First Internet Bank Eliminates Overdraft Fees to Enhance Customer Experience

Rhea-AI Summary

First Internet Bank has announced the removal of overdraft fees on personal and small business deposit accounts, aiming to enhance the banking experience for its customers. President Nicole Lorch emphasized the importance of this decision in promoting financial wellness and alleviating the stress associated with inadvertent overdrafts. This initiative aligns with the bank's focus on customer-centric solutions. As of December 31, 2021, the bank reported assets of $4.2 billion and offers a range of financial services including loans and treasury management.

Positive

• Elimination of overdraft fees improves customer financial wellness.
• The move aligns with customer-centric banking practices.

Negative

• None.

FISHERS, Ind.--(BUSINESS WIRE)-- For many consumers and small business owners, the result of one or more overdraft fees can be devastating. In response, 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.

“We have always had a commitment to make banking as customer-centric as possible,” said Nicole Lorch, President and Chief Operating Officer of First Internet Bank. “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.

For more information about First Internet Bank, please visit firstib.com.

About First Internet Bank

With assets of $4.2 billion as of December 31, 2021, the 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. Additional information about the Bank, including its products and services, is available at www.firstib.com. The Bank is a wholly owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005676/en/

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

investors@firstib.com

Media

BLASTmedia for First Internet Bank

Ryan Hecker

firstib@blastmedia.com

Source: First Internet Bank

FAQ

What has First Internet Bank announced regarding overdraft fees?

First Internet Bank announced the removal of overdraft fees on personal and small business deposit accounts.

How does the removal of overdraft fees benefit customers of INBK?

The removal of overdraft fees provides customers with greater control over their finances and reduces unexpected costs.

What is the asset size of First Internet Bank as of December 31, 2021?

As of December 31, 2021, First Internet Bank reported assets of $4.2 billion.

Who is the President of First Internet Bank?

Nicole Lorch is the President and Chief Operating Officer of First Internet Bank.

What type of financial services does First Internet Bank offer?

First Internet Bank offers consumer and small business deposits, loans, and specialty financing services.