Head-to-Head
First Internet Bank Do More Business Checking
$0 monthly fee + modest checking APY + unlimited items, online-only, weak cash rails
VS
Chartway Premium Business Checking
Credit-union business checking with tiered dividends up to 4.00% APY and a $10 fee waived at $2,500 ADB
Monthly Fee
$0 unconditional
$10.00/month
Checking APY
0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%.
Tiered variable share dividends — progressive bands by balance (site Sep 2026)
Rating
7.9/10
7.7/10
Costs & Fees
| Metric | First Internet Bank Do More Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional | $10.00/month |
| Fee waiver | N/A — already $0 | Waived if average daily balance of $2,500 maintained during the month. Product page also markets 'No Minimum Balance' for ongoing operation. |
| Transaction fees | Unlimited transactions; no per-item fees advertised. Footnote: 'Dollar amount restrictions may apply' — meaning not disclosed. | Hybrid limited analysis — not classic earnings-credit. No published excess fees for ACH batches, teller visits, checks written, or electronic items. |
| Overdraft/NSF | Conflict: marketing says 'no overdraft fees.' Fee schedule lists Returned Item $20 and Uncollected Funds $30 (schedule dated 03/15/2018). Confirm at opening. | Overdraft Privilege $30/transaction (can cover up to $750 per fee schedule; ODP brochure cited $500 — conflict). NSF/returned item $30. Returned deposited item $20. Opt-in required. OD transfer from linked savings/MM $0. |
| ATM fees | Bank ATM fee $0. Third-party operator surcharge possible. Up to $10/month reimbursement of third-party ATM surcharges. No branded free network. 2% ISA on intl ATM/debit. | Chartway-owned / CO-OP Network $0 Chartway fee. Out of Chartway-owned and out of CO-OP: $1 inquiry + $1 transaction (owner surcharge extra; no rebate disclosed). |
| Wire/ACH | Incoming domestic: $15. Outgoing domestic: $20. Incoming intl: $15. Outgoing foreign: $50. Standard ACH in/out: not disclosed as fee (treated as free). Business ACH default cap $25,000/day unless raised in writing. | Outgoing domestic wire $25. Incoming domestic, incoming/outgoing international, ACH origination per-item/monthly fees not disclosed on business fee PDF. |
Interest & Yields
| Metric | First Internet Bank Do More Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Checking APY | 0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%. | Tiered variable share dividends — progressive bands by balance (site Sep 2026) |
| Savings APY | Business Money Market Plus separate — relationship APYs 1.25% ($10k) to 4.00% ($1M+) plus 1.00% relationship bonus with business checking and ≥$10k ADB in MM | |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at First Internet Bank of Indiana |
Features & Access
| Metric | First Internet Bank Do More Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Branch/ATM network | No branch network. HQ lobby Fishers, IN only. Any ATM for withdrawal — bank $0, up to $10/month surcharge rebate. No ATM cash deposit advertised. | ~33–42 branches in VA/NC, Utah, Houston TX (2025 snapshot). CO-OP Network ~37k–50k surcharge-free ATMs plus Chartway-owned. Direct Teller ITMs expanding (~50 path cited). |
| Mobile app | iOS 4.3/5 (~265 ratings); Google Play ~4.1–4.2 (~115–116 reviews) | Chartway Mobile Banking iOS 4.5/5 (5.7K ratings); Android 4.2/5 (~2.7–2.8K reviews). General app, not separate business treasury app. |
| Virtual cards | Not disclosed for this checking tier | Not disclosed |
| Opening deposit | $100 conservative (official page silent; secondary sources split $0 vs $100) | $100 membership share |
| Eligibility | U.S.-based businesses; owner at least 18. Structures not fully published — NerdWallet cites sole prop, LLC, corp with EIN or SSN and formation docs. | Sole prop, GP/LP, LLC (SMLLC may use SSN), corporation (incl. incorporated nonprofit), unincorporated association/club. Beneficial ownership required. |
Pros & Cons
First Internet Bank Do More Business Checking
Pros
- $0 monthly maintenance, $0 stated per-item fees, unlimited transactions (2026 FAQ)
- 0.50% APY on checking at $10k ADB — uncommon among free business checking (rate 6/16/2026)
- Balance Optimizer sweeps idle cash to First IB MMA at 2.94% / 3.64% without third-party sweep
- Phone support into evening and Saturday; Zelle for Business and account aggregation included
- Direct FDIC member bank (cert. 34607) — not a fintech/partner stack
Cons
- No usable cash-deposit system
- Incoming wires $15 even domestic — recurring cost for wire-paid businesses
- Checking APY modest and gated at $10,000 ADB; below that, yield effectively zero
- Standard FDIC $250k only; no advertised excess-insurance network
- Stale 2018 fee schedule vs 'no overdraft fees' marketing; check holds up to 7–9 business days
Chartway Premium Business Checking
Pros
- Official tiered checking APY up to 4.00% with no spend or direct-deposit gate (site Sep 2026)
- $10 monthly fee waived at relatively low $2,500 ADB
- NCUSIF insurance at federally chartered CU — not fintech/partner-bank stack
- Cash management (ACH origination + online wires) explicitly tied to Premium tier
- Loan origination and rate discounts for Premium holders; CO-OP ATM + shared-branch access
Cons
- 4% APY only at $500k+ — most SMBs earn 0.50–2.50% on lower bands
- Business fee PDF omits incoming, international, ACH origination, FX, and card replace prices
- Analysis fees on cash above $10k in+out and deposited checks above 250/month
- $250k NCUSIF only — no extended-insurance sweep for large balances
- Shared debit card number across authorized users; regional membership and branch footprint
Verdict
First Internet Bank Do More Business Checking
Do More Business™ Checking is First Internet Bank of Indiana's single-tier online SMB checking. Direct FDIC member (cert. 34607). $0 maintenance, unlimited items, no cash network. 0.50% APY requires $10k ADB (rate 6/16/2026). Balance Optimizer sweeps to internal MMA (2.94%/3.64%). Costs: $15 incoming wires, $20 outgoing domestic, $50 outgoing foreign, $10/month ATM rebate cap, $3 paper statements, $5/month dormant. Funds availability can hold checks 7–9 days. Strong phone hours and Zelle; weak for cash, incoming wires, and balances above $250k FDIC.
Chartway Premium Business Checking
Chartway FCU Premium Business Checking is NCUSIF-insured share checking with $10/mo (waived at $2,500 ADB), $100 membership share, tiered APY to 4.00% at $500k+, and limited analysis on excess checks/cash. Outgoing domestic wires $25; many wire/ACH prices undisclosed. Treasury Management requires this tier. No ICS sweep above $250k NCUSIF. Strong for regional CU relationship and high-balance yield; weak for national digital-first SMBs and thin multi-user controls.