Frequently Asked Questions
Multifactor Authentication (MFA) provides additional security because it requires two stages of identity verification when you log into your Online Banking account. It appears in the form of a one-time passcode (OTP) that is delivered to your registered device to confirm your identity. You’ll receive a text message alerting you if there is a login attempt from an unrecognized device or browser.
A “cookie” is information stored within your device’s web browser so that it can recognize the device when the user accesses the web site again. If a browser clears cookies every time it’s closed, it will cause you to receive the text alert about a login attempt from an unrecognized device every time you access our site.
You can check to see if your browser is compatible. The easiest way is to click “Sign in” in the login box on our home page without entering any credentials, then simply click “test your browser.”
If you forget your password, you can choose to receive a temporary password via text message or phone call to a registered device. You can either click the “Forgotten Password?” link on the Online Banking login screen or follow the Recover Credentials prompts after entering invalid password using the Mobile App.
Log into your Online Banking on your browser and set up text banking by going to “My Settings” to the security options. Here you can click “enable text banking”. Confirm that your phone number is correct, shortly after you will receive a text message with a one-time access code, enter the code to enable text banking. If you don’t have texting, make sure “Talk&Surf” is enabled through your phone provider.
Your device may no longer be compatible with the App. You can still log into Online Banking through the browser on your phone.
MFA provides additional security because it requires two stages of identity verification when you log into your Online Banking account. It appears in the form of a one-time passcode (OTP) that is delivered to your registered device to confirm your identity. You’ll receive a text message alerting you if there is a login attempt from an unrecognized device or browser.
A “cookie” is information stored within your device’s web browser so that it can recognize the device when the user accesses the web site again. If a browser clears cookies every time it’s closed, it will cause you to receive the text alert about a login attempt from an unrecognized device every time you access our site.
You first need to deactivate your cell phone from within the Mobile Banking & Alerts tab or by texting STOP to 454545.
Then click Activate on the Mobile Banking & Alerts and set up the new cell phone number.
First, you should activate the Touch ID (iOS) or Fingerprint ID (Android) function on your mobile device’s settings. Then, open the Mobile App, go to Settings, and turn on the Touch ID/Fingerprint ID button. Follow any prompts as shown. For app logins, tapping the thumbprint logo, or login button, starts the login process. Swiping to the right on the login page allows you to switch among other login methods.
Mobile Deposit is a way to electronically deposit checks using the 1st Source Mobile Banking App. All you need is the Mobile Banking App on either an Apple device (iPhone® or iPad®) or an Android™ smartphone capable of taking a photo of your check.
You can deposit any check payable to you drawn on U.S. bank or credit union account. Third-party checks or checks drawn on foreign banks are not eligible for Mobile Deposit.
Navigate to “check deposit” and then click on history. It will tell you if the check is pending, accepted, or deleted.
Check to see if your phone is set to “auto-capture.” If it is, turn it off. Then click the screen to manually capture the check.
Restrictive endorsement is in addition to the signatures of all payees on the check. If you are depositing a check using Mobile Deposit, you must also write “For Mobile Deposit Only at 1st Source Bank.”
We don’t have same day availability. Mobile Deposits process the same way as they would in a branch. They must go through processing overnight. The cutoff time for Mobile Deposit processing is 6 pm EST.
First, check to make sure it did not deposit into one of your other accounts. Remember, funds are not available from a Mobile Deposit until the next business day after the check has been accepted. *Mobile Deposits are subject to extended holds for review.
You can have a maximum of 50 active contacts and 100 total contacts (active and deleted combined). This limit may increase by reaching out to customer service.
You can only cancel a payment if the recipient has not yet enrolled, and the payment is still pending. If the recipient is already enrolled, money goes directly into their bank account and the payment cannot be cancelled.
If you sent money to someone who is not in the Zelle network, the recipient has 14 days to register before the payment expires. Once the payment expires, the recipient can no longer collect the money. If the payment expires, the funds will be returned to you within 2-3 business days.
Yes, but since the email address or U.S mobile number is a unique identifier that tells us where to deposit the money, you will need to use a different email address or U.S mobile number for each account you enroll with Zelle.
