FAQS

Virtual Meetings

We provide the ability for you to connect with us in the medium that makes the most sense for you and your schedule. For clients that are conducting virtual meetings through video conferencing with First Merchants, you can download the video call instructions below.

Skype video call instructions for clients

Microsoft Teams video call instructions for clients

Definitely. A veterinary practice loan to refinance debt can be a great way to improve your cash flow. Ask a practice finance banker how to get started!

As a first-time homebuyer, you’ll need to take a few steps before you figure out how much you can afford to spend on your first home mortgage, and then get pre-approved for a mortgage loan. First Merchants Bank offers an online mortgage calculator, as well as an online pre-approval application process, both of which are designed to be quick and convenient. You also need to decide how much you can afford for a down payment, which may determine whether you choose conventional financing or an alternative, low down payment option.

No. Checks or items that are drawn or otherwise issued by the U.S Treasury Department are not accepted through mobile deposit. You will need to go to one of our nearest banking center locations to deposit a U.S. Treasury Check.

Yes! First Merchants offers a number of guides, how-to videos and FAQs designed to support you, whether you’re enrolling and logging in for the first time, or learning to pay a friend with your mobile device using People Pay. If you need help, please contact First Merchants Customer Service at 1-800-205-3464 or your local banking center. Find your banking center’s phone number.

The breakdown of how much you’ll receive for the child tax credit is contingent on several variables. The chart below shows how much parents who qualify for the $3,000 or $3,600 payments will receive and when they’ll receive payments.

You’ll be able to see the credit in your account activity using First Merchants Online Banking transaction or First Merchants Mobile Banking App. Let’s make sure you’re enrolled in online and mobile banking.

If you receive a stimulus payment and your 2020 income turns out to be higher than expected, the money does not have to be paid back to the federal government.

Please contact us for assistance.

You likely qualify for an economic impact payment if:

• your filing status is single or married but filing separately, and you make less than $75,000;
• your filing status is head of a household, and you make less than $112,500;
• your filing status is married and you file jointly, and your combined income is less than $150,000;
• your income is above $75,000 as an individual or $150,000 as a joint filer, the payment amount is reduced by $5 for each $100; or
• you don’t typically file taxes and receive Social Security benefits from the Social Security Administration or Social Security Equivalent Benefits (SSEB) from the U.S. Railroad Retirement Board.
  

Taxpayers

The majority of Americans will receive an economic impact payment that’s based on their income and the filing status on their 2019 tax return. If you haven’t filed your 2019 taxes, your 2018 return will be used to calculate the amount you’ll receive.

Single or married filing separate

• If your adjusted gross income is below $75,000, you’ll receive the full $600. You will also receive $600 for each child under the age of 17 you claim on your taxes.
• If your adjusted gross income is above $75,000, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $75,000.
• Reduced checks will go out to individuals making up to $87,000 a year (down from $99,000 in the spring 2020.)

Head of household

• If your adjusted gross income is below $112,500, you’ll receive the full $600. You will also receive $600 for each child under the age of 17 you claim on your taxes.
• Reduced checks on a sliding scale are available for heads of household earning up to $124,500 annually.

Married filing jointly

• If your adjusted gross income is less than $150,000, you’ll receive the full $1,200. You will also receive $600 for each child under the age of 17 you claim on your taxes.
• If your adjusted gross income is above $150,000, you’ll receive an amount that will be reduced $5 for every $100 in adjusted gross income above $150,000
• Reduced checks on a sliding scale will go out to married couples who earn up to $174,000.

If you don’t typically file taxes because you’re not required to based on your income level, the IRS launched a web portal where Americans who did not file a tax return in 2018 or 2019 can submit basic personal information to the IRS so that they can receive payments.

Also, if your 2019 adjusted gross income was less than $69,000, you may be able to find one or more online tools to file your taxes for free. Review each company's offer to make sure you qualify for a free federal return. Some companies offer free state tax returns, but others may charge a fee.

There are a few additional cases in which you may not receive an economic impact payment, including if someone claims you as a dependent on their taxes, you have a non-resident alien status, or you’re filing on behalf of estates or trusts.

Most American adults are beginning to receive stimulus funds from the U.S. government.  The amount of funds for each adult will vary based on a number of factors. Use this calculator published by the Washington Post to estimate your stimulus funds 

Social Security beneficiaries

If you don’t file taxes but receive Social Security or SSEB benefits

If you do file taxes and receive Social Security (or SSEB) benefits

There are a number of reasons why your payment may not be deposited into your account yet. Please contact us for assistance.

Yes, this is a scam. With the rollout of economic impact payments, there’s an increased risk of scams. It’s important to stay vigilant and aware of unsolicited communications asking for your personal or private information – through mail, email, phone call, text, social media or websites – that:

• Ask you to verify your SSN, bank account, or credit card information
• Suggest that you can get a faster payment if they fill out information on your behalf or if you sign over your check to them
• Send you a bogus check, perhaps in an odd amount, and then ask you to call a number or verify information online in order to cash that check

Be aware that scammers are also able to replicate a government agency’s name and phone number on caller ID. It’s important to remember that a government agency will never ask you for your personal information or threaten your benefits.

While there has been no conclusive study on the viability of the coronavirus on U.S. currency, the CDC has indicated that there is no increased risk of viral transmission through the use of cash. We encourage customers to follow CDC guidelines to protect themselves from the virus.

We apologize. Due to the risk of fraud, we are only able to cash checks for First Merchants customers with a checking or savings account. If you would like, you can open an account online. It only takes about 10 minutes.

People can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on www.irs.gov. The tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers.

