MY money to someone else. I don't have another Zelle account, so it's going to someone I worked for. How embarrassing! Zelle was the entire reason why I created an account with FIB in the first place.

My recommendation? Save yourself the trouble, and avoid this bank at all costs. That's what I wish I had done.

RESPONSE TO THEIR REPLY: I have contacted you guys on numerous occasions, only to be met with rude, vague and unhelpful replies. In your last response, you literally said my money would "eventually" be kicked back through Zelle, despite Zelle being an instant transfer. You're literally just holding onto my money for no reason. There's no reason why it shouldn't have been sent back by now. I will be reporting to the BBB about your shady business practices.

Here we are again, supposed to close on a business deal on December 30th, no Charles needed more paper worked, asked if buyer had any experience tending bar, the population of our town is 5000 how much experience do you need? I would not recommend this company, go to your local finance banks, they are easier to work with and you can go up to their office and give thme personally the paper work they need, no piece meal.

02/23/24
edit: Absolutely NOT a scam.

The National Manager spoke with me, politely explained his position (which I can agree with 90%).

Most importantly he listened to my concerns.

I think I simply interacted with an overly agressive loan officer who was having a bad day.

Also, extreme credit has to be given to whomever is reviewing these ratings.

I will keep posting about my experience. But I cannot imagine it going downhill because Mark Gibson did such a good job.

==================================
02/11/24
sba loan.

Absolutely a scam. $5,000 application fee. plus, they know it is ridiculous; they had a set response claiming it could be $10,000.

no friend, it could be zero. I went to cadence bank.

they closed my account today without allowing me to withdraw my $340.00 in the account. I have no problem with your business decision. I have a problem that I have to wait for weeks for a check in the mail. That is not right. Your secure message says I cant have no more deposits. It does say anything about withdrawing moeny.

For that reason, better stay away from this bank that only exists online and allegedly has a brick and mortar office in Indiana

I'm over 50 and have perfect credit. I applied for a one-year CD. Almost immediately, I got back a response that was extremely vague, denying my application (to deposit a significant amount of money). There was no reason cited, except "Our decision was based in whole or in part on information obtained in a report from the consumer reporting agencies listed below." 4 agencies were listed. I have a good credit report with all of them. I called, and although the guy was not rude, neither was he helpful. Looking for the reason, without knowing what the reason is, is like looking for a needle in a hay stack. Applying was a fair amount of trouble, requiring making copies of my and my wife's driver's licenses, etc. Steam is coming out of my ears.

Losing another loyal customer.

I had a good experience before with FirstIB for refinancing, not once but twice. I referred three of my good friend to refinance with them as well. Recently I thought to give them another try for the new loan. Boy, I was wrong in picking them.

They give me the rate was 2.875% for pre-approval and start the paperwork. I was in the middle of e-signing and got an email from the loan officer with the following: " The rate that Fannie Mae was initially showing us was a 2.875%. I was informed just now that this pricing is not eligible and is being corrected by Fannie Mae. The actual rates with credit would be a 4.125%. I do apologize and am frustrated as well. I am not sure why this rate was being posted when it was not available."

I was distraught because they ran my credit and started the process, and now telling me the rate is extremely HIGHER than what it should be. I know rates change but NOT to that extreme within the same day. I called the local credit union, and they said the rate is still 2.875%.

Because FirstIB, I have to do another credit pull and restart the whole process again. I learned my lesson and will stay away from them.

First Internet Bank is a joke.

The underwriting process will take forever, and they'll do everything last minute.

The whole process is such a drag. So many calls, so many documents. It always seems like they're just about to finish, and then they find some tiny thing right at the end, and blow it up.

The worst thing is that they try to blame you for it, and make you feel like it's your own fault.
"If you wouldn't have done X, we wouldn't need to verify it", etc.
When they had this thing seat for 5-6 weeks, and they haven't done anything with it till the last minute.

STAY AWAY!