Contact 1st Source Customer Service for assistance. The information may be associated with another profile and may need to be updated.
You have a few different options.
- If the transaction is not showing as complete and the recipient hasn’t collected the money, you can cancel the payment.
- If the transaction is complete, you can request the funds be sent back through Zelle, or you can reach out to the recipient via the email/phone number in which the funds were sent.
- If the recipient refused to send back the money, contact 1st Source Customer Service to request funds be returned by Zelle. *We cannot guarantee funds will be returned.
Account Alerts are opt-in notifications that notify you via email or text when specified account activity occurs.
* For text alerts, standard messaging charges apply through your mobile carrier and message frequency depends on account settings.
We currently offer the following alerts:
- Notification that the online statement is available for viewing.
- Notification when your balance exceeds the amount you specify.
- Notification of when your payment is due.
- Notification when your payment is overdue.
- Notification when a payment is posted to your account.
- Notification when credits are posted to your account.
- Notification when debits are posted to your account.
- Notification when a transaction authorization has been made to your account.
- Notification when a transaction authorization has been made when the credit card was not present.
You can choose a combination of up to three email addresses or mobile numbers.
You can activate and deactivate your Account Alerts; select the alert from the “Your Alerts” screen then choose “Edit” and choose the “Inactive” or “Active” option.
We review each loan application. Once your credit application is submitted, we will get an answer to you within two business days.
Your interest rate depends on a variety of factors. We would quote you an APR (Annual Percentage Rate) once we have this information, and in turn, quote you a monthly payment.
We certainly have this option at 1st Source. We offer a HELOC (Home Equity Line of Credit) which may be an excellent option. It’s a great product, flexible for many different uses, along with a rate based on WSJP (Wall Street Journal Prime). What better way to pay off high-interest debt?
Generally speaking, we can take an application, submit it for a decision, and obtain an answer within that business day. If you are requesting a simple, unsecured, or auto loan, we can close the loan within that business day. When it comes to a HELOC, this process can take 3-4 weeks.
At this time, we do not charge the closing costs to our customers in Indiana and Michigan. You also get a free copy of your appraisal.
At 1st Source, we do not charge a prepayment penalty on any loan. You may payoff your loan at any time.
You can certainly apply for a loan online at our website www.1stsource.com. Your loan application is then reviewed by underwriting and if approved, you will have to make an appointment for a loan closing at a local branch. At this time, we do not offer Electronic Signature.
We generally look for 2 years of credit history, and your ability to repay is reviewed. We would then determine if you need a cosigner or not.
You do not need to bank with us to apply for a loan at 1st Source. However, if you are approved, you are required to open a checking account.
We would treat this like any other auto purchase. A bill of sale must be submitted to us from the dealership. We encourage the customer to test drive the vehicle before purchase as well. Taxes would need to be paid at the Indiana BMV (Bureau of Motor Vehicles).
There are many good reasons to refinance your mortgage. You can lower your interest rate, pay off your mortgage sooner, or lower your monthly payment. If you want to find out if refinancing is a good option for you contact one of our Mortgage Loan Originators. You can also use our Mortgage Loan Calculators to understand the impact refinancing will have.
You can apply directly online or talk with one of our Mortgage Loan Originators
Yes, we offer home improvement loans. You can use the equity in your home to pay for improvements, new additions, or a remodel.
Mortgage loan rates change frequently and are based on individual factors. We suggest talking with one of our Mortgage Loan Originators to review our current rates.
Yes, we have two types of home equity loans. You can get a home equity line of credit, where you can access money as needed and only pay interest on what you’ve used. Or you can get a home equity term loan where you get an initial sum of money and make monthly payments.
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular among first-time home buyers because they allow down payments of 3.5 %. However, borrowers must pay mortgage insurance premiums, which protect the lender if a borrower defaults.
There are many factors to consider, but qualification is mainly based on your income, assets, credit, and collateral. We have mortgage products to fit your needs and we suggest you talk with one of our Mortgage Loan Originators to review your situation.
Your down payment can vary based on the type of loan you receive. There are loans that require 0% down, an FHA loan requires 3.5% down, and a conventional mortgage requires 3% down for first-time homebuyers. If you’re not a first-time homebuyer you must put 5% down. We will work with you to find the program that best fits your needs.
