Frequenty Asked Questions.

Is my account FDIC insured?

Yes, INSBANK accounts are FDIC insured. Normal FDIC rules apply.

Will you pull my credit at account opening?

As part of our customer verification process, all new accounts are verified through ChexSystems. This has no direct impact on your credit score.

Will I have online banking for my account(s)?

You can select to have online banking during your application, and once your account is open and funded we will send you instructions to set this up. You can also contact us by email at clientservices@insbank.com or by phone at 629-777-1601 to get your online account set up.

Can I add a beneficiary to my account?

Yes, you can add up to 4 beneficiaries to your account during the account opening process. If you need additional beneficiaries, please contact us by email at clientservices@insbank.com or by phone at 629-777-1601.

What happens after I submit my application?

Your application will be reviewed during normal business hours: Monday-Friday 8:30AM-4:00PM CST. After review, we will send you an email to inform you of next steps to fund your application.

How do I fund my account?

After your application has been submitted and reviewed, we will send you an email to have you complete the funding portion of your application. We will initiate an ACH transfer from an account of your choosing.

Money Market

Will I get a statement for my money market account?

Yes, a monthly statement will be sent within 30 days of your account being opened. You can also set up eStatements through online banking. Contact us for more details!

How is the interest paid on a money market?

Interest is compounded and credited monthly on money market accounts.

Is there a minimum deposit requirement to open a money market?

Yes, the minimum deposit requirement is $10,000 to open a money market.

Could I access the funds in my money market with a debit card or ATM Card?

No, we do not offer debit or ATM cards for money market accounts.

What is the maximum opening deposit I can initially fund my money market account with?

You can fund your account via ACH with up to $50,000. Additional funds can be added via wire transfer or check deposit.

Am I allowed to make transfers into and out of my money market account?

Yes, you can make incoming and outgoing ACH transfers to/from your Linked Account at another financial institution, using the account information provided during the funding portion of your application. Please contact us by email at clientservices@insbank.com or by phone at 629-777-1601 for more information.

Is my rate locked in?

Rates on a money market account are variable and may change at any time at the discretion of INSBANK.

Certificate of Deposit

Will I get a statement for my Certificate of Deposit?

No, we do not provide statements for Certificates of Deposit (CD). You will receive a renewal notice to remind you of when your CD matures.

How is the interest paid on a Certificate of Deposit?

Interest is compounded annually. We have several methods for you to choose from on how the interest is paid on a CD: 1.) monthly via check 2.) Monthly via electronic transfer into another bank account or 3.) Every 12 months it will add back into the CD.

Is there a grace period after my Certificate of Deposit matures?

Yes, the grace period is 10 calendar days.

How much can I fund my CD with?

You can fund each CD with up to $240,000. You do have the option to open multiple CD's with INSBANK.

How do I receive my funds when the CD matures?

If you choose to not renew your CD, we can either: 1.) send the funds via ACH to the account the certificate was funded from 2.) send a check made payable to the owner(s) of the CD to the address listed on file.

When does my rate lock in?

Your rate is locked in when your application is submitted.

Is there a penalty for withdrawing funds before my CD matures?

Yes, early withdrawal penalties apply based on the term of your CD. Please contact us for more information by emailing at clientservices@insbank.com or by phone at 629-777-1601.