If you receive a check in the mail, you must be a customer with a checking or savings account at First Merchants to cash your check at one of our banking centers. If you expect to receive a check in the mail and need to open a checking account, you can open an account online in about 10 minutes.

There are a number of reasons why your payment may not deposited into your account. Please contact us for assistance.

No. Your economic impact payment will not be subject to most types of federal offset or federal garnishment as a result of defaulted student loans or tax debt. However, the payments are still subject to garnishment if you’re behind on child support. Visit IRS.gov for more information

The account number the IRS has associated with your taxes, or the detail you entered into the IRS portal is the account to which your payment will be deposited, which may be different than the account type you selected. You can quickly transfer between accounts using First Merchants Online Banking or First Merchants Mobile App.

Yes. The industry is prepared for the increased demand for cash. Banks are working closely with the Federal Reserve to ensure that there is plenty of cash on hand for customers that need immediate funds. Keep in mind that the safest place for your money is in the bank—it’s federally insured and physically secure. 

The IRS will begin rolling out economic impact payments on March 12, 2021. For most people, you won’t have to do anything – the payment will be directly deposited into your bank account or sent to you by check. Be aware, however, that if it & sent by check, it might take a little longer. Visit IRS.gov for more information

Your economic impact payment will either be directly deposited into your bank account or a check will be mailed to you.

If you’re a Social Security (or SSEB) beneficiary who doesn’t need to file taxes, you’ll receive your economic impact payment the same way you receive your benefits, either by direct deposit or by check.

No matter how you receive your payment, the IRS will send you a letter in the mail to the most current address they have on file about 15 days after they send your payment to let you know what to do if you have any issues, including if you haven’t received the payment. Visit IRS.gov for more information

Later this month, the IRS will launch a separate online application, “Get My Payment,” which allows taxpayers, who filed their tax return in 2018 or 2019 but did not provide their banking information on their return, to submit direct deposit information so that they can receive payments immediately, as opposed to checks in the mail. “Get My Payment” will also allow taxpayers to track the status of their payment. Visit IRS.gov for more information

If you provided your bank account information when you filed your taxes, the IRS will directly deposit your money into this account. They won’t need your updated address. Visit IRS.gov for more information

No. In almost all cases, everyone in the household – meaning everyone on your tax return – needs a Social Security number (SSN).

The only exception to this is if you’re a member of the military and file a married tax return. Your spouse isn’t required to have a SSN for you to get the economic impact payment.

Visit IRS.gov for more information

Yes, if you meet the eligibility requirement. While you won’t receive an automatic payment now, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.  Visit IRS.gov for more information

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

Keep in mind that the IRS has extended the deadline for filing your 2019 taxes until July 15, 2020, and you’ll have until the end of 2020 to claim your money.

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Visit IRS.gov for more information

Effective immediately, impacted clients may request to defer payments up to 90 days on installment and auto loans, mortgage loans and home equity loans without impacting their credit report or incurring late fees during the deferral period. If you are experiencing financial difficulty as a result of the COVID-19 impact, please call us at (877) 556-8721 to discuss your options. We are here and are ready to work with you. You can also fill out a request online.

You can use the available tools and resources for self-service banking and 24/7 account access through our digital banking services including mobile, online and voice banking services. Using these services, you can check balances, transfer funds, deposit checks, make payments or find the nearest ATM. If you are not enrolled in Online or Mobile Banking and you need assistance, please visit the following links or contact First Merchants Customer Service at 1.800.205.3464.

Enroll in Personal Online Banking

Download the First Merchants Mobile Banking App for Personal Banking

Definitely. A dental or veterinary practice loan to refinance debt can be a great way to improve your cash flow. Ask a practice finance banker how to get started!

We provide practice finance services throughout the Midwest. Please contact us if you have questions about your location.

Yes, your card will be reissued. Please contact Customer Service 800.205.3464 if you have not received your new debit card by August 22nd.

No, your login information will remain the same. You can access the credit card portal through the “sign in to online services” menu at firstmerchants.com. Choose Personal Credit Card to be directed to the appropriate login page.

Yes, you will still be able to make payments at the banking center.

Yes, continue to use your current Level One branded card until later this year.

If your mortgage was previously serviced by Midwest Loan services, you should have received an informational packet in the mail from our sub-servicing partner, Dovenmuehle Mortgage Inc. (DMI). This information contains new instructions for making payments online with DMI or through the mail beginning August 1, 2022.

To register for online mortgage payments with DMI:

Register Online Payments with DMI

For additional information about making mortgage payments:

Learn More about Mortgage Payments

We recommend you bookmark www.firstmerchants.com to take full advantage of our integrated sign in box and to access the rest of our online content.

The One-Time Security Code will be required the first time you log in to the system and each time you log in with a different device. You will be prompted to initiate a phone call or text and receive a one-time code that you will input to access the system.

• We recommend using the Phone option the first time you log in. Select a phone number and click Continue. The system will display a code that you will provide either verbally or with your phone's keypad when the call is received.
• If you choose the Text message option, you will enter the one-time code in Business Online Banking that will be sent in a text from Short Code 32858.

Business Online Banking is equipped with layered security and Out-of-Band Authentication to help mitigate both internal and external fraud. You are protected at login and when you initiate a transaction.  Please visit our Security Center for additional information.

^{First Merchants Bank or any of its divisions, will not contact you via email, phone, or other means and request confidential information.}

$5,000 per transfer, per business day.

First Merchants already operates several banking centers in southern Michigan, and, through the merger with Level One Bank, will expand its footprint farther into this area. Together, our companies can offer a wider array of services, better access, and improved banking experience to the region. Both First Merchants and Level One leaders are confident that our planned partnership will benefit our customers, communities, and teammates. And we think that’s something worth talking about. 

