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Frequently Asked Questions

General FAQ

How do I balance my checking account?

To get started, use the Balance Your Account form.

To get started, use the Balance Your Account form.

Why is my ATM balance different than my actual balance?

It may not reflect deposits or checks that have not cleared. To see an accurate balance, be sure to keep a check register, go to the branch, or visit Online Banking.

It may not reflect deposits or checks that have not cleared. To see an accurate balance, be sure to keep a check register, go to the branch, or visit Online Banking.

My friend was recently the victim of identity theft. Now she is faced with the overwhelming task of cleaning up her damaged credit. How can I prevent the same from happening to me?
The Federal Trade Commission estimates that the average victim of identity theft is unaware of the ...

The Federal Trade Commission estimates that the average victim of identity theft is unaware of the problem for 12 months. A lot of damage can be done in 12 months, costing a substantial amount of time and money to reconcile. The following tips will help reduce your risk of identity theft.

Protect your Social Security Number (SSN):

  • When applying for a loan, credit card, or anything requiring a credit report
  • Request that your SSN on the application be truncated or destroyed, and that your report be returned to you once a decision has been made.
  • Be cautious about giving out your SSN, as it is the key to your credit report and other financial or personal information.
  • If your school uses your SSN as your student ID number, request a different number.
  • Monitor your credit report: Periodically review your credit report to ensure accuracy of information and address discrepancies immediately.
  • Make sure to monitor your credit report with all three credit bureaus (Equifax, Experian, TransUnion) to ensure no one applies for credit using your name.
  • The official site for free reports is www.Annualcreditreport.com.

Credit Card & Personal Information Precautions:

  • Don’t carry extra credit cards or other ID documents unless needed. If your purse or wallet gets stolen, you’ll be in a world of hurt – if you carry it all with you.
  • Make copies of your credit card account numbers, expiration dates, and phone numbers, and keep them in a secure place.
  • Examine all charges on your statements before making a payment.
  • Shred all credit card offers, receipts, and statements at home. Never throw them away without masking private info.
  • Never give out personal information over the phone unless you have initiated the call and can verify the business is legitimate and trustworthy.
  • Cancel unused credit card accounts right away.

    Source: BrassMagazine.com
What does the “variable interest rate” on my credit card bill mean? Why can they raise my interest rate?
Credit cards have an annual percentage rate (APR), which can be fixed or variable. There is a ...
Credit cards have an annual percentage rate (APR), which can be fixed or variable. There is a difference.

Variable rate: allows the lender to change your APR based on external influences such as the Prime Rate (the rate banks give to their best members). Variable rates can change without prior notification.

Fixed rate: this is deceptive because the rate actually can change. Missing a payment or going over your credit limit could give your issuer license to raise your rate. You must get at least a 15-day notice before your rate changes.

Teaser rate: the initial interest rate lenders advertise to entice you to sign up. Special promotions that offer “0% APR” are for a limited time – after that, the rate will likely increase. If your bill doesn’t look correct, check your credit agreement then contact your issuer. Try ConsumerReports.org for help or contact the Comptroller of the Currency at 800.613.6743 to investigate unjust interest rate raises.

Source: BrassMagazine.com
I’m graduating from college in June and have been hearing a lot about loan consolidation. What is student loan consolidation and how does it work? Do you recommend this method of repayment for student loans?
Essentially, you can consolidate multiple federal student loans with variable interest rates into ...
Essentially, you can consolidate multiple federal student loans with variable interest rates into one fixed-rate loan and extend your repayment period from 10 years to up to 30 years. The interest rate for your consolidated loan is either 8.25% or is based on a weighted average of the underlying loans, rounded up to the nearest one-eighth percentage point – whichever is less. The determined interest rate is locked in for the life of the loan.

Consolidation is not the best option for everyone, so do some research before making a decision. Always make sure that you clearly understand the terms of the loan. The federal government allows a six-month grace period from the day you graduate until loan payments must begin. If you choose to consolidate during this time, your grace period will be waived and you will have to start making payments immediately. However, some of the lowest rates are offered during this grace period. Once you consolidate, the interest rate is locked in for the life of the loan. Consolidate federal and private loans separately. Unlike private loans, interest on federal loans may be tax deductible, and you might be able to defer payments if you go back to school.

Source: BrassMagazine.com
What should I do if my wallet is stolen?
Call our 24-hour Telephone Banking service immediately at 888.300.3193. Follow these recommended ...
Call our 24-hour Telephone Banking service immediately at 888.300.3193.

