frequently asked questions
Account opening questions
What if I don't have the joint owner's identifying information?
Why do you need my Social Security number?
Why do you need these dates?
What is an electronic transfer?
What is an internal transfer?
How do I fund my account by check?
What is a direct deposit?
What is backup withholding?
What if this information is incorrect?
How do I locate my verification code?
Where do I find my security (CVV) code?
Where do I find my last statement balance?
Health savings account questions
What is a rollover?
What is a trustee transfer?
What is the Contribution Tax Year?
What is an Individual Plan?
What is a Family Plan?
What is the High Deductible Insurance Plan effective date used for?
What is a beneficiary relationship?
What is the percentage of distribution?
What is a contingent beneficiary?
Do I need an Authorized Agent?
Account opening answers
What if I don't have the joint owner's identifying information? - back to top
The joint owner's identifying information is required for verification purposes to become an owner of the deposit account. If you don't have this information available at this time, the joint owner may be added after you've opened the account. Simply visit your local banking office with the appropriate identifying documentation. A list of locations can be found at IndependentBank.com.
Why do you need my Social Security number? - back to top
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. A social security number is a key form of personal identification which we will require to open your account.
Why do you need these dates? - back to top
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Independent Bank uses these dates to confirm the validity of your driver’s license which must be current to be considered valid.
What is an electronic transfer? - back to top
An electronic transfer is a process which enables you to fund your Independent Bank account(s) from another financial institution within the United States. We may contact your other bank to ensure and verify that you are the rightful owner of the account. Your funding account:
- Must have the same ownership as your new Independent Bank account
- Must be a joint account if your Independent Bank account is a joint account
- Cannot be a credit card or some type of brokerage or investment account
What is a direct deposit? - back to top
A direct deposit is a payment that's electronically deposited into an individual's account at a financial institution. You can request that your payroll, social security, unemployment or tax refund be deposited electronically into your Independent Bank account. Simply provide the third party performing the direct deposit with your new account number and our routing number, 072402652.
What is backup withholding? - back to top
Backup withholding is a type of withholding for federal income taxes on certain types of income. Backup withholding may be mandatory in certain circumstances. Most taxpayers, however, are exempt from backup withholding. U.S. citizens and resident aliens will be exempt from backup withholding if:
- You properly report your name and Social Security number to the payer using Form W-9 and that the information matches the IRS records
- You have not been notified by the IRS that you are subject to mandatory backup withholding
What if this information is incorrect? - back to top
Your personal information is already on file with Independent Bank. To make changes, please send a secure email or visit any Independent Bank location. Please note some changes may require you to present documentation at your local branch.
How do I locate my verification code? - back to top
Your verification code was provided to you during the application process and in a confirmation email. The confirmation email was sent to the email address supplied during enrollment. If you would like assistance with your verification code, please contact customer support at 800.355.0641, Monday through Saturday, 8:00 am to 6:00 pm and Sunday, 10:00 am to 8:00 pm.
Where do I find my security (CVV) code? - back to top
The security (CVV) code is a security feature for credit or debit card transactions which provides added protection against credit card fraud. This code is located on the back of your Visa debit card. It appears as a separate group of three digits on the right side of the signature strip.
Where do I find my last statement balance? - back to top
Please refer to the ending balance field of your last statement for this information. If you are an existing online banking customer, you may obtain this information online. After logging in, select the appropriate account and click on the "view account information" link.
Health savings account answers
Please note: Independent Bank is not offering health savings account (HSA) opening online at this time. Please contact your local office to open an HSA account.
What is a rollover? - back to top
A rollover is a transfer of pre-existing health savings account (HSA) funds from one financial institution to another. Assets must be deposited within 60 days of receipt and are limited to one rollover transaction every twelve months.
What is a trustee transfer? - back to top
A trustee transfer is the movement of pre-existing HSA funds between financial institutions using a trustee transfer form. The form must be completed prior to the movement of funds. This type of transfer is a non-reportable transaction with no limit on frequency.
What is the Contribution Tax Year? - back to top
The Contribution Tax Year is the time between January 1 of the current year and the tax filing due date, April 15 of the following year, excluding extensions.
What is an Individual Plan? - back to top
When one individual is covered by a High-Deductible Health Plan (HDHP), it is considered an Individual Plan. Annual contributions are subject to IRS limits based on the type of coverage.
What is a Family Plan? - back to top
A Family Plan consists of two or more individuals covered by the same High Deductible Insurance Plan (HDIP). Annual contributions are subject to IRS limits based on the type of coverage.
What is the High Deductible Insurance Plan effective date used for? - back to top
The HDIP effective date is used to determine when you become eligible for a health savings account. You must have an active high deductible insurance plan prior to funding your HSA.
What is a beneficiary relationship? - back to top
Beneficiary designation is the process of assigning an individual(s) to receive the remaining assets of your HSA upon your death. If your spouse is designated as the Primary beneficiary, your spouse becomes the owner of the HSA upon your death.
What is the percentage of distribution? - back to top
The account owner must designate a percentage of distribution to all HSA beneficiaries. The percentage of distribution for all beneficiaries must total 100%.
What is a contingent beneficiary? - back to top
A contingent beneficiary is the individual(s) designated to receive the remaining assets of your HSA upon your death if your primary beneficiary precedes you in death.