Yes. You will see Level One signage transition to First Merchants signage beginning in late summer 2022.

First Merchants Bank may be larger than Level One Bank, but it is not a “big bank.” The four largest banks in the U.S. have asset sizes ranging from $1.6 to $3.3 trillion, and the largest 100 banks in the U.S. have assets averaging $193 billion.

In comparison, the combined assets of First Merchants and Level One only totals $17.6 billion, making your average Top 100 bank 10 times our size.

So, while we’re not a big bank, we’re not small, either – in fact, we’re unique. First Merchants is large enough to offer the at-your-fingertips services you may expect from a larger bank while embodying the friendly, trusted nature a small community bank. That’s because we are a community bank.

We emphasize building trusted relationships with our patrons, greeting our clients by name, and improving the financial wellbeing of our diverse communities. Whether you’re looking for a top-rated mobile banking app, enhanced commercial lending limits, access to comprehensive wealth management and private banking, or for a bank that prioritizes initiatives supporting under-invested communities and local causes, we’re the bank for you. That’s because, at First Merchants, we’re committed to making banking accessible for every member of the communities we serve through our service philosophy, “Helping you prosper.”

We’re not too small, we’re not too large: we’re just right to deliver needed services in a personal, individually tailored way.

If you have deposit accounts at both banks, the FDIC will insure your funds for six months after the legal merger date – in this case, six months after April 1, 2022. This is to provide you time to restructure your accounts if necessary.

Should you need further assistance, First Merchants also operates under the trade name First Merchants Private Wealth Advisors. We would be happy to assist you through this process and help you find the right solution for your hard-won earnings.

If you have questions about your deposit insurance, please feel free to visit any Level One Bank location or call the FDIC directly at 1-877-ASK-FDIC.

We will communicate the exact dates in the coming months; however, you can look forward to having access to First Merchants banking centers in Michigan, Ohio, Indiana and Illinois, including 16 in southeast Michigan, along with expanded product and service offerings, leading mobile apps and extended commercial lending limits later this summer.

Yes, for now! Level One Bank will go through a system conversion later this year. We will communicate further information and instructions to you ahead of time in preparation for this system conversion. Please watch your mailbox and inbox closely throughout the summer for more information and instructions.

Yes. Your loan payment process will not change at this time. Please continue to make loan payments in the same manner as you do today.

Whether you should consider an online mortgage depends on what you value most. Generally, borrowers considering an online mortgage rank convenience and speed as top priorities when financing a home purchase.

Many banks with brick-and-mortar locations also serve as online mortgage providers, giving buyers the option to complete the process remotely or in person. When choosing whether an online mortgage is right for you, it comes down to personal preference. Get started with an online application today.

Whether or not you need to pay a mortgage insurance premium (MIP) depends on the terms of your loan. Down payment amounts dictate the need for mortgage insurance premiums, which influence monthly payments — and the amount due at closing. All Federal Housing Authority (FHA) mortgages require borrowers to pay an upfront mortgage insurance premium, known as UFMI, at closing in addition to an annual premium for the life of the loan. The upfront premium costs 1.75% of the loan amount, and the annual mortgage insurance premium runs between 0.45% to 1.05%.

If you made a down payment of less than 10%, you’re responsible for paying the annual premium in monthly installments over the life of the loan. If you put down over 10%, the requirement to pay the annual premium ends after 11 years. 

A mortgage loan officer works for a bank or mortgage company and assists customers who apply for a home loan. Mortgage loan officers stay updated on the latest mortgage news and use their expertise to evaluate and authorize approval of mortgage loans. Mortgage loan officers help customers choose loans that best fit their financial situation and then help them complete the application process. Mortgage loan officers also serve as a borrower’s main contact throughout the home loan process.

On average, refinancing a mortgage costs homeowners approximately $3,000. However, the actual cost to refinance a mortgage depends on the loan amount, county of residence and several other factors. Closing costs typically include lender fees, a home appraisal and title services. Lenders may offer lower-cost refinancing options, which feature a higher interest rate with fewer upfront fees compared to a conventional mortgage.

There are a few differences between a jumbo mortgage and a balloon mortgage such as length of term, interest rates and payment terms.

A jumbo mortgage is a type of home loan used to finance properties that are significantly more expensive than the average home. Jumbo mortgages are generally reserved for affluent buyers who purchase a home worth more than $548,250. On average, interest rates and down payments are higher, and jumbo mortgages are generally paid off in equal monthly payments. They can have 15- to 30-year terms.

Balloon mortgages typically carry lower interest rates and monthly payments than jumbo loans. Unlike a jumbo mortgage, balloon mortgages require borrowers to pay off the remainder of their loan as a lump sum payment at a predefined time, typically toward the end of the term. A balloon mortgage can last from three to 30 years. 

Mortgage amortization is the process by which a home loan is separated into a series of fixed monthly payments. Mortgage amortization can help borrowers calculate how much of their payments are being put toward interest and principal.

Home construction loans and typical mortgages have several distinct differences. Though both types of loans can be used to secure financing for a home, lenders generally require home construction loan borrowers to make larger down payments. Lenders also typically have more stringent credit requirements for borrowers seeking a construction loan than for those applying for a typical mortgage.

The repayment term can also vary between the two home loans. Some home construction loans must be paid off in a year or less, depending on the type of loan the buyer secured, and standard interest rates are generally higher as well. 

A mortgage broker works on your behalf to find a mortgage bank, so you can secure a home loan. By contrast, a mortgage lender approves you for a home loan and lends you the money to buy a home. Whether you choose to work with a mortgage broker or directly with a mortgage bank, ensure you’re getting the best loan terms and interest rates available to you. Also, carefully examine any fees or additional costs the broker or lender may charge.