Follow these recommended tips:
  • You may want to make an itemized list of everything that you carry in your wallet—credit cards, licenses, etc.
  • Keep copies of important account numbers and customer service phone numbers in a safe place for easy reference.
  • File a police report that includes the list of items in your wallet and request a copy of the report for your records.
  • Contact the three major credit reporting companies (Experian 800.397.3742, TransUnion 800.680.7289, and Equifax 888.766.0008), and have a fraud alert put on your credit report.
  • Contact your bank(s), change the account numbers on any compromised accounts, and change your PINs. Keep a close eye on your accounts for three months and look for any fraudulent charges or unauthorized activity.
  • For more information on identity theft, check out IdTheftCenter.org or ftc.gov.
How can I make deposits into my son's or daughter's account at college?
We know that banking for college students involves transactions both on campus and at home. That’s ...
We know that banking for college students involves transactions both on campus and at home. That’s why we make it easy to add money to your Independent Bank checking account through Independent Bank offices statewide, by mail or through wire transfers.
How can I speed up my application to open an account?
If you already have an account with us, we will automatically fill out parts of your application ...
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.

Account Opening FAQ

How can I speed up my application?
If you already have an account with us, we will automatically fill out parts of your application ...
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?
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."
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?
Federal law requires all financial institutions to obtain, verify, and record information that ...
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?
Please refer to the "Ending Balance" field of your last statement for this information. If you're ...
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)?
The security (CVV) code is a security feature of credit and debit card transactions that provides ...
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?
If your personal information is already on file with Independent Bank, you can make changes through ...

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?
Backup withholding is a type of withholding for federal income taxes on certain types of income. It ...
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?
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.
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?
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.
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?
Transfer money from a different bank: This option enables you to fund your Independent Bank ...
  • 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?
Your verification code was provided to you during the application process and in a confirmation ...
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-Friday, 8 am-8 pm and Saturday-Sunday, 8 am-6 pm.
What is a US Person?
The IRS tax code has specifically defined the term "United States Person" as meaning any of the ...
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

Mobile Banking FAQ

What is Independent Mobile?
Our Mobile Banking app, Independent Mobile, gives you access to your accounts from your smartphone ...
Our Mobile Banking app, Independent Mobile, gives you access to your accounts from your smartphone or tablet. You can view account balances, pay bills to existing payees, search recent account activity, transfer funds, use SnapCheck mobile deposit, and find ATM or branch locations.
Is it secure?
Yes, Independent Bank supports the most current security to ensure complete privacy and protection ...
Yes, Independent Bank supports the most current security to ensure complete privacy and protection of your account information and transactions. In addition, no account data is ever stored on your phone. In the event your phone is lost or stolen, the service can be immediately disabled by logging into Online Banking and clicking the “Manage Mobile Banking Settings” option.
How do I sign up for Independent Mobile?
Download our Independent Mobile app and follow the instructions, or sign into Online Banking on your computer and choose the “Get Started” option from the Mobile Banking Center.
Download our Independent Mobile app and follow the instructions, or sign into Online Banking on your computer and choose the “Get Started” option from the Mobile Banking Center.
Is Independent Mobile supported on my phone or tablet?
The app is supported on Apple and Android smartphones and on Apple iPad devices.
The app is supported on Apple and Android smartphones and on Apple iPad devices.
How do I install the Independent Mobile app?
Simply go to the Apple or Google Play store, search “Independent Bank,” and download the Independent Mobile app.
Simply go to the Apple or Google Play store, search “Independent Bank,” and download the Independent Mobile app.
What is text banking?
Text banking gives you access to your accounts via text messages. It's a fast, easy way to look up account balances or recent account history by sending a text command to a short code.
Text banking gives you access to your accounts via text messages. It's a fast, easy way to look up account balances or recent account history by sending a text command to a short code.
What is the Independent Bank short code?
All text messages should be sent to 79680.
All text messages should be sent to 79680.
Will I receive unsolicited text messages?
You will only receive messages when you specifically request them with one of the text banking commands.
You will only receive messages when you specifically request them with one of the text banking commands.
What are the text banking commands?
BAL – Summary of available balances for all accounts H – Summary of recent transactions per account ...
BAL – Summary of available balances for all accounts
H – Summary of recent transactions per account
C – List of available text banking commands
HE – Help content for text banking
L – Link to Independent Bank website
R – Receive a new activation code
S – Deactivate all Independent Bank text services
I enrolled my phone number but did not receive a text message. What should I do?
Typically you should receive a text message within a few minutes after enrolling. However, ...
Typically you should receive a text message within a few minutes after enrolling. However, sometimes mobile carriers experience delays that slow down text message delivery. While waiting, make sure your phone has a wireless signal. In addition, be sure you entered the correct phone number on the enrollment site.
I received an activation code but never used it. What do I do now?
Activation codes expire after a specific period of time (usually 24 hours). If you need a new one, ...
Activation codes expire after a specific period of time (usually 24 hours). If you need a new one, return to the Mobile Banking enrollment site (accessed by clicking “Manage Mobile Banking Settings” through Online Banking) and request a new activation code, or, if you are enrolled in text banking, text the command “R” to 79680.
What happens if I get a new phone or change phone numbers?
If you get a new phone or change phone numbers, be sure to return to Online Banking and update your ...
If you get a new phone or change phone numbers, be sure to return to Online Banking and update your phone number in the Mobile Banking Center. We recommend removing your old phone and re-enrolling your new phone.
Can I use Mobile Banking or text banking on more than one phone?
Yes, please access the Mobile Banking Center through Online Banking to activate another phone number.
Yes, please access the Mobile Banking Center through Online Banking to activate another phone number.
What if my device is lost or stolen?
In the event your phone is lost or stolen, the service can be immediately disabled by logging into ...
In the event your phone is lost or stolen, the service can be immediately disabled by logging into Online Banking and clicking the "Manage Mobile Banking Settings” option. If you are concerned about misuse of your phone, contact your mobile service provider immediately to stop all wireless services.