You can apply directly online or talk with one of our Mortgage Loan Originators. Check out our home loans page to apply online or talk with one of our Mortgage Loan Originators.
We don’t have financial requirements. We’ll help you find the best solution for your situation. If you’re just beginning to invest, getting ready to retire, or need a review of your estate plan, we’re here to help. Give us a call at 800-882-6935.
Give us a call at 800-882-6935 or fill out the form at [email protected] and we’ll connect you with a person you can trust.
Absolutely. Review your retirement goals with one of our trusted advisors to learn how you can take advantage of all your choices and opportunities. Start now and get the most out of your retirement.
1st Source Bank’s team of professionals has experience handling complex situations and family dynamics. Our fiduciary responsibility requires us to look at all beneficiaries equally.
Yes. We have an office in Florida and 1st Source Bank can be named Trustee and Personal Representative (Executor) in your estate planning documents
Titling assets in the name of your trust ensures your assets transfer as you intended, avoiding probate, and protecting your privacy.
Our experienced Estate Settlement team can make this difficult time and complicated process easy for you and your family. We are independent and objective when working with all beneficiaries
Probate assets (typically owned solely in an individual’s name) will be distributed through probate court. Non-probate assets (property titled in the name of a trust and accounts with beneficiary designations, such as retirement accounts) will transfer outside of probate court at when the owner dies.
We listen to your goals and help prioritize what is important to you. Our team has the resources and expertise to manage assets and administer your account in a regulated environment.
Our team of professionals has more than 1,600 years of combined industry experience. That’s an average of 20 years of experience per team member. Team members have advanced degrees (MBA, JD) and earned designations ( CFA®, CPA, CFP®, CSOP, CISP, and CTFA). We have the expertise and a record of success.
Absolutely, we will.
It depends on different factors such as how long you’ve been in business, the amount of financing needed, and the purpose of the loan. However, we do our best to keep the requirements to a minimum and your Business Banker will clearly communicate what is needed for your situation.
Allow us to help you with that. Please fill out the information on our business loans page and a Business Banker will contact you within the next day.
For most start-up businesses or major expansions, we often like to see business plans. If one is needed for your financing request, we will let you know, and we’ll connect you to resources in the community to assist you in completing one.
Yes, with little or no upfront costs.
Yes. Installation and freight charges as well as taxes can be covered in your lease and amortized over its life.
Leasing terms range from two to five years. Depending on the equipment and your cash flow, a lease can be structured to meet your financial needs.
As the lessee, you will be responsible for maintaining the equipment, providing the proper insurance, and paying taxes not included in your lease.
You could take the cash needed to purchase the equipment and reinvest it in your business. You could use it to advertise, purchase inventory, or to train and hire new employees. It could be a good return on your investment.
Depending on the type of lease, the following end-of-lease term options may apply. You could:
- Purchase the equipment
- Return the equipment with no further obligation
- Renew the lease and continue making payments
- Upgrade to new equipment to prevent obsolescence
Yes. Lease lines can be approved to meet your capital equipment needs for the entire year.
No, you don’t need to be a current 1st Source customer to apply, but we certainly want to develop a relationship with you once your loan is approved.
You have options. You can apply online, over the phone, or in person. We do recommend that you discuss your specific needs with a relationship manager so we can understand your situation and offer the best guidance. You can contact one of our experts by email, or online chat, or you can call us at 888 236-1414.
The SBA is flexible because its goal is to provide small businesses with financing when it might not otherwise be available. The collateral required depends on the specific SBA loan program and both the amount and purpose of your loan. Most of the time, only collateral that is available to be pledged will be required for the loan approval.
Rates are determined by several factors, including the strength of your application, purpose of the loan, and the specific SBA program. A great thing about the SBA is that it does set limits on the maximum rate based on what it believes is reasonable. You can contact one of our relationship managers to get a general idea of your rate.
It depends. Generally, we can provide a fixed rate for term loans or commercial mortgages. For lines of credit, a floating rate is typical.
Absolutely, Let’s talk.