An adjustable rate mortgage (ARM) on a home loan comes with a flexible interest rate that changes over the life of the loan. Some ARMs offer initial fixed interest rates for three, five or seven years and then adjust over the remainder of the loan term. Compared to a fixed rate mortgage, an ARM mortgage offers a lower initial interest rate, but after the fixed rate period ends, monthly payments typically fluctuate up or down, depending on the market.

In relation to a mortgage, an escrow account is a fund that contains money designated to cover certain monthly expenses including property taxes and homeowner’s insurance. Taxes and insurance represent the two primary elements of what is held in an escrow account by the lender, which pays those bills on the borrower’s behalf. Financial lenders generally require an escrow account for mortgage loans, although escrow can sometimes be waived if a borrower pays a down payment of at least 20%.

The process of getting a mortgage can differ by lender. To apply for a mortgage, look for lending institutions with the best rates and terms to meet your financial needs. The lender will collect information about your income, employment, assets, credit score, and debt information before pre-approving you for a loan. Once your offer has been accepted on a home, you’ll work with the lender throughout the mortgage process until the final closing day.

You can take several different paths to refinance your mortgage. First, you need to determine your goal: Do you want to lower your interest payments, shorten the loan term, drop mortgage insurance or free up cash?

Next, you should shop for the best mortgage refinance rate for your goals. A loan officer can help you determine the best options for refinancing your mortgage. Next, you’ll need to select your lender. Once you lock in your interest rate, it’s time to close on the loan, which is a similar process to closing on your original mortgage.

Whatever your financial needs, an experienced mortgage loan officer can guide you through the process of how to refinance a mortgage.

If you’re wondering when to refinance your mortgage, compare current mortgage rates to your existing mortgage rate. If you can lock in a significantly lower rate and still save money after closing costs, that’s when you should consider refinancing a mortgage. You should also evaluate refinancing based on how much longer you intend to stay in your home. When mortgage rates drop significantly, refinancing your home mortgage can allow you to lower your monthly payments, shorten the loan term or borrow cash against your equity while securing a better interest rate on your home loan.

First Merchants Bank’s online mortgage center helps homebuyers evaluate and find the best mortgage solutions based on their lifestyle, budget and goals. Our mortgage loan officers guide you through every step of the borrowing process, so you can confidently choose a better mortgage that fits your financial needs. Popular mortgage solutions include 30-year and 15-year fixed rate mortgages, adjustable rate mortgages and construction loans.

Mortgage points are an optional, one-time fee you pay your lender at the closing to reduce your mortgage interest rate. One mortgage point costs 1% of the mortgage loan amount. While mortgage points increase closing costs, a lower interest rate over the life of the home loan reduces monthly mortgage payments and the amount of interest paid. To really know if mortgage points are worth it, we recommend comparing the cost of the points at closing with the amount of anticipated savings in interest paid. This anticipated savings varies based on the amount of time you plan to stay in the home or whether you plan to refinance in the near future.

The length of time it takes to pay off a home mortgage depends on the specific loan terms. First Merchants offers several mortgage solutions, including a 15-year mortgage and a 30-year fixed mortgage. Shorter mortgage terms typically come with a higher monthly payment, but the homebuyer pays less interest over the life of the loan.

Homebuyers also generally have an option to select an adjustable rate mortgage, which includes an interest rate that adjusts with the marketplace. Adjustable rate loans typically start off with lower interest rates, but they increase with time. 

The definition of a mortgage corresponds to a type of loan used to finance the purchase of a home or other real estate. House mortgage payments, paid monthly, consist of the principal balance, interest, insurance and taxes. A percentage of each payment goes toward paying the interest versus the principal, but as time goes on, more of your money goes directly toward paying off the principal. A standard mortgage typically offers either a 30-year or 15-year term for a fixed rate loan. Stretching payments over a longer period of time reduces monthly payments but increases the interest rate.

The definition of a home equity line of credit, also known as a HELOC, is a loan that allows you to borrow against the equity of your home. A HELOC provides flexibility, because unlike borrowing and paying interest on one large lump sum, you decide how much you need and pay interest only on what you use. A home equity line of credit typically offers a lower interest rate than other loan products.

A home equity loan is defined as a specific one-time lump sum loan with fixed monthly payments. Home equity loans are commonly used by borrowers to cover major expenses, such as home remodeling, or to consolidate debt. To secure a home equity loan from a lending institution, you as the borrower use your home as collateral. A home equity loan can be borrowed from a lender before or after you pay off the mortgage. To qualify, the property must hold equity, which determines the minimum and maximum loan amounts available.

Sending amounts are based on account balances and limits set to protect you from fraudulent activity. At First Merchants Bank, your limit is $600 per transaction and $900 per day.

There are no limits to the amount of money you can receive with Zelle®. However, remember that the person sending you money will most likely have limits set by their own financial institution on the amount of money they can send you.

Child tax credit monthly payments offer a great opportunity for families to plan for their child’s future and build up savings. These payments can cover the day-to-day costs of a child’s needs, like food and clothing. But if your paycheck already covers necessities, the tax credit could help fund other short- or long-term goals.

If you meet child tax credit eligibility, we encourage you to think about investing that money toward building your savings or starting a college or emergency fund. The amount you receive for the child tax credit over time can really add up!

If you’re eligible for the child tax credit, the best way to receive the funds is through direct deposit. If you don’t have an account with direct deposit, you can easily open a savings or checking account online or visit a banking center to enroll in direct deposit. Visit the IRS tool here to check your eligibility and manage your payments.