Credit & Debit Card FAQ

How do I activate my card?

To activate your new card:

Perform a PIN-based transaction at an ATM or merchant

OR

Call our 24-hour telephone banking at 888.300.3193.

To activate your new card:

Perform a PIN-based transaction at an ATM or merchant

OR

Call our 24-hour telephone banking at 888.300.3193.

What are the Mastercard benefits?

You can review all the benefits with your debit Mastercard here.

You can review all the benefits with your debit Mastercard here.

Where can I use my new Debit Mastercard?
Your card offers ATM access, plus acceptance for purchases at millions of locations where Mastercard is accepted.
Your card offers ATM access, plus acceptance for purchases at millions of locations where Mastercard is accepted.

Campus Banking FAQ

How can I make deposits into my son's or daughter's account?
We know that banking for college students involves transactions both on campus and at home. That’s ...
We know that banking for college students involves transactions both on campus and at home. That’s why we make it easy to add money to your Independent Bank checking account through Independent Bank offices statewide, by mail or through wire transfers.
How can I make a deposit?
1. Make a deposit at any Independent Bank office in Michigan. 2. Bank by mail: SVSU office: Deposit ...

1. Make a deposit at any Independent Bank office in Michigan.

2. Bank by mail:

SVSU office: Deposit to your account by sending a deposit slip and checks payable to you to:

Independent Bank
7400 Bay Road
The Doan Center
University Center, MI 48710, or to Independent Bank

CMU office: Deposit to your account by sending a deposit slip and checks payable to you to:

Independent Bank
103 E. Preston
Bovee University Center, 2nd Floor
319 E. Broadway
Mt. Pleasant, MI 48858

3. Wire transfers: move money from an account at another bank to your Independent Bank checking account (and vice versa) electronically. The Independent Bank routing number is 072402652.

Can I have my financial aid refund directly deposited in my account?
Yes.
Yes.
Where is the CMU campus office location?

103 E. Preston Bovee University Center, 2nd Floor, Mt. Pleasant, MI 48858

Call 989.774.1078 for additional location information.

103 E. Preston Bovee University Center, 2nd Floor, Mt. Pleasant, MI 48858

Call 989.774.1078 for additional location information.

Where is the SVSU campus office location?

The Doan Center, 7400 Bay Road, University Center, MI 48710

Call 989.797.4634 for dditional location information.

The Doan Center, 7400 Bay Road, University Center, MI 48710

Call 989.797.4634 for dditional location information.

PeoplePay FAQ

How does PeoplePay work in Online Banking?
Exchanging money with others is easy with our PeoplePay service. Simply log into your Online ...