Yes. We have experience financing many types of business acquisitions and we’re happy to guide you through the process.
You will be contacted by one of our relationship managers before your loan even closes. He or she will remain your contact throughout the process, including after the loan closes. You will certainly have the option to use online and mobile applications, but you can always speak to one of our experts when you have questions or concerns.
There are some restrictions, but most small and medium sized business are eligible. You can talk with one of our relationship managers if you have questions about your eligibility. They can usually determine if you will qualify, but sometimes a full SBA application is required to make sure.
The SBA determines fees based on the loan type, amount, and term. Occasionally, the SBA waves these fees. 1st Source may also charge a fee for the loan in addition to closing costs. These fees can most often be “rolled” into the loan. You should also know that with the extended terms offered by the SBA your monthly payments will still be much lower than a conventional loan. The fees are typically assessed only one time and are paid at closing. If you are not approved for a loan or if the loan does not close for another reason, you will not be charged.
If the login attempt is unsuccessful and your account is not locked, simply click the “Forgot My Password” link to be sent a temporary password. If you do not see the link, please verify your log in credentials are correct as the “Forgot My Password” option only appears if the information is input correctly.
In the case of an account being locked you may contact the Treasury Services Support Desk at 1-800-399-5592 or (574) 235-2003 Mon-Fri between 7:30 AM and 7:00 PM EST for assistance.
If the account number is enrolled in BBO Treasury, you are eligible for paperless statements. After logging into BBO Treasury, scroll down to “Resource Center,” click “Other Resources,” then under “Additional Resources” select “Go Paperless With e Statements.” An Authorized Signer on the account must request e statement enrollment or the request will be declined.
1st Source Treasury Support has created short videos and documentation we call “Helpful Hints” outlining several of the features within BBO Treasury. This information is available to all users by logging in to BBO Treasury, scrolling down to “Resource Center” then clicking on “BBO Treasury Training.”
Please reach out to the 1st Source Treasury Support Helpdesk at 1-800-399-5592 or (574) 235-2003 Mon-Fri between the hours of 7:30AM to 7:00PM with any questions or concerns. We are happy to help your Business or Organization with any online banking needs.
1st Source Bank offers BBO Treasury, a robust online banking system designed to meet the needs of businesses and organizations, both large and small. The features are highly customizable, and our Treasury Services personnel are ready to work with you to create a system designed to meet your needs. Please contact us at 1-800-399-5592 for more information and to get started with BBO Treasury.
The 1st Source Bank Treasury Services Team is here to assist in the setup of your online banking system, helping you determine what features will meet your business or organization’s needs. Please contact us at 1-800-399-5592 for more information and to get started with BBO Treasury.
Yes. 1st Source Bank’s BBO Treasury system allows a business customer to originate electronic payments in a variety of channels, including bill pay, direct deposit, ACH origination and wire origination. Contact us at 1-800-399-5592 for more information or to get started with electronic payments or view more information at Payment Services | 1st Source Bank.
Fraud is a growing concern in the financial industry. 1st Source Bank offers a variety of products designed to prevent fraud on deposit accounts, but also offers education to business owners and their employees on how to combat various scams and fraud attempts. Contact us at 1-800-399-5592 for more information or to get started with electronic deposit or view more at Fraud Protection for Business (1stsource.com).
1st Source Bank offers both desktop and mobile remote deposit, allowing businesses and organizations to deposit checks from the office, in the field, or virtually anywhere. Contact us at 1-800-399-5592 for more information or to get started with electronic deposit or view more at Deposit Services | 1st Source Bank.
Fraud is a growing concern in the financial industry. 1st Source Bank offers a variety of products designed to prevent fraud on deposit accounts, but also offers education to business owners and their employees on how to combat various scams and fraud attempts. Contact us at 1-800-399-5592 for more information or to get started with electronic deposit or view more at Fraud Protection for Business (1stsource.com).
“Merchant services” is an industry phrase that refers to helping businesses accept cards from their customers.
Yes. Setting up a checking account allows us to easily deposit your earnings and allows us to service you better should you experience any difficulties imposed by spikes in your transaction volume.
No. We will help you accept card payments regardless of how you sell your products or services.