Eligibility for the child tax credit is based on a filer’s adjusted gross income, or AGI. Single taxpayers who earn less than $75,000 are eligible for the expanded $3,000 or $3,600 payments, depending on the age of their children. Heads of households who earn below $112,500 also are eligible for the child tax credit, as are married couples who earn less than $150,000.

Note that single filers who earn under $200,000 and couples who earn under $400,000 will still qualify for a $2,000 credit.

Historically, the child tax credit has provided families with dependent children with an annual tax break of as much as $2,000, which was distributed when individuals completed their taxes. But under the new bill, the tax credit is increased to $3,000 per child for eligible households with kids ages 6 to 17 and $3,600 per child for eligible parents with kids ages 5 and younger.

This year, parents eligible for the child tax credit can also receive some of the funds in advance. Instead of waiting until you file your 2021 income taxes, qualifying families will receive half the credit in advance through child tax credit monthly payments.

Child tax credit monthly payments were sent in July to qualifying parents and will continue to be deposited each month through December. Parents will then receive the remaining half of the credit when they file their 2021 tax returns.

• Home improvements (remodeling a room or replacing an HVAC)
• Debt consolidation (credit cards, loans, medical bills)
• College tuition and expenses 
• New car 
• Car refinance
• Recreational vehicles (boats, motorcycles, ATVs)
• Vacations (airfare, hotel, expenses)
• Unexpected expenses (medical bills, new furnace

• With a home equity loan, you can apply for the precise amount you want to borrow. Your loan will be calculated based on your home’s equity.
• You’ll receive a fixed interest rate that doesn’t change throughout the life of your loan.
• After you’re approved for a home equity loan, you’ll receive a single lump-sum distribution without the option to obtain additional funds.

• HELOCs offer a revolving source of funds that you can borrow from as often as needed, as long as you don’t exceed the credit limit.
• You can draw as much or as little money as you need from your HELOC, and you’ll only pay interest on the money you use. 
• Similar to a credit card, HELOC funds become instantly available for use again as the money borrowed is repaid.
• HELOCs often include a variable interest rate that may fluctuate over the life of the loan.

A home equity line of credit (often called HELOC and pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house (akin to a second mortgage).

 A home equity line of credit works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan -- a time limit set by the lender. During that time you can withdraw money as you need it. As you pay off the principal, your credit revolves and you can use it again.

1. Credit line equity access checks or credit card: You may access funds via credit line equity access checks or credit card transactions. The transaction must use the equity access checks or card associated with your HELOC.
2. Online: Simply log in to your online banking account and easily transfer money from your HELOC directly into your checking or savings account.
3. Telephone request, request by mail or in-person request: Customers may call the bank, mail a request to the bank or go into a branch to request available HELOC funds be transferred into their checking or savings account.

First, we listen and learn about your specific needs and goals. From there, we advise you on the best dental practice loan options, collect financial documents and start the underwriting process. Contact us to learn more.

Typically you should receive a text message within a few minutes after enrolling, however sometimes mobile carriers experience delays which 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. After waiting a few minutes if you still have not received your text message, try sending the activation code. If you still do not receive a text message, contact your wireless carrier to be sure text messaging is enabled on your phone.

Simply respond back to the SMS text alert with the word STOP. Remember: U.S. consumers who have service through AT&T, Verizon, Sprint, and T-Mobile will not be charged message or data rates for our fraud alerts.

• In order to receive and activate your new card, we must have your correct address and phone number on file. To verify your contact information, please call Customer Service at 1.800.205.3464.
• Once you receive your new card, be sure to activate it right away. Your current debit card may be deactivated soon, even if you haven't yet activated your new card.
• Your card number is changing, so you will need to update any recurring payments that use your card number.
• You'll choose a PIN during card activation, so you can select the same PIN if you'd like.

Checks deposited prior to 9 p.m. ET on a business day will appear in online or mobile banking the next day. Deposits made after 9 p.m ET will be considered as deposited on the next business day. If your deposit is rejected for any reason, you will be notified by phone. Mobile check deposits are subject to review prior to acceptance.

For instance:

• Deposits made at 3:00 pm ET on a Tuesday will be displayed in online and mobile banking on Wednesday morning.
• Deposits made at 10:00 pm ET on a Tuesday will be considered deposited on Wednesday and therefore displayed in online and mobile banking on Thursday morning.
• Deposits made on Saturday will be visible on Tuesday morning.

As of today, the funding for the Paycheck Protection Program has been exhausted.  The funding was limited to $349 billion, and unless additional funding is approved, no additional applications will be loaded into the SBA PPP approval portal, (ETran). We will retain your submitted application, and if additional program funding is approved by Congress, we will resume processing.  Applications that First Merchants has already received are being maintained in the banks queue for resumption, if additional SBA funding is approved. The SBA announced that it will not accept applications to be placed in a queue. Additional funding, if approved by Congress will be provided until the additional funds are exhausted.   

In anticipation of the possibility of additional funding appropriation from Congress, First Merchants Bank is continuing to internally process all applications that meet eligibility and documentation requirements to support SBA loan forgiveness guidelines.  

Yes. To Enroll another Mobile Device, log in to Online Banking and select 'Manage mobile banking settings' under the Customer Service/Administration tab.

Online Banking works best with the latest versions of Internet Explorer, Safari, Firefox, or Chrome browsers. Other browsers have not been tested for compatibility and may display some content incorrectly. Please note that JavaScript must be enabled for full functionality. If you experience any issues, please contact Customer Service at 1.800.205.3464.

1. Create a budget. This will help lay a foundation to guide all future financial planning. 
2. Ensure your financial plan accounts for all applicable taxes on your cash flow. 
3. Set aside money for an emergency fund. Reserve money for emergencies that could arise before and during retirement. This could help cover car repairs, home maintenance and medical treatment.
4. Invest beyond your 401(k). Set aside a separate banking account for savings. Consider a Roth IRA. 
5. Manage your debt so you can retire debt-free., so that upon retirement you are starting with a clean balance.