Exchanging money with others is easy with our PeoplePay service. Simply log into your Online Banking account and enroll in PeoplePay. Once enrolled, you can send and receive payments to anyone through Online Banking. All you need is the recipient’s email address or mobile phone number. If you want to send the payment straight to their bank or PayPal account, however, you’ll need additional information. Simply enter your contact’s email address or mobile phone number and the payment amount, select the payment method, and click “Pay” to send the payment. Your contact will receive a notification to claim the payment, to expect the payment to be deposited directly into his/her deposit or PayPal account, or to be sent in the form of a check to his/her mailing address.

NOTE: Certain payment options require additional information, such as the recipient’s deposit account and routing numbers, PayPal account information, or mailing address, to be eligible.

Who is eligible for PeoplePay?
To send funds through PeoplePay, a customer must have a Independent Bank checking account, be a ...

To send funds through PeoplePay, a customer must have a Independent Bank checking account, be a consumer Online and Mobile Banking customer, enroll in the PeoplePay service, and acknowledge our Online Banking Agreement. Funds may be sent to other Independent Bank customers or individuals with an account(s) at another financial institution.

NOTE: PeoplePay is available to consumer customers only. Business customers are not eligible at this time.

When will the payment post to my deposit account?
The timeframe in which a payment is deducted from your account will depend on the payment option ...

The timeframe in which a payment is deducted from your account will depend on the payment option selected.

They are as follows:

  • Deduct From Account Deposit to bank account: Deducted from your account immediately after the payment is sent.
  • Send to PayPal account: Deducted from your account immediately after the payment is sent.
  • Mail a check: The check will post to your account after your contact deposits or cashes the check. (This payment method is similar to writing a check from your checkbook.)
  • Send email or text: Deducted from your account immediately after the payment is claimed by your contact.
Can I access PeoplePay from my Independent Mobile app?
Yes! To access PeoplePay through the Independent Mobile App, you must first be enrolled in ...
Yes! To access PeoplePay through the Independent Mobile App, you must first be enrolled in PeoplePay through Online Banking. After you have completed enrollment, you may send payments from your mobile device. You can also set up NEW payees from the mobile app.
How fast can I send money with PeoplePay?
With PeoplePay, the delivery time of a payment will depend on which payment option you select: ...

With PeoplePay, the delivery time of a payment will depend on which payment option you select:

  • Deposit to bank account: 1–3 business days after payment is claimed.
  • Send to PayPal account: Immediate, real-time payment after payment is claimed.
  • Mail a check: 5–7 business days
  • Send an email or text: Contact must claim payment and will be deposited to bank account within 1–3 business days after payment is claimed.
If I choose to send an email or text message to my contact to determine how to send the payment, how long will the payment be available to claim?
Your contact may claim a payment within 10 calendar days of receiving the payment notification. ...
Your contact may claim a payment within 10 calendar days of receiving the payment notification. Payments not claimed after 10 calendar days will automatically expire and cannot be claimed by your contact. You will be required to initiate a new payment to your contact if a payment expires.
Can I receive payments in PeoplePay?
Yes, you may receive payments from other PeoplePay users.
Yes, you may receive payments from other PeoplePay users.
Are there transaction amount limits to payments I send via PeoplePay?
Yes, there are payment amount limits per transaction as well as daily transaction amount limits. ...

Yes, there are payment amount limits per transaction as well as daily transaction amount limits. They are as follows:

  • Deposit to bank account: $750/transaction; $1,500 daily limit
  • Send to PayPal account: $250/transaction; $500 daily limit
  • Mail a check: $3,000/transaction; $5,000 daily limit
  • Send an email or text: $250/transaction; $500 daily limit
  • Overall limit: $10,000 daily limit
What if I never received a link to claim my money?
If you did not receive your notification by email or text and need to claim your money, contact Customer Service at 800.355.0641.
If you did not receive your notification by email or text and need to claim your money, contact Customer Service at 800.355.0641.
How does PeoplePay Mobile work?
Using PeoplePay on your phone is just as easy as using it on your computer through Online Banking, ...

Using PeoplePay on your phone is just as easy as using it on your computer through Online Banking, but now you can use it on the go!

Once you have logged into Online Banking and enrolled in PeoplePay, download the Independent Mobile app from the App Store or Google Play Store on your phone. Log in to Independent Mobile and touch the blue plus sign at the bottom of the screen. Select the PeoplePay option. If you have signed in to Independent Mobile with a passcode or Touch ID, you will need to enter your full log-in credentials to continue.

