First Internet Bank Eliminates Overdraft Fees to Improve Client Experience

For many consumers and small business owners, the result of one or more overdraft fees can be “devastating.”

To address this issue, First Internet Bank has announced that it is “removing overdraft fees on personal and small business deposit accounts.” This change has been made “to deliver a better – and less costly – banking experience for account holders.”

Nicole Lorch, President and Chief Operating Officer of First Internet Bank, stated:

“We have always had a commitment to make banking as customer-centric as possible. As auto-billing has become the norm, it is not uncommon for anyone to lose track of when payments come due. By removing overdraft fees, we give our customers more peace of mind when managing their finances. Simply put, we think it is the right decision and the way banking should be.”

As a result of the decision, First Internet Bank now gives customers “the added control they need to increase their financial wellness, while eliminating the inconvenience and cost that could come with an inadvertent overdraft.”

Since 1999, First Internet Bank has been “dedicated to finding a better way to bank.”

And back then, that meant “doing what had never been done before.” So, their founder, David Becker had “a radical notion.”

He decided “to create a bank that lived entirely online.” From its inception at David’s kitchen table, First Internet Bank has been “driven by an entrepreneurial spirit.”

The Bank was “the first FDIC-insured institution to operate entirely online, but [they] didn’t stop there.” They focused “on finding the right people to join the family. The trailblazers, the out-of-the-boxers.”

Today, the firm and Bank “are full of imaginative, hardworking folks who enjoy being a part of something meaningful – and [they’re] always looking to add to [their] team.”

With assets of $4.2 billion as of December 31, 2021, the First Internet Bank “provides consumer and small business deposits, SBA financing, consumer loans, residential mortgages and specialty finance services nationally.”

The Bank also “offers commercial real estate loans, commercial and industrial loans, and treasury management services.”

The Bank is “a wholly owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a Member FDIC.”

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