You can send money to friends, family and others you trust².

Since money is sent directly from your bank account to another person’s bank account within minutes¹, 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 phone number.

Our First Merchants Mobile apps are available in the App Store, Google Play, and the Amazon Appstore for compatible devices.

You must have text capabilities to use Text Banking (personal customers only) and web access to access Mobile Web. A text messaging and/or data plan is typically needed, as data usage can become expensive without them. Please check with your wireless carrier for more information, as your wireless carrier's standard charges for text and data usage apply.

Yes, we offer up to 100% financing based on cash flow and type of loan. We’ll be able to advise you on the best veterinary practice financing options after getting to know you and your goals.

Personal or business checks made payable to you are eligible for mobile deposit with the following exceptions:

• Canadian and other foreign items
• Substitute checks
• Savings bonds
• Draft items
• Items dated more than 6 months prior to the date of deposit
• Items payable to any person or entity other than yourself
• Items made payable to more than one person or entity
• Items containing an alteration to the front or back of the check
• Items you know or suspect are fraudulent
• Remotely created checks as defined in Reg CC
• Items requiring any restrictive endorsement
• Previously deposited items

In most cases, if you make your mobile deposit before 9 p.m. ET on a business day, 100% of your funds will be available the next day.  For deposits made after the cutoff or on a non-banking day, the item will be considered as deposited on the next business day.

However, all mobile deposits are subject to review and thus longer delays may apply. We will notify you if we delay your ability to withdraw funds and we will tell you when the funds will be available.

You can use Bill Pay to quickly set up and pay your bills easily and securely; just click on Pay and Transfer > Pay Bills to get started.

To pay your bills online, you simply add the companies and people you want to pay. You can pay anyone in the United States that you would normally pay by check or automatic debit. Even if you do not receive bills from the company or person you want to pay, you can add the information we use to make the payments.

1. Add a bill. Tell us who you want to pay by entering a person or business name, clicking Add, and adding the information we use to make your payments. You can also add an electronic bill or eBill from billers that can send them.
2. Pay a bill. To pay a bill, find it in your bills list and enter the amount and date for the payment. You can also view your pending and recent payments.

Quick Facts About Paying Your Bills

• You only have to add the companies and people you want to pay once. The company or person remains in your list of bills until you delete the biller.
• You can set up reminders to receive notification when a bill is due, or autopay to pay at regular intervals.
• When you enter a payment amount, Bill Pay automatically displays the earliest date the biller will receive the payment. You can accept this date or change it.
• You can make an expedited payment to some billers by sending a check through an overnight delivery service.
• You can edit or cancel payments (except for expedited payments) until they process.

No. You will only receive messages when you specifically request them with one of the Text Banking commands or if you subscribe to Mobile Alerts.

Rates change frequently, so please contact us for current dental practice loan rates.

Yes, once you're signed in to Online Banking, you can change your ID under Customer Service > Change User ID. The ID can be changed to any available ID that meets the requirements (8- 32 characters, must include at least 2 letters and 2 numbers, maximum 5 change attempts per day, cannot reuse a user ID, must be different from your password).

Once you're signed in to Online Banking, you can view cleared transactions by clicking on the name of the account you'd like to see details for, or by choosing Account Activity under the Accounts tab. The Pay and Transfer tab options enable you to view scheduled, pending, and cleared transactions for a selected account.

Please call or email your Relationship Manager or Banking Center Manager to learn about the status of your application.

Switching to eStatements has several benefits including:

• More secure than paper statements
• Faster delivery with easy access
• Helps keep you organized
• Environmentally friendly

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

Asset based lending is a specialized loan product, including both formula ABL and stretch ABL. Loans are based on the assets pledged as collateral and are structured to provide a flexible source of working capital, and in some instances, fixed asset financing, by monetizing assets on the balance sheet. 

Definitely. A dental practice loan to refinance debt can be a great way to improve your cash flow. Ask a practice finance banker how to get started!

Use merchant types to permit or restrict your debit card from being used with specific categories of merchants, such as restaurants and department stores. For example, you can enable the merchant types for groceries and fuel for everyday purchases, but disable entertainment and travel until required.*

^{*When you place a merchant type control or alert, it is subject to MasterCard definitions and limitations. If you have questions, please contact Customer Service at 1.800.205.3464.}

SMS stands for Short Messaging Service. It is also called text messaging.

To Enroll another Mobile Device, log in to Online Banking and select 'Manage mobile banking settings' under the Customer Service/Administration tab.

You can send, request, or receive money with Zelle. To get started, log into your mobile banking app and select “Send Money with Zelle^®”. Following the prompts, enter the information requested, accept the terms and conditions, and you’re ready to start sending and receiving with Zelle.

Our practice finance team can help you with both. We find that many practice owners benefit from having an operating line of credit.

• Credit Line Equity Access Checks or Credit Card – Access your funds via credit line equity access checks or credit card transaction using the Equity Access checks or card associated with your HELOC.
• Online – Simply log in to your online banking account and easily transfer money from your HELOC directly into your checking or savings account.
• Telephone Request – Call customer service at 1.800.205.3464 to request a credit advance from your Credit Line be applied to your designated account.
• Request by Mail – Mail a request to your local banking center.
• In-Person Request –Visit your local banking center to request a credit advance. 

Wealth management refers to a more comprehensive array of services — covering not only the purchase, monitoring and withdrawal of investments within a portfolio, but other aspects of a client’s financial dealings and overall financial health. In addition to investment management, wealth management for an individual might include retirement planning and the administration of trusts and estates to minimize taxes, whereas wealth management for a business might include the administration of 401(k), profit-sharing and pension plans.