To send a payment, simply enter your contact’s name, his/her email address or mobile phone number, and the payment amount. Select the preferred payment method, and click “Pay” to send the payment. Your contact will receive a notification to claim the payment, to accept the payment to be deposited directly into his/her deposit or PayPal account, or to be sent in the form of a check to his/her mailing address.

NOTE: Certain payment options require additional information, such as the recipient’s deposit account and routing numbers, PayPal account information, or mailing address, to be eligible.

How do I enroll in PeoplePay?
After logging into Online Banking: Locate and click the “Pay and Transfer” tab Locate and click the ...
After logging into Online Banking:
  • Locate and click the “Pay and Transfer” tab
  • Locate and click the “Pay People” link in the “People Payments” section.
You will then be directed to the PeoplePay Welcome page. Click on the “Let’s Get Started” button to proceed. Then you will be directed to the Enrollment page. To successfully enroll:
  • Agree to the terms and conditions of this service by clicking the checkbox. The agreement and disclosure link will open our current Online Banking Agreement, which contains the terms and conditions of the PeoplePay service.
  • Click the “Enroll” button to proceed.
You will then be directed to the next enrollment screen. This page will allow you to select which of your eligible deposit accounts you’d like to use with the People Pay service. Select your accounts and click “Enroll.”
How can I access PeoplePay?
PeoplePay is accessible through Independent Bank’s Online Banking and on the Independent Mobile app.
PeoplePay is accessible through Independent Bank’s Online Banking and on the Independent Mobile app.
What are the available payment delivery options for PeoplePay?
You can select one of the following ways to send the money to your contact: Send to email or mobile ...

You can select one of the following ways to send the money to your contact:

  • Send to email or mobile number. Allow the contact to decide how they want to claim the money. We will send an email or text message to your contact with instructions explaining how to claim the money. Depositing to a bank account and sending to a PayPal account are eligible payments options for your contact to select.
  • Deposit to bank account. If you know the contact's account number and the routing and transit number of the financial institution where the account resides, you can deposit money directly into that account.
  • Send money instantly using PayPal. If you know the email address associated with the contact's PayPal account, you can send money directly into that account.
  • Mail a check. If you have the contact's mailing address, you can send them a check.
What is the best payment option to send money?
The best payment option will depend on what will work best for you and your contact. Prior to ...
The best payment option will depend on what will work best for you and your contact. Prior to sending the payment, we strongly recommend you contact the recipient to make him or her aware of the payment and determine the best option.
How will the payee receive my payment?
With both PeoplePay mobile and PeoplePay through Online Banking, the payee will receive a ...

With both PeoplePay mobile and PeoplePay through Online Banking, the payee will receive a notification to claim the payment, to accept the payment to be deposited directly into his/her deposit or PayPal account, or to be sent in the form of a check to his/her mailing address.

NOTE: Certain payment options require additional information, such as the recipient’s deposit account and routing numbers, PayPal account information, or mailing address, to be eligible.

Is there a charge to use the PeoplePay service?
No, PeoplePay is available to use free of charge.
No, PeoplePay is available to use free of charge.
Can I edit or cancel a payment?
Certain payment options may allow a payment to be edited or cancelled. They are as follows: Deposit ...

Certain payment options may allow a payment to be edited or cancelled. They are as follows:

  • Deposit to bank account: Cannot be modified or cancelled after it's sent.
  • Send to PayPal account: Cannot be modified or cancelled after it's sent.
  • Mail a check: May be cancelled if the check has not yet cleared. To do so, you may contact the bank to issue a stop payment on the issued check. Independent Bank's stop payment fee will apply.
  • Send email or text: May be modified or cancelled while the payment is in an "Unclaimed" status. It cannot be cancelled if the payment was claimed."

