First Internet Bank Do More Businessâ„¢ Checking account review
- Fee
- $0 per month
- APY
- 0.50%
- Minimum deposit to open
- $0
Our verdict
An interest-bearing business checking account with unlimited transactions.
You’ll also earn 0.5% APY, but you’ll need to maintain a balance of $10,000 or more in your account.
And although it doesn’t have an ATM network, you’ll get ATM reimbursements for any fee you may incur from the ATM owner up to $10 a month. Its major con is that there are no physical branches, but if you don’t typically need to bank in person this might not be a deal breaker.
Plus, you have many other contact options you might need: You have the option to call, start a live chat or send First Internet Bank an email.
Pros
-
$0 monthly fees
-
$0 minimum balance
-
Up to 0.5% APY
-
Track your net worth
-
Budgeting tools
-
FDIC insured
Cons
-
No physical branches
How do I open a First Internet Bank Do More Businessâ„¢ Checking account?
Sign up for the account online on your computer or mobile device. Here’s what the process looks like on a computer:
- Go to the provider’s site and follow the steps to apply.
- Choose Business in the menu bar.
- Hover over Deposits and select Do More Business Checking.
- Select Apply online.
- Verify that you meet the account criteria and confirm the banking product you’re applying for.
- Enter your email and phone number.
- Fill in your business information, including tax ID and address, and follow the prompts to finish the application.
Eligibility
To open a First Internet Bank Do More Business™ Checking account on behalf of your business, you’ll need to meet these requirements:
- Legal US resident
- At least 18 years old
- US-based business
Required information
The application will require the following information:
- Government-issued ID for each account holder
- Names of all signers who are authorized to open accounts on behalf of the business
- Names of all beneficial owners — someone who owns at least 25% of the company or runs the business, such as the CEO
- Legal documents for the business
What are the benefits of a First Internet Bank Do More Businessâ„¢ Checking account?
There are several standout features for this First Internet Bank Do More Businessâ„¢ Checking account:
- No monthly service fee. You won’t pay a dime to maintain your business checking account.
- No minimum opening deposit. While you don’t have to deposit funds into your account to open it, we spoke to a customer rep who recommended funding your account to get your debit card.
- ATM fee reimbursement. First Internet Bank will cover any ATM fees you might incur up to $10 per month.
- Competitive APY. Earn 0.5% APY as long as you maintain a balance of $10,000 or more in your account.
- Unlimited transactions. While some business bank accounts limit your monthly transactions, First Internet Bank doesn’t cap you.
- Account management. Conveniently manage your money with shared account access and QuickBooks integrations.
- Cash deposits. Although First Internet Bank is an online-only bank, you can deposit cash into any ATM that accepts cash deposits, such as a Visa Plus ATM. Your money may be subject to a hold by the ATM owner.
What should I look out for?
Be aware of these drawbacks before opening an account:
- No physical branches. While you can visit First Internet Bank’s corporate headquarters, customer service is primarily delivered through email, live chat and phone.
First Internet Bank’s ATM network and fees
First Internet Bank doesn’t have an exclusive network of ATMs. We spoke to a customer representative who told us that the ATM Plus Network is a free option for First Internet Bank customers. However, any domestic ATM will give you access to your money. First Internet Bank won’t charge you an ATM fee and if the ATM operator does, you’ll get reimbursed for the fee — up to $10 per month.Compare First Internet Bank Do More Business™ Checking with other business checking accounts
Take a look at a few other business checking accounts by comparing monthly service fees, minimum opening deposits and ATMs.
How do I deposit or withdraw money?
First Internet Bank offers a variety of ways to access cash from your business account.Deposits
- ACH transfer
- Direct deposit
- Wire transfer
- Remote check deposit via iScan or its mobile app
- Mailed checks using its prepaid envelopes
- Cash deposits to any ATM that accepts it, including Plus ATMs
Withdrawals
- ATM withdrawal
- ACH transfer
- Wire transfer
- No-fee bill pay
- Checks
- Debit card, upon request
What other checking options does First Internet Bank offer?
Besides First Internet Bank Interest Checking, First Internet Bank also offers a Free Checking account, which requires a $25 opening deposit and has no monthly maintenance fee. But it doesn’t earn interest or have an ATM fee rebate.
A Commercial Checking account has several more features than a Do More Business Checking account:
- A dedicated team of banking experts. A deposits team exclusively for Commercial accounts.
- Zero balance accounts. Maintain a balance of zero dollars and transfer funds when you need them.
- Sweep services. Automatically deposit funds to pay down a line of credit.
- Check positive pay. Deter check fraud by matching checks against your company’s information.
How to contact First Internet Bank customer service?
You can speak to a First Internet Bank representative by:
- Calling 888-873-3424 weekdays 7 a.m. to 9 p.m. EST and Saturdays 9 a.m. to 3 p.m. EST.
- Live chatting with a Relationship Banker.
- Sending a secure email on the First Internet Bank’s Contact us page or emailing bank@firstib.com.
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
First Internet Bank Do More Businessâ„¢ Checking is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
Your reviews
Kimberly Finder
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