If your deposit is rejected, we'll notify you via email.

If the item exceeds your daily Mobile Deposit limit, you may be able to deposit it later using the First Merchants Mobile app. If the item is valid but doesn't meet the Mobile Deposit requirements, you'll need to either visit a banking center or mail the item with a deposit slip to a banking center.

Managed investments, more typically called managed accounts or managed funds, represent investments or collections of investments supervised by one or more financial professionals hired by an individual or business entity. In this kind of investment management, professionals take on the legal responsibility and authority to act in the best interests of either a single investor or a group of investors. Managers may buy or sell assets without checking with clients first, but they usually issue regular reports to keep clients aware of how managed investments perform. A popular kind of managed investment is a mutual fund.

A merchant category is assigned based on the merchant’s primary line of business by the card processor.*

^{*When you place a merchant type control or alert, it is subject to MasterCard definitions and limitations. If you have questions, please contact Customer Service at 1.800.205.3464.}

Absolutely, this is one of our primary focuses. Our practice finance team can also help you refinance or consolidate debt and finance your commercial real estate. 

If you believe that you are a victim of identity theft with respect to any of your accounts or transactions with us, please notify us through any of the following channels:

• Your local banking center
• Your business account representative
• Customer Service at 1.800.205.3464

Please provide as much detail as possible about the accounts or transactions in question including dates and account or transaction numbers along with any additional information you may be aware of.

Read more about reporting fraud.

Absolutely, this is one of our primary focuses. Through practice finance, we also help dentists refinance or consolidate debt and finance their commercial real estate. 

We have already included you in these enhanced services as part of our fraud protection services. However, in order to receive Text Fraud Alerts, we must have a mobile number on file for you. If we don't have a mobile number on file, we'll try calling or emailing you instead. To update your contact information and ensure your correct mobile number is on file, contact Customer Service at 1.800.205.3464 or Treasury Solutions at 1.866.833.0050.

We have an option for you to be able to sign documents and scan them to us.  Please contact your Relationship Manager.  

You can use your MasterCard chip debit card everywhere MasterCard is accepted. (First Merchants credit cards can continue to be used wherever Visa or American Express are accepted, depending on the type of card you have.)

Merchants across the country are beginning to use chip technology during transactions. Go ahead and try to swipe your card if you're not sure the register is chip friendly. If it is, you'll be prompted to insert your card instead.

If the register is not chip friendly, you can still swipe your card as you always have; chip cards have both a chip and a magnetic stripe.

For phone or internet purchases, enter your card number and information as you have in the past; the chip won't affect this process.

We appreciate your inquiry, however due to the nature of the program, we recommend that you work with your primary bank for your Paycheck Protection Program loan. If and when Congress approves more funding and the SBA re-opens their portal, we’re only planning to process applications from businesses that have a business deposit or lending relationship with First Merchants as of March 31, 2020 or before due to customer verification requirements that apply under applicable rules. If you don’t have a primary bank, a list of approved lenders can be found on the SBA website SBA.gov.

Yes, we offer up to 100% financing based on cash flow and type of loan. We’ll be able to advise you on the best dental practice financing options after getting to know you and your goals.

When prompted, simply insert your chip card face up in the terminal and leave the card there while the transaction is processed. To complete your transaction, just follow the prompts on the terminal. You will be asked to enter your PIN or sign if required. Once the transaction is complete, you'll be prompted to remove your card.

Some chip-enabled terminals may prompt you to enter a PIN, with no other option on the screen.

First, we listen and learn about your specific needs and goals. From there, we advise you on the practice finance loans best suited for you, collect financial documents and start the underwriting process. Contact us to learn more.

The private banking relationship offered to qualifying clients extends a multitude of exclusive benefits. Private banking clients receive dedicated financial guidance and expertise for their overall personal balance sheet, exclusive cash management products, customized financing solutions and specialized mortgage options.

We provide veterinary practice financing in 22 states throughout the Midwest and Southeast. Please contact us if you have questions about your location.

Debit Card Controls are accessible in the First Merchants Mobile App:

1. Log in to the First Merchants Mobile App
2. Select “More” and choose “Debit Card Controls” (if you do not see this option, make sure that you have downloaded the latest update for the First Merchants Mobile App)
3. Select your debit card

Our dental practice financing team can help you with both. We find that many practice owners benefit from having an operating line of credit.

Yes! You can use the available tools and resources for self-service banking and 24/7 account access through our digital banking services including mobile, online and voice banking services. Using these services, you can check balances, transfer funds, deposit checks, make payments or find the nearest ATM. If you are not enrolled in Online or Mobile Banking and you need assistance, please visit the following links or contact First Merchants Customer Service at 1-800-205-3464.

Investment banking is a broad set of financial services aimed at providing financial capital to businesses, facilitating mergers and acquisitions and helping shareholders of private companies to monetize or sell liquid ownership stakes. Asset management then provides the professional management of the liquidity created by business sale proceeds in constructing a portfolio of financial securities to meet specified financial objectives and income needs.

Absolutely, this is one of our primary focuses. Through practice finance, we also help veterinarians refinance or consolidate debt and finance their commercial real estate.

Wealth management is a financial advisory service for individuals seeking assistance to manage and grow their wealth. Investment banking is a service that helps individuals and companies raise money and free up cash flow.

Rates change frequently, so please contact us for current rates on practice finance loans.