Health Savings Account FAQ

What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a ...
A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA.
What are the benefits of an HSA?
You can claim a tax deduction for contributions you, or someone other than your employer, make to ...
You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you don’t itemize your deductions on Schedule A (Form 1040). Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income. The contributions remain in your account until you use them. The interest or other earnings on the assets in the account are tax free. Distributions may be tax free if you pay qualified medical expenses. An HSA is “portable.” It stays with you if you change employers or leave the
How do I qualify for an HSA?
To be an eligible individual and qualify for an HSA, you must meet the following requirements. You ...
To be an eligible individual and qualify for an HSA, you must meet the following requirements. You are covered under a high deductible health plan (HDHP), on the first day of the month. You have no other health coverage except what is permitted under ‘Other Health Coverage’ in IRS Publication 969. You are not enrolled in Medicare. You cannot be claimed as a dependent on someone else's tax return.
What is a High Deductible Health Plan (HDHP)?
A High Deductible Health Plan (HDHP) may provide preventive care benefits without a deductible or ...
A High Deductible Health Plan (HDHP) may provide preventive care benefits without a deductible or with a deductible less than the minimum annual deductible. Minimum and maximum annual deductible amounts can be found in IRS Publication 969 under ‘High Deductible Health Plan (HDHP)’.
What is an Individual Plan?
Self-only HDHP coverage is an HDHP covering only an eligible individual.
Self-only HDHP coverage is an HDHP covering only an eligible individual.
What is a Family Plan?
Family HDHP coverage is an HDHP covering an eligible individual and at least one other individual (whether or not that individual is an eligible individual).
Family HDHP coverage is an HDHP covering an eligible individual and at least one other individual (whether or not that individual is an eligible individual).
How many beneficiaries should I designate?
You should choose a beneficiary when you set up your HSA. What happens to that HSA when you die ...
You should choose a beneficiary when you set up your HSA. What happens to that HSA when you die depends on whom you designate as the beneficiary. Your HSA agent (the person you may authorize to transact business on your behalf) DOES NOT inherit the account, only the named beneficiaries will receive their percentage of distribution
What is the percentage of distribution?
If beneficiaries are named you must designate a percentage of distribution to all HSA beneficiaries. The percentage of distribution for all beneficiaries must total 100%.
If beneficiaries are named you must designate a percentage of distribution to all HSA beneficiaries. The percentage of distribution for all beneficiaries must total 100%.
What is the difference between a primary and a contingent 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 primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets only when all primary beneficiaries predecease you.
What is an Authorized Agent?
An Authorized Agent, if you choose to name one, is the one individual other than yourself authorized to perform transactions on your HSA.
An Authorized Agent, if you choose to name one, is the one individual other than yourself authorized to perform transactions on your HSA.
Under what circumstances will my contingent beneficiaries receive my HSA assets?
A contingent beneficiary receives account assets in the event of your death 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.
What is a rollover?
Generally, a rollover is a tax-free distribution to you from one Health Savings Account that you ...
Generally, a rollover is a tax-free distribution to you from one Health Savings Account that you contribute to another Health Savings Account. The contribution to the second account is called a “rollover contribution.” A rollover contribution isn’t included in your income, isn’t deductible, and doesn’t reduce your contribution limit. You must roll over the amount within 60 calendar days after the date of receipt. You can make only one rollover contribution to an HSA during a 1-year period.
What is a trustee transfer?
A transfer of funds in your HSA from one trustee directly to another, either at your request or at ...
A transfer of funds in your HSA from one trustee directly to another, either at your request or at the trustee's request, is not a rollover. This includes the situation where the current trustee issues a check to the new trustee but gives it to you to deposit. Because there is no distribution to you, the transfer is tax free. Because it is not a rollover, it is not affected by the 1-year waiting period required between rollovers. There is no limit on the number of these transfers. Don’t include the amount transferred in income, deduct it as a contribution, nor include it as a distribution on Form 8889.
Which contribution tax year should I choose?
Current Year is a deposit made in the year for that tax year. Previous Year is a deposit made ...
Current Year is a deposit made in the year for that tax year. Previous Year is a deposit made between January 1st and the tax deadline o the current year however funds are allocated to the previous tax year.
Where can I find additional information regarding Health Savings Accounts?
You can visit IRS Publication 969.
You can visit IRS Publication 969.
Where can I find additional information regarding Qualified Medical Expenses?
You can visit IRS Publication 502.
You can visit IRS Publication 502.

Business FAQ

What is Remote Deposit Capture and what do I need to get started?
Remote deposit capture allows businesses to capture checks at their business location and then ...
Remote deposit capture allows businesses to capture checks at their business location and then transmit data and the check images electronically to their financial institution for posting and clearing, without any need for physical transportation. All that is needed is a computer, Internet connection, and scanning device.
What is Treasury Management?
Treasury Management are tools to help you better manage your business finances.
Treasury Management are tools to help you better manage your business finances.
What should I do if I lost my debit card?
If your ATM or debit card is lost or stolen, call 888.300.3193 at any time, 24/7.
If your ATM or debit card is lost or stolen, call 888.300.3193 at any time, 24/7.
Can I pay my Federal Business Taxes online?
Yes, paying your federal business taxes online is not only convenient and secure, it’s smart business. When you pay your coupons online, you can schedule payments in advance and make payments in minutes.
Yes, paying your federal business taxes online is not only convenient and secure, it’s smart business. When you pay your coupons online, you can schedule payments in advance and make payments in minutes.
How do I sign up for Electronic Federal Tax Payment System (EFTPS)?
EFTPS is the U.S. Department of the Treasury’s free service that allows businesses to make all ...
EFTPS is the U.S. Department of the Treasury’s free service that allows businesses to make all their federal tax payments online 24-hours a day, 7 days a week. To enroll online, visit the EFTPS website.

