First Internet Bank Do More Business Checking
$0 monthly fee + modest checking APY + unlimited items, online-only, weak cash rails
Costs & Fees
Monthly maintenance: $0 unconditional
Fee waiver: N/A — already $0
Transaction fees: Unlimited transactions; no per-item fees advertised. Footnote: 'Dollar amount restrictions may apply' — meaning not disclosed.
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.
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.
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.
Cash deposit: Not offered on advertised rails. No Green Dot/Allpoint+/retail cash-in network. NerdWallet states checking does not support cash deposits.
Interest & Yields
Checking APY: 0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%.
Savings APY:
FDIC coverage: Standard FDIC $250,000 per depositor per ownership category at First Internet Bank of Indiana
Access, Features & Tools
Access
Branch/ATM: 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.
Mobile app: iOS 4.3/5 (~265 ratings); Google Play ~4.1–4.2 (~115–116 reviews)
Cash deposits: None published. NerdWallet: checking does not support cash deposits. HQ lobby may accept cash under generic funds-availability rules — not confirmed for this product.
Features
Invoicing/bill pay: Bill pay included. No built-in AR/invoicing suite disclosed. Zelle request-pay for P2P/B2B.
Virtual cards: Not disclosed for this checking tier
International: USD only. 2% ISA on foreign card use. Incoming wires USD-only.
Integrations
- ✓ QuickBooks (Cash Flow Analysis / forecasting)
- ✓ Xero (Cash Flow Analysis)
- ✓ FreshBooks (Cash Flow Analysis)
Limits & Requirements
Opening deposit: $100 conservative (official page silent; secondary sources split $0 vs $100)
Minimum balance: $0 to avoid maintenance fee. Interest requires $10,000 ADB.
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.
Best for: No monthly fee (unconditional) Interest-bearing checking Real FDIC bank Balance Optimizer sweep Zelle for Business Long phone hours Unlimited transactions
Pros & Cons
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
Solid Pick (digital SMB wanting a real FDIC bank with modest yield)
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.