Good experience. We bought an RV 3 years ago, and after searching online for low-interest RV loans, we settled on First Internet Bank of Indiana for financing. The process was fine. I had good communication with my loan officer, and we got the loan funded with no problems. We had auto monthly payments set up, and they have an app I used to keep on top of my loan. Over the last 3 years, we moved, so we had to get the RV re-titled & re-registered in a new state. The customer service was great, and we had no problems communicating the changes with FirstIB. We were recently able to payoff our loan, and that process was also very seamless. I would recommend this company to anyone seeking financing.

We were not pleased with the length of time this process took (started in July, finished in November)! That’s too long by anyone’s standards! Worse was the constant requesting of additional documents mostly because so much time elapsed (3 times asked for updated paystubs) and a barrage of verifications about my business!
The only good thing about dealing with you was Gary O’Brien. Thank you Gary!
We cannot recommend you in good conscience due to these issues.

I admit, my experience with online banking is relatively minimal. However, I have plenty of other ("traditional") experience to compare it to, and would like to relay my situation to you regardless.

I joined FIB after poring over as many reviews and other sources as I could. I had settled on a handful of options, none of them very well known to me, but all seeming to offer many customers a reasonably good experience overall, in addition to high CD rates. FIB happened to be the place with the least painful application process (really, all were equal/similar, but others had technical difficulties with their site/process, including Marcus/Goldman Sachs, which I had considered to be more reputable; I couldn't get past the initial part of their application). A FIB relationship banker was in contact with me within a couple of days to walk me through the necessary paperwork. The first CD was opened, no problem. The second CD was somehow funded incorrectly (wrong deposit amount). Very concerning, considering the potential for negative financial impacts to me, not to mention the very clear instructions that I had provided (written and verbal). That said, they reached out to me almost immediately to work on making things right. I appreciate that.

Due to my experience with FIB so far, it is hard to give a single rating. I would have to rate them average to low on competence; not to be mean, but they did mess up a pretty simple request. I would rate them highly on customer service/responsiveness. Not only have they been responsive and helpful, but I was able to easily reach the relationship banker by phone and email, while getting in touch with someone else via online chat (which I didn't need, since my banker called back at that time). I have confidence that they will always try to do right by me, but I can't have confidence that other errors won't happen. I would also have to rate them high on a big part of what matters to me, which are the CD interest rates! This can change, but right now, they're among the highest available.

Also, a bit of a disclaimer on internet banking in general: Most of my research leads me to believe that many of these online-only banks are providing savings/value to customers at the expense of service. They may have fewer employees (relative to number of accounts) and no "bricks and mortar" presence. Wait times (and general accessibility) might be poor in some cases. In my case with FIB, I wouldn't say that CUSTOMER service has been bad, but I feel like the banking service I am getting so far is not up to the standard of traditional banks that I have worked with. The kind of error that happened in my case has never happened and probably will never happen with any other bank of mine. It is a very bad look for the described mistake to happen with any customer, let alone a brand new customer! To be fair, I am giving FIB a chance and I plan to stay with them unless I have another bad experience with them.

As they say, your mileage may vary. I think internet banking is destined to be imperfect at times, but so long as you get what you expect in the long term/overall (good rates, good service when it comes to servicing your accounts), I hesitate to complain that much.

Opened account, funded it, they closed it without stating why.

This communication is in reference to your Checking accounts at First Internet Bank of Indiana.

All Financial institutions are required by federal and state regulations to understand ongoing customer activity, therefore new account reviews are conducted on all accounts.

After further review of the new account details, we have decided to exit the relationship.

We apologize for any inconvenience this may cause you.

Respectfully,

Michele Petrey
Deposit Operations Analyst

also this trust pilot website is barely functional. Who made this? Stop outsourcing to those who would prefer to defecate in the street.

I live in Ohio and the online bank is located in Indiana. My monthly pension check goes in by direct deposit. They provide postage free envelopes for other deposits and their online bill pay is excellent. Interest rates are good and I have had no problems with either my checking or savings accounts.