SnapCheck Mobile Deposit FAQ

Who is eligible for SnapCheck?
Customers who have Online and Mobile Banking are eligible for the SnapCheck Mobile Deposit. Restrictions may apply based on past utilization of the account.
Customers who have Online and Mobile Banking are eligible for the SnapCheck Mobile Deposit. Restrictions may apply based on past utilization of the account.
What if an account is not listed in SnapCheck?
In most cases, eligible accounts will automatically be signed up for SnapCheck. If you have an ...
In most cases, eligible accounts will automatically be signed up for SnapCheck. If you have an eligible account that has not been enabled, please call us at 800.355.0641 for assistance. Please note that accounts are pre-qualified prior to being authorized for use with the SnapCheck service.
What types of checks can I deposit with SnapCheck?
Most domestic checks can be processed through SnapCheck. We are unable to accept money orders, counter checks, foreign items, savings bonds, or third party checks through SnapCheck.
Most domestic checks can be processed through SnapCheck. We are unable to accept money orders, counter checks, foreign items, savings bonds, or third party checks through SnapCheck.
Are there any limits on the dollar amount of deposits I can submit?
Yes, standard transaction limits apply:
  • Daily - $3,000
  • Per transaction - $1,500
  • Multi-day (3 business days) - $5,000
Additionally, limits may vary by customer, may be subject to change, and may require managerial approval.
Yes, standard transaction limits apply:
  • Daily - $3,000
  • Per transaction - $1,500
  • Multi-day (3 business days) - $5,000
Additionally, limits may vary by customer, may be subject to change, and may require managerial approval.
Do I photograph both the front and the back of my check?
Yes. During the deposit process, you will be required to photograph the front and back of your check.
Yes. During the deposit process, you will be required to photograph the front and back of your check.
How do I endorse my check for SnapCheck?
You should sign your check with your name or business name and “For Mobile Deposit Only at Independent Bank.”
You should sign your check with your name or business name and “For Mobile Deposit Only at Independent Bank.”
When will the funds be available in the account?
Transactions entered after 8 pm (ET) will be considered for deposit the following business day. ...
Transactions entered after 8 pm (ET) will be considered for deposit the following business day. Approved deposits made through SnapCheck generally will be available between the first and second business day after the deposit; however, we may apply additional delays on the availability of funds based on any other factors determined by Independent Bank at our discretion.
How will I know if Independent Bank received my deposit?
You will receive a notification by email at the email address you provided during the deposit process when your deposit has been received.
You will receive a notification by email at the email address you provided during the deposit process when your deposit has been received.
How will I know when Independent Bank processes my deposit?
When your deposit is processed, you will receive a second email notification on the status of your ...
When your deposit is processed, you will receive a second email notification on the status of your deposit. This email will indicate if the deposit was approved or declined for processing. If declined, a reason will be provided. This email does not indicate funds are available. Successful deposits made before the daily cut-off time will appear in your account history the following business day.
Can I photograph more than one check at a time?
You can photograph multiple checks in the same session. However, you may only photograph one check per deposit, subject to daily limits.
You can photograph multiple checks in the same session. However, you may only photograph one check per deposit, subject to daily limits.
What if the check photograph is poor quality?
You have the option to retake photographs of the check before submitting or you may cancel the ...
You have the option to retake photographs of the check before submitting or you may cancel the deposit. If you are unable to photograph a clear image, please mail or deliver your deposit to the bank for processing.
Do I destroy my check after I photograph the deposit?
Not immediately: keep the check for 14 business days to ensure it posts to your statement. After 14 ...
Not immediately: keep the check for 14 business days to ensure it posts to your statement. After 14 business days, you may securely destroy the check. Do not VOID the check after submittal, because if the deposit is not approved it will need to be re-submitted.
A check I submitted was returned, can I resubmit it?
If a deposit is returned, please do not re-deposit the check with the SnapCheck service. You will receive written communication from your financial institution through the US Postal Service if a deposit is returned.
If a deposit is returned, please do not re-deposit the check with the SnapCheck service. You will receive written communication from your financial institution through the US Postal Service if a deposit is returned.
If I need additional information on SnapCheck, who can I call?
Please call Customer Support at 800.355.0641.
Please call Customer Support at 800.355.0641.
Do I need a certain type of mobile phone to use SnapCheck?
Currently supported mobile phones: iPhone or iPad device, or Android device.
Currently supported mobile phones: iPhone or iPad device, or Android device.
What type of Internet connectivity do I need?
Your mobile device must have an appropriate data plan that allows the transmission of data over the Internet, which may be subject to fees associated with your provider.
Your mobile device must have an appropriate data plan that allows the transmission of data over the Internet, which may be subject to fees associated with your provider.
What if the processing time to upload my check is very slow?
The processing from your device to the bank and back is not controlled by the bank. This is ...
The processing from your device to the bank and back is not controlled by the bank. This is dependent upon your device, carrier, memory on the device, and your current connection. Try to improve one or more of these elements and try uploading the check again.