While there is no simple answer to this, there are several fees that affect businesses directly. Card brands (Visa™, Mastercard™, Discover™, and American Express™) charge interchange fees. The debit card network has network fees for the ability to accept debit cards. The provider usually charges a discount rate, an authorization fee, a settlement fee, and sometimes a monthly fee.
Generally, the more risk involved with a purchase, the more it costs you as the business owner. A card presented in person with a chip is much more secure than a card presented over the phone and manually entered into your machine.
Yes. When you sign your contract, you agree to process with 1st Source Bank for 3 years or pay an early termination fee of $250.
As a merchant services customer with 1st Source Bank, you have access to view, print, or download your merchant statements through Compass. If you manage or own multiple businesses, you will only need one login to see reporting for everything.
We offer live assistance via phone and email. If your business operates within the 1st Source Bank footprint, we are often able to assist with setup and issues in person. While our bank representatives are available to assist from 8 AM to 5 PM eastern, our customers also have access to live support 24/7.
Yes. Next-day funding is available as long as you settle your batch by the cutoff time, which is currently 9:40 PM eastern.
All equipment offered through the 1st Source Bank Merchant Credit Card program must be purchased. When the equipment has been ordered, an invoice will be sent to the contact or owner, and the checking account will be debited automatically by the 15th of the following month.
We offer a full range of plans to protect the assets and income streams of our clients. Those plans include, but are not limited to: Property, Liability, Umbrella, Auto, Workers’ Compensation, Professional, Bonds, Business Owners, EPLI, Employee Benefits, Garage Keepers, Liquor Liability, D&O, Cyber, Fiduciary, Aviation, Crime (including ERISA), Builders Risk, Installation Floater, Equipment, Business Income, and Foreign Liability.
Once we have the information, it takes 3-5 business days for smaller accounts. A larger account will typically take 60-90 days, but in special circumstances can be done in less time.
We offer a wide variety of billing options to fit your needs.
Yes, we have a dedicated team to handle claims.
We service Northern Indiana and Southwest Michigan with servicing locations in Mishawaka, Elkhart, Goshen, La Porte, La Paz, Fort Wayne, Knox, Plymouth, Warsaw, and Valparaiso.
Most policies cover the U.S., U.S. Territories and Canada. If you need coverage in another country, we’ll help you find what you need.
Typically, 10% to 20% is a standard range but the exact amount may vary and depend on the loan-to-value in conjunction with the borrower’s financial strength.
Yes, the loan approval commitment can be obtained to allow ease in locating an aircraft and upon identifying your aircraft, final terms/structure will be finalized upon completion of due diligence on aircraft.
Typically, up to a 5-year term with a amortization not to exceed 15 years and with a larger down payment amortization up to 20 years may be an option. The maximum term/amortization may vary based on age of aircraft, current market conditions, aircraft type, etc.
Our focus is on an array of general aviation aircraft including turboprop and business jets along with turbine helicopters.
No
Yes; 1st Source Bank offers competitive rates, exceptional service and flexible terms.
A completed loan application accompanied by a current personal financial statement, personal tax returns for the most recent 3 years, 3 years of annual business statements, and current interim financial statements on the business or businesses.
Our goal is to understand the clients’ expectations of delivery and meet that timeline. Loan approval timeline will vary based on the size of the transaction and complexity; our documentation package typically can be prepared within 24 hours of credit approval as long as everything has been received from the client to complete.
Provided the equipment we are financing is standard construction essential equipment sold by a certified construction distributor (dealer) or auctioneer we will finance up to $500 thousand if your credit application is approved.
We finance construction equipment that is used to generate revenue for our clients.
Typically, five years, in some cases longer if the equipment has a longer useful life.
Generally, 36 – 48-month terms, depending on the age and condition of the equipment.
We will finance a portion of the dealer rental fleet that is used to generate rental revenue.
Yes, that is one of our focal points.
We offer revolving lines of credit secured by standard construction equipment.
1st Source Bank has provided Specialty Finance since its founding in 1863. Our Specialty Finance Group (SFG) has provided services nationally since 1976.