1. Pay off debt. Completely pay off all credit card or hospital debt. This will free up money to place in your emergency fund. 
2. Create a plan for investment. It should include planning for your 401(k), IRA and any separate accounts that can help build savings.  
3. Create a retirement plan. Identify how you want to live in retirement. Include budgeting for travel and other bucket-list goals, along with other expenses like health care and emergency costs. 
4. Develop your tax plan. Figure out how you plan to pay for taxes on the money accrued in your 401(k) and IRA. Planning ahead on this can ensure you don’t have any large lump sum bills due as you enter retirement. 
5. Create a plan for your home. Allocate money so that your home mortgage is completely paid off by the time you retire. Ensure you have money set aside for any home repairs, property taxes and other maintenance and ownership costs.

This can be confusing to most because both Home Equity Loans and Home Equity Lines of Credit share some similarities, such as:

• Both loans are secured by the equity the borrower owns in his/her home.
• Both loans may be referred to as a second mortgage.
• Both loans’ interest may be tax-deductible (consult your tax adviser).

Home Equity Loan

• A fixed amount of money based on your home’s equity.
• A fixed rate of interest over a fixed amount of time.
• Single lump-sum distribution of the money with no option for the borrower to obtain additional funds.

Home Equity Line of Credit

• A revolving credit limit based on your home’s equity.
• The option to draw money at any time as well as multiple times, over a predefined time period.
• The ability to draw money in any increments.
• As soon as the principal is paid, the funds are instantly available for use again.
• A variable rate of interest that may fluctuate over the life of the loan.

Loan to value (LTV) is a ratio comparing the amount of money a homeowner owes on his/her first mortgage versus the home’s current appraised value. Borrowers with higher LTVs usually pay a higher rate of interest because they are generally considered a greater risk of default than those with comparatively lower LTVs.

LTV is typically calculated as:

LTV  =  Mortgage Amount / Appraised Property Value

Our veterinary practice financing team can help you with both. We find that many practice owners benefit from having an operating line of credit.

Contact your Relationship Manager or a Banking Center Manager to make appointments. 

The goal of any investment includes financial gain, but some investment management decisions miss the mark — either gains fall short of expectations or losses occur instead. That possibility defines the risk in investment management. Investments that offer the highest potential gains tend to involve the greatest risk, also referred to as uncertainty or volatility. Investors who can absorb losses without hardship tend to be more tolerant of risk, while others prefer to avoid risk as much as possible. 

Rates change frequently, so please contact us for current veterinary practice loan rates.

Card Controls includes several options to manage and monitor your payment activity:

• Lock or unlock your debit card if you misplace or lose it
• Location Controls enables you to designate areas where your card can be used or block international transactions
• Transaction Types enables you to block certain transaction types like ATM or online transactions
• Merchant Types enables you to block certain types of merchants such as restaurants or department stores.
• Threshold Amounts allows you to set a specific limit (lower than the default amount) for debit card transactions. Any transactions over this threshold will be declined.

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

The benefits for the Mastercard Automatic Billing Updater Service are:

• Reduction in "card not present" declines
• Helps to ensure on-time bill payment
• Prevents late fees and service disruption
• Provides you with better customer service

Yes, we offer up to 100% practice finance loans based on cash flow and type of loan. 

No.

Congress is discussing the approval for additional PPP funding.  If that approval occurs and when the SBA reopens the PPP portal for applications, FMB will immediately begin submitting applications to SBA that meet eligibility and documentation requirements to support SBA loan forgiveness guidelines.  

From firstmerchants.com, simply select the correct service from the signin box’s dropdown menu. You’ll be taken to that service’s signin page to begin the login process.

If you enter your password incorrectly three times, you will be temporarily locked out of the Business Online Banking system. Please call Treasury Solutions at 1.866.833.0050 to reset your password.

• The chip provides an extra layer of security with every transaction you make at chip-enabled terminals. Instead of swiping your card, you'll insert your card into the terminal to complete your transaction.
• You can still swipe your card to pay if the terminal isn't yet chip enabled.
• You can use your card as you did before for online payments, telephone payments, and at ATMs.

In the world of investment management, the term “portfolio” refers either to an array of investments owned by a single entity or to an array of investments administered by a single entity (known as bundled investment or managed funds). Regarding the former definition, a portfolio manager works as a financial professional who handles all of an individual’s investments, evaluating each purchase or sale with the client’s overall goals in mind. By contrast, an investment fund manager handles investments within the bundle on behalf of anyone who buys into the fund as a whole — potentially serving many clients with each transaction but without customization.

The SBA EIDL is a low-interest, fixed rate loan.  Borrowers apply directly through the federal government and may be eligible for up to $2million in assistance.  

All of our banking centers are available by appointment, and if there is a drive-thru those services are available during regular business hours.  

By definition, investment management assumes responsibility for all strategic decisions made when researching, selecting, monitoring and trading a collection of financial holdings. The goal of investment management is meeting specified financial goals in accordance with the client’s ability and tolerance to assume risk. Investment management firms oversee short-term and long-term financial planning on behalf of a single client, such as an individual or business entity, or for a fund that sells a bundled array of investments to multiple clients. Collectively, an array of holdings or investments makes up a portfolio, which is why some clients refer to investment management as portfolio management.

All borrowers in good standing will be considered, depending on their individual situation.  Please contact your Relationship Manager to discuss. 

Yes, you may be eligible.  Depending on whether you have a 7a or 504 loan and your current situation, we will review and consider your needs.  Please contact your Relationship Manager.  

External transfers enable personal banking customers to transfer funds to or from a deposit account at another institution. Before transfers can take place, you will be required to verify the amount of two small deposits to the external account.

You can reorder checks through Deluxe within the Customer Service tab of Online Banking. Just choose Order Checks and select the appropriate account.

Yes, Online Banking allows you to view the front and the back of each deposit ticket.