Remote Deposit Capture FAQ

What is remote deposit capture and what do I need to get started?
Remote deposit capture allows businesses to capture checks at their business location and then ...
Remote deposit capture allows businesses to capture checks at their business location and then transmit data and the check images electronically to their financial institution for posting and clearing, without any need for physical transportation. All that is needed is a computer, Internet connection, and scanning device.
What are the benefits of remote deposit capture?
With remote deposit capture you can process and deposit checks and payments electronically while ...
With remote deposit capture you can process and deposit checks and payments electronically while accelerating funds’ availability, improving fraud detection, and enhancing labor efficiencies. Reduced trips to the bank, streamlined operations, and simplified bookkeeping are just a few of the many benefits.
How does remote deposit capture expedite funds’ availability?
By eliminating the physical transportation of checks, your customers’ checks clear faster and fraudulent checks are identified sooner. The ability to make deposits at any time enables faster collection and improves cash flow.
By eliminating the physical transportation of checks, your customers’ checks clear faster and fraudulent checks are identified sooner. The ability to make deposits at any time enables faster collection and improves cash flow.
Can a check be scanned and deposited twice?
We have sophisticated duplicate detection technology that alerts you if you send the same check twice and prompts you to make a decision about the item in question.
We have sophisticated duplicate detection technology that alerts you if you send the same check twice and prompts you to make a decision about the item in question.
Can my deposit information be transferred directly to my receivables software?
Yes, remote deposit capture offers integration capabilities to your accounts receivable system, saving you time on manual updates and providing quick and effective reconciling with fewer errors.
Yes, remote deposit capture offers integration capabilities to your accounts receivable system, saving you time on manual updates and providing quick and effective reconciling with fewer errors.
How secure is remote deposit capture?
Remote deposit capture features multiple security levels and controls, making the process safer than physically transporting the checks to the bank.
Remote deposit capture features multiple security levels and controls, making the process safer than physically transporting the checks to the bank.
How late in the day can I make a deposit and still get same day credit?
The cut-off time for same day deposits is 7:00 pm (ET), excluding weekends and holidays.
The cut-off time for same day deposits is 7:00 pm (ET), excluding weekends and holidays.

Privacy & Security FAQ

How does Independent Bank protect my Personal Information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
What does Independent Bank do with my personal information?
Financial companies choose how they share your personal information. Federal law gives consumers ...

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. The types of personal information we collect and share depend on the product or service you have with us. This information can include: 1. Social Security number and income, 2. Account balances and payment history, 3. Credit history and credit scores.

How does Independent Bank collect my personal information?
We collect your personal information, for example, when you: 1. Open an account or deposit money 2. ...
We collect your personal information, for example, when you:

1. Open an account or deposit money
2. Provide income information or apply for a loan
3. Provide employment history.

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?
Federal law gives you the right to limit only: 1. Sharing for affiliates’ everyday business ...
Federal law gives you the right to limit only:

1. Sharing for affiliates’ everyday business purposes—information about your creditworthiness
2. Affiliates from using your information to market to you
3. Sharing for non-affiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.
What happens when I limit sharing for an account I hold jointly with someone else?
Your choices will apply to everyone on your account unless you tell us otherwise.
Your choices will apply to everyone on your account unless you tell us otherwise.
Who is providing this notice?
Independent Bank and its affiliates.
Independent Bank and its affiliates.