The list of online banks will grow later this month with the launch of First Internet Bank of Indiana.
The bank hopes to differentiate itself by being one of the only banks that will display balances and other information in real time. Currently, most banks rely on batch processing where account information is only updated once a day.
First Internet Bank will offer a full suite of banking services over the Web without requiring the customer to use proprietary banking software. This enables customers to fulfill their banking needs from anywhere with Internet access, the bank said.
Users will be able to access a full product line of checking, money market savings, certificates of deposit, loans, credit cards and ATM cash cards. Deposits can be made through ATMs, payroll direct deposit, mail, wire transfer, etc. Withdraws can be made from any ATM. All funds held at firstib.com are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 per depositor.
“Firstib.com is positioned to cater to Internet customers who long to better manage their finances in a secure, real-time environment,” said David Becker, First Internet Bank’s chairman.
“Our systems are based on proven technologies that have been thoroughly field-tested in the real world, managing $8.5 billion in assets at 109 credit unions, $2.5 billion of those assets available to credit union members in real-time over the Web for the last two years.”