GiftsforBanking, a value added program, is offered by iGObanking.com the online division of Flushing Savings Bank, FSB. Flushing Savings Bank, FSB is an FDIC insured institution established in 1929. GiftsforBanking CDs are FDIC insured to the maximum allowable limits.
I opened an account. Took about a week to get the email that the account was funded. I then tried to call, over and over. Can never get anyone on the phone. So I emailed and emailed again. I left phone messages for them to call me back. Nothing! Its' been three weeks since my account was funded and I haven't got the email for the free gift. I haven't gotten a reply. It's like they have fallen off the face of the earth. Now I'm worried about the money I deposited. .
Last time they had simillar deal with gift certificates (Apple and iTunes) , I had no issue what so ever going through the process of opening CD and receiving gifts. I contacted them multiple times (iGoBanking and people who issue gifts) since it sounded fishy back then and I had no issues. The one thing that they can imporve is the look and feel of their website. It looks like some college passout came up with the website to learn the technology...it's going to cost this bank one star in rating.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 GiftsforBanking.com had $68.6 million in non-current loans and owned real-estate with $474.78 million in equity and loan loss allowances on hand to cover it. This gives GiftsforBanking.com a Texas Ratio of 14.45% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for GiftsforBanking.com increased slightly from 0.00% as of September 30, 2012 to 14.45% as of September 30, 2013, resulting in a negative change of Infinity%. This indicates that the balance sheet