Frequently Asked Questions (FAQ)

Zelle^® QR code provides peace of mind knowing you can send and receive money to the right person, without typing an email address or U.S. mobile number.

To locate your Zelle^® QR code in the First Merchants mobile app, click the Zelle^® logo, then select the "View my QR code" button. To locate your Zelle^® QR code on First Merchants online banking click the "Pay & Transfer" menu, then select the Zelle^® button. Next, go to your “Zelle^® settings” and your QR code will be displayed under “QR Code”. From here you can view your QR code. To receive money, share your Zelle^® QR code.

To send money, log into First Merchants mobile app, select the Zelle^® logo, Select the "Send" option, then click on the QR code icon displayed at the top of the “Select Recipient” screen. Once you allow access to your camera, simply point your camera at the recipient’s Zelle^® QR code, enter the amount, hit “Send,” and the money is on the way! When sending money to someone new, it’s always important to confirm the recipient is correct by reviewing the displayed name before sending money.

Zelle^® payments cannot be reversed.

You can only cancel a payment if the person you sent money to hasn't yet enrolled with Zelle^®. To check whether the payment is still pending because the recipient hasn't yet enrolled, you can go to your activity page, choose the payment you want to cancel, and then select "Cancel This Payment". If you do not see this option available, please contact our customer support team at 1-800-205-3464 for assistance with canceling the pending payment.

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 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, please immediately call our customer support team at 1-800-205-3464 so we can help you.

In order to use Zelle^®, the sender and recipient's bank or credit union accounts must be based in the U.S.

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.¹

Since money is sent directly from your account to another person's bank account within minutes1, Zelle^® should only be used to send money to friends, family and others you trust.

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®. These transactions are potentially high risk (just like sending cash to a person you don't know is high risk).

Neither First Merchants Bank nor Zelle® offers a protection program for any authorized payments made with Zelle^®.

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

If your recipient's bank or credit union 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 or 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.

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 First Merchants Bank nor Zelle^® 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.

Please contact our customer support team at 1-800-205-3464.

Some small businesses are able to receive payments with Zelle^®. Ask your favorite small business if they accept payments with Zelle^®. If they do, you can pay them directly from your mobile banking app or online banking using just their email address or U.S. mobile number.

Neither First Merchants Bank, nor Zelle^® offers purchase protection for 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. Only send money to people and small businesses you trust and always ensure you’ve used the correct email address or U.S. mobile number when sending money.

Zelle^® is a fast and easy way to send and receive money with friends, family and others you trust, even if they bank somewhere different than you.¹ All you need is your recipient’s email address or U.S. mobile number and money will be sent directly from your account to theirs in minutes¹. No account numbers are shared.

You can send, request, or receive money with Zelle^®. To get started, log into your mobile banking app or online banking then select the Zelle^® icon at the bottom of the screen. Following the prompts, enter the information requested, accept the terms and conditions, and you’re ready to start sending and receiving with Zelle^®.

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 number), add the amount you'd like to send and an optional note, review, then hit "Send." The recipient will receive an email or text message notification via the method they used to enroll with Zelle^®. Money is available to your recipient in minutes if they are already enrolled with Zelle^®.

To request money using Zelle^®, choose "Request," select the individual from whom you'd like to request money, enter the amount you'd like, include an optional note, review and hit "Request". If the person you are requesting money from is not yet enrolled with Zelle^®, you must use their email address to request money. If the person has enrolled their U.S. mobile number, then you can send the request using their mobile number.

To receive money, just share your enrolled email address or U.S. mobile number with a friend and ask them to send you money with Zelle^®. If you have already enrolled with Zelle^®, you do not need to take any further action. The money will be sent directly into your First Merchants account, typically within minutes.

If someone sent you money with Zelle^® and you have not yet enrolled with Zelle^®, follow these steps:

a. Click on the link provided in the payment notification you received via email or text message.

b. Select First Merchants bank.

c. 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.

Keeping your money and information safe is a top priority. When you use Zelle^® within our mobile app or online banking, your information is protected with the same technology we use to keep your account safe.

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 86434.

The “Contact Us” feature under the Administration tab allows you to send/ receive secure messages to/from the bank. You can submit requests to add or delete accounts, maintenance, photocopy requests, etc.

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.

If the phone number(s) presented are not valid, please contact Treasury Solutions at 1.866.833.0050 to update your phone number(s).

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.}

Account to Account Transfers will be posted as pending transactions when initiated. Transfers initiated prior to 9 p.m. ET will be effective the same business day. Transfers initiated after 9 p.m. ET will be effective the next business day.

