Frequently Asked Questions

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

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

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

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.

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.

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 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.

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 "Documents" underneath the eServices tab.

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 ONE Wallet Online Banking to your address, phone number, or email address. Just log into your account and select the "Profile" 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

• 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.

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, 8 am-5 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

Our Mobile Banking app, IB ONE Wallet, gives you access to your accounts from your smartphone. You can view account balances, pay bills to existing payees, search recent account activity, transfer funds, use mobile deposit, and find ATMs or branch locations.

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 ONE Wallet Online Banking or calling the Customer Experience Hub at 800.355.0641.

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.

In the event your phone is lost or stolen, the service can be immediately disabled by logging into ONE Wallet Online Banking and clicking the "Profile” tab. If you are concerned about misuse of your phone, contact your mobile service provider immediately to stop all wireless services.

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.

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 organization.

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.

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)’.

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.

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.

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.

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.

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.

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.

In most cases, eligible accounts will automatically be signed up for Mobile Deposit. 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 Mobile Deposit service.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

You can send money to friends, family and people you know.** We recommend you ask people to enroll with Zelle before you send them money – this will help them get your payment more quickly.*

Since money is sent directly from your bank account to another person’s bank account within minutes,* it’s important to only send money to people you trust, and always ensure you’ve used the correct email address or U.S. mobile number. Zelle should only be used to send money to friends, family, or others you trust.

*Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle®.

**Must have a bank account in the U.S. to use Zelle®.

If you don’t know the person, or aren’t sure you will get what you paid for (for example, items bought from an online bidding or sales site), you should not use Zelle for these types of transactions.

These transactions are potentially high risk (just like sending cash to a person you don’t know is high risk). Neither Zelle nor Independent Bank offers a protection program for any authorized payments made with Zelle - for example, if you do not receive the item you paid for or the item is not as described or as you expected.

You can send, request, or receive money with Zelle. To get started, log into the IB ONE Wallet mobile app and select “Send Money with Zelle®.” Enter your email address or U.S. mobile phone number, receive a one-time verification code, enter it, accept terms and conditions, and you’re finished.

To send money using Zelle, simply select someone from your mobile device’s contacts (or add a trusted recipient’s email address or U.S. mobile phone number), add the amount you’d like to send and an optional memo, review, then hit “Send.” In most cases, the money is available to your recipient in minutes.*

To request money using Zelle, choose “Request,” select the individual(s) from whom you’d like to request money, enter the amount you’d like to request, include an optional note, review and hit “Request.”

To receive money, just share your enrolled email address or U.S. mobile phone number with a friend and ask them to send you money with Zelle.

*Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle®.

If you have already enrolled with Zelle, you do not need to take any further action. The money will move directly into your bank account, typically within minutes.*If you have not yet enrolled with Zelle, follow these steps:

1. Click on the link provided in the payment notification you received via email or text message.
2. Select Independent Bank
3. Follow the instructions provided on the page to enroll and receive your payment. Pay attention to the email address or U.S. mobile number where you received the payment notification - you should enroll with Zelle using that email address or U.S. mobile number to ensure you receive your money.

*To receive money in minutes, the recipient’s email address or U.S. mobile number must already be enrolled with Zelle®.

Zelle is a great way to send money to family, friends, and people you are familiar with such as your personal trainer, babysitter, or neighbor.** 

Since money is sent directly from your bank account to another person’s bank account within minutes,* Zelle should not be used to send money to people you don’t know or trust.

Neither Zelle nor Independent Bank offers a protection program for any authorized payments made with Zelle – for example, if you do not receive the item you paid for or the item is not as described or as you expected.

*Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle®.

**Must have a bank account in the U.S. to use Zelle®.

It’s easy — Zelle is already available within the IB ONE Wallet mobile app! Check our app and follow a few simple steps to enroll with Zelle today. We recommend you enroll before someone sends you money – this will help you get your first payment faster.

You can find a full list of participating banks and credit unions live with Zelle here.

If your recipient’s bank isn’t on the list, don’t worry! The list of participating financial institutions is always growing, and your recipient can still use Zelle by downloading the Zelle app for Android and iOS.

To enroll with the Zelle app, your recipient will enter their basic contact information, an email address and U.S. mobile number, and a Visa® or Mastercard® debit card with a U.S. based account (does not include U.S. territories). Zelle does not accept debit cards associated with international deposit accounts or any credit cards.

When you enroll with Zelle through the IB ONE Wallet app, the name of your bank and the email address or U.S. mobile number you enrolled is shared with Zelle (no sensitive account details are shared – those stay with Independent Bank). When someone sends money to your enrolled name, email address or U.S. mobile number, Zelle looks up the email address or mobile number in its “directory” and notifies Independent Bank of the incoming payment. Independent Bank then directs the payment into your bank account, all while keeping your sensitive account details private.

If your recipient has not yet enrolled with Zelle, the payment will remain pending and the money will not move from your account. If the recipient does not enroll within 14 days, the payment will expire, and the transaction will need to be made again.

If the person you sent money to has already enrolled with Zelle, the money is sent directly to their bank account and cannot be canceled. This is why it’s important to only send money to people you know and trust, and always ensure you’ve used the correct email address or U.S. mobile number when sending money. 

If you sent money to the wrong person, we recommend contacting the recipient and requesting the money back. If you aren’t able to get your money back, please call us at 800.355.0641 so we can help you.

Money sent with Zelle is typically available to an enrolled person within minutes.* Ask your friends and family to enroll with Zelle before you send them money – this will help them get your payment more quickly.

If you send money to someone who isn’t enrolled with Zelle, they will receive a notification prompting them to enroll. After enrollment, the money will move directly into your recipient's account. Once their first payment completes, your recipient will be able to receive future payments faster, typically within minutes.*

If your payment is still pending, we recommend confirming that the person you sent money to has enrolled with Zelle and that you entered the correct email address or U.S. mobile phone number. If you’re waiting to receive money, you should check to see if you’ve received a payment notification via email or text message. If you haven’t received a payment notification, we recommend following up with the sender to confirm they entered the correct email address or U.S. mobile phone number.

Still having trouble? Please give the Independent Bank Customer Service team a call at 800.355.0641.

*To receive money in minutes, the recipient’s email address or U.S. mobile number must already be enrolled with Zelle®.

Zelle is a fast, safe and easy way to send money directly between almost any bank accounts in the U.S., typically within minutes.* With just an email address or U.S. mobile phone number, you can send money to people you know and trust, regardless of where they bank.** Ask your recipient to enroll with Zelle before you send them money – this will help them get your payment more quickly.

*Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle®.

**Must have a bank account in the U.S. to use Zelle®.

Keeping your money and information safe is a top priority for Independent Bank. When you use Zelle within our IB ONE Wallet mobile app, your information is protected with the same technology we use to keep your bank account safe.

When setting up Zelle within the IB ONE Wallet mobile app, you will be prompted to add all contacts from your phone. If you choose to do so, be sure that all your contacts are accurate. This includes removing the "1" in front of all phone numbers and removing old information. Each phone number and email address will import into Zelle as a separate recipient.

If you choose not to import all contacts from your mobile device, you can add individual contacts at time of submitting or requesting payments.