frequently asked questions

Account opening questions 
 

How can I speed up my application?
Not sure which option to choose?

How is my personal information used?

Where do I find my last statement balance?

How can I find my security code (CVV)?

How can I change my personal information?

What is backup withholding?

Why do I need to review and accept disclosures?

Why do I need to answer the additional security questions?

Which option do I choose to fund my new account?

How do I locate my verification code?

 

Health savings account questions
 

What is an HDHP and why do I need one?
How many beneficiaries should I designate?

What is the difference between a primary and a contingent beneficiary?

Under what circumstances will my contingent beneficiaries receive my HSA assets?

What is a rollover?

What is a trustee transfer?

Which contribution tax year should I choose?

What is an Individual Plan?

What is a Family Plan?

What is the percentage of distribution?

What is an an Authorized Agent?

Account opening answers
 

How can I speed up my application?- back to top
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.

Not sure which option to choose?- back to top
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."

How is my personal information used? - back to top
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.

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'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.

How can I find my security code (CVV)? - back to top
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.

How can I change my personal information? - back to top
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.

What is backup withholding? - back to top
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

Why do I need to review and accept disclosures? - back to top
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.

Why do I need to answer the additional security questions? - back to top
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.

Which option do I choose to fund my new account? - back to top

• 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:
Independent Bank
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.

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, available Monday through Saturday, 8:00 am to 6:00 pm and Sunday, 10:00 am to 8:00 pm.

Health savings account answers
 

What is an HDHP and why do I need one? - back to top
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).

How many beneficiaries should I designate? - back to top
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.

What is the difference between a primary and a contingent beneficiary? - back to top
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.

Under what circumstances will my contingent beneficiaries receive my HSA assets? - back to top
A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries predecease you.

What is a rollover? - back to top
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.

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.

Which contribution tax year should I choose? - back to top
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.

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 Health Plan (HDHP). Annual contributions are subject to IRS limits based on the type of coverage.

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 an Authorized Agent? - back to top
An Authorized Agent, if you choose to name one, is the one individual other than  yourself authorized to perform transactions on your HSA.