Yes, Online Banking allows you to view the front and the back of each deposit ticket.  If you would like images of your deposited items please contact a Treasury Management Officer for further details on positive pay, remote capture or other  business receivables solutions.

Up to 24 months of transaction history will become available in Mobile and Online Banking. You can access account history and search transactions with the filter function.

Yes, under the “Money Movement” option, choose “Loan”. Click the loan account you wish to pay and select an action from the payment options on the right of the screen.

Transaction Limits are as follows: $10,000 for single payment, $20,000 daily limit.

If you enter your password incorrectly three times, you will be temporarily locked out of your account.  Please call Customer Service at 1-800-205-3464.

Many questions can be answered by clicking on the “How do I…”, “Terms”, or “FAQs” links at the bottom of each page or call Treasury Solutions at 1.866.833.0050 for assistance.

Checking, Savings, Loan and CD accounts are available on Business Online Banking.

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

From firstmerchants.com, select Business Online Banking from the dropdown menu in the login box to begin the login process. If you’re using a mobile device, you’ll see mobile login options as well.

$2,500 per transfer, per business day.

You can reorder checks through Deluxe within the Account Service section of Mobile and Online Banking. Just choose Check Reorder and select the appropriate account.

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.

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.

No.

There are multiple ways you can access your Home Equity Line of Credit funds. 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.

Once you're signed into the Mobile App or Online Banking, you can view cleared transactions by clicking on the name of the account you'd like to see details for and click on the filter icon to search by Time Period, Description, Transaction Type, Min to Max Amounts, Check numbers or category.

Yes, once you're signed into the Mobile App or Online Banking, you can change your ID under More > Settings > Update Username. 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).

You can use Bill Pay to quickly set up and pay your bills easily and securely; just click on “Pay and Transfer” then “Bill Pay” 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.

Add a bill. Tell us who you want to pay by entering a person or business name, address, city, state, zip code, phone number and account number (optional), then click “Preview”.

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.

Online Banking works best with the latest versions of Internet Edge, 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.

Text Commands to 226563

• BAL – Provides balances for all accounts that are enrolled in Text Banking
• BAL account nickname – provides the balance for the specified account. Example: BAL acct1
• HIST account nickname – provides account history for the specified account. Example: HIST acct 1
• XFER account nickname1 account nickname 2 amount – transfer the specified amount from account 1 to account 2. Example: XFER acct1 acct2 100.00.
• LIST – sends a list of all Text Banking commands.
• HELP – sends a list of contact points for the bank.
• STOP – stops all further text message communications.

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

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.

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.

To complete a mobile deposit, download our mobile banking app and log in using your online banking credentials. Select the “Deposit” icon located on the bottom of the app and follow instructions. Choose which account will receive the funds. Endorse the check, take a photo and send it. The app will walk you through step by step.

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.

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.

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

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.

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.

Access your mobile wallet on your phone and select the add card function. Add your First Merchants Mastercard® Debit Card by entering all necessary card information in the provided fields. If prompted, select a delivery method for receiving a one-time pass code. Enter that code and tap “Submit”. Once your card is added, you will receive an email confirmation. If no valid email is on file, you will receive a postcard in the mail.

If you have forgotten your User ID or Password, please select the link at the bottom of the login box for “Account Recovery” on the app, or “Forgot Login ID” on the Personal Online Banking on the login located at www.firstmerchant.som. This will allow you to retrieve your username, unlock your account and change your password. If you continue to have issues with your login, please call customer service at 1.800.205.3464.

When you use a non-phone device, such as tablets and MP3 players that are Internet-enabled and a phone number is requested, the contact phone number on record given during enrollment.

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

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

You must have text capabilities to use Text Banking (personal customers only). 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. You can use our First Merchants Bank Mobile App on multiple devices or access online banking at www.firstmerchants.com with your personal login credentials.

Using our the FMBanking Mobile App or First Merchants Personal Online Banking, you can set up Bill Pay with ease.  Simply go to “More” then “Bill Pay”.  Easily set up payee’s and payments online.

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.

• 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.

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.

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.

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.

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.

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.

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

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!

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.

Switching to eStatements has several benefits including:

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

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

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.

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. 

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.

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

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.}

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

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.

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.

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.

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.

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. 

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.

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.

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.

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.

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.

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. 

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.

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.

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.

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!

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.

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.

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.

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.

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.

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. 

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. 

• 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.

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.

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.

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.

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.

• 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

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 Zelle. If you need help, schedule an appointment or call 1.800.205.3464.

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%.

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.

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.

No, First Merchants Bank does not charge any fees to use Zelle^® in our mobile app.

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