The 1st Source SFG Deposit team can open checking accounts, set up Electronic Banking, Remote Deposit, ACH, and wire services to make banking easy for you. We also offer services to protect your business from fraud.
1st Source selectively offers working capital, owner occupied real estate, and Small Business Administration (SBA) loans as compliments to our Specialty Finance Group.
1st Source is the market leader in the financing of both new and pre-owned small to medium cabin corporate aircraft (Turbo Props, Jets, and Helicopters).
1st Source regularly provides loans from $500,000 to $25,000,000 for aircraft, auto, commercial lessor, construction equipment, and trucks.
1st Source regularly provides loans from $25,000 to $25,000,000 for funeral cars, buses, and step vans.
1st Source offers both floating and fixed rate loan options. Loan and finance lease maturities are typically 1 to 5 years (or longer) with amortizations that will vary by equipment type. We can tailor the rates and terms to fit your needs.
1st Source is focused on financing fleets of 25 units or more.
1st Source has a demonstrated history of commitment to Specialty Finance during both up and down cycles. Our people are experienced, and they build trusting relationships with their clients. We take pride in your success.
We encourage you to register your information to save and track your progress, but you don’t need to register to access the modules.
Our Financial Education modules are available in English and Spanish.
If you register your information and you would like a certificate of completion, please email us at (new email site).
For companies go to: 1stsource.com/enrichment or email us at (new email site).
Besides the learning modules, videos, and live workshops we also provide one-on-one assistance. If you are interested please contact us at ( new email site).
1st Source Foundation accepts grant applications twice a year. The Spring cycle due date for applications is April 25, and the Fall cycle due date is September 25. If the 25th falls on a weekend, then the deadline will be the following business day.
Grant application processing and Board approval is normally complete by July and November for the Spring and Fall cycles. Notification of the Board’s decision to grant applicants is complete by August and December.
1st Source Foundation proudly supports the communities in which we all live, work and raise families. The Bank has a regional structure so that the needs of our different and various regions are supported uniquely. As a result, our Regional Presidents are a great resource to check and see if the goals and services of your organization are aligned. As a community bank, we take seriously our support of those in need within our footprint. As such, we are not accepting any applications for services or support outside of the 1st Source Bank footprint – generally Indiana (areas such as Fort Wayne, Lafayette, Valparaiso, South Bend, Plymouth and Elkhart), southwest Michigan and the greater Sarasota, Florida area.
Questions should be directed to your Regional President:
Greater South Bend area: Shelli Alexander
Michigan: Shelli Alexander/Todd Obren
Plymouth: Connie Lemler
Elkhart: Bill Burton
Valparaiso: Matt Vessely
Fort Wayne: Larry Mayers
Lafayette: Brent Mithoefer
You can find your routing number at the end of your check.
- Routing number: 071212128
- Account number
- Starting number of your next check
For Savings Account products, you are allowed four (4) withdrawal transactions from your Savings Account per statement cycle (or month if you have a quarterly statement cycle) before we charge a per-withdrawal Excessive Withdrawal Fee. For Money Market Accounts, you are allowed six (6) withdrawal transactions per statement cycle (or month if you have a quarterly statement cycle) before we charge you the per-withdrawal Excessive Withdrawal Fee.
A CD is similar to a savings account in that it’s FDIC insured and virtually risk-free. However, a CD has a specific length of time, or term, that your money is held (often three months, six months, or one to five years) and usually, a fixed interest rate.
You can find your routing number at the end of your check.
- Routing number: 071212128
- Account number
- Starting number of your next check
Electronic statements are a fast and environmentally friendly alternative to receiving paper copies in the mail. By signing up for FREE e-statements, you can view your statements anywhere you have Internet access. Sign up today!
It’s Quick to Sign Up:
- Log in to secure Online Banking
- Click ‘View e-Statements’ on the gray e-Statements tab at the top of the page
- Accept the disclosure
- Follow the simple prompts that appear
1st Source has partnered with Deluxe® to provide you with great options for ordering paper checks for your account. Pick out your initial order of checks at a 1st Source banking center, and then reorder your checks in any of these three convenient ways:
Safely and easily reorder your checks online:
Reorder by phone:
Call Deluxe® at 877 838-5287