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Frequently Asked Questions
Account Opening Questions
If you already have an account with us, we will automatically fill out parts of your application using information you provided when you opened your other account. This could be information from your ATM or debit card, a deposit account (excluding CD accounts), or a loan account.
If you'll be the only person who owns this account, select "Individual." If you want to add a co-owner to the account, select "Joint."
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Your information is securely stored on your account and customer records when your new account is opened.
Please refer to the "Ending Balance" field of your last statement for this information. If you're 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.
The security (CVV) code is a security feature of credit and debit card transactions that provides added protection against credit card fraud. The code is located on the back of your debit card. It appears as a separate group of three digits on the right side of the signature strip.
If your personal information is already on file with Independent Bank, you can make changes through online banking to your address, phone number, or email address. Just log into your account and select the "Customer Service" tab. You can also visit any Independent Bank location. Please note some changes may require you to present documentation at your local branch.
Backup withholding is a type of withholding for federal income taxes on certain types of income. It may be mandatory in certain circumstances. Most taxpayers, however, are exempt from backup withholding. U.S. citizens and resident aliens are exempt from backup withholding if:
- You properly report your name and Social Security number to the payer using Form W-9 and the information matches IRS records
- You have not been notified by the IRS that you are subject to mandatory backup withholding
Disclosures contain important terms and conditions that apply to your new account. Reviewing and accepting disclosures ensures you are informed about how we'll manage your new account.
Answering the additional security questions allows us to confirm your identity and ensure no one else can open an account in your name. This additional layer of security helps protect you against identity fraud.
Transfer money from a different bank:
This option enables you to fund your Independent Bank account(s) from another financial institution within the United States. We may contact your other bank to 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 any type of brokerage or investment account
Send a personal check:
You may send a check to:
Attn: Open Account Online
PO Box 404
Belding, MI 48809
Make a direct deposit:
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.
Transfer money from an existing deposit account:
Move funds from one account to another account within Independent Bank.
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, available Monday through Saturday, 8:00 am to 6:00 pm and Sunday, 10:00 am to 8:00 pm.
The IRS tax code has specifically defined the term "United States Person" as meaning any of the following:
- A citizen or resident of the United States
- A domestic partnership
- A domestic corporation
- Any estate other than a foreign estate
- Any trust if:
- A court within the United States is able to exercise supervision over the administration of the trust, and
- One or more United States persons have the authority to control all substantial decisions of the trust
- Any other person that is not a foreign person
Health Savings Account Questions
By IRS definition, a High-Deductible Health Plan (HDHP) provides no benefits until the deductible is met, with one exception for certain preventive care benefits. You must have an HDHP in order to qualify to open a Health Savings Account (HSA).
We recommend you designate at least one primary beneficiary who will inherit your account assets in the event of your death. Your HSA agents (the person you may authorize to transact business on your behalf) DOES NOT inherit the account, only the person(s) listed as your beneficiary.
A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets only when all primary beneficiaries predecease you.
A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries predecease you.
A rollover is the movement 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.
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.
Current Year is a deposit made in the year for that tax year. Previous Year is a deposit made between January 1st and April 15th for the previous tax year.
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.
A Family Plan consists of two or more individuals covered by the same High Deductible Health Plan (HDHP). Annual contributions are subject to IRS limits based on the type of coverage.
The account owner must designate a percentage of distribution to all HSA beneficiaries. The percentage of distribution for all beneficiaries must total 100%.
An Authorized Agent, if you choose to name one, is the one individual other than yourself authorized to perform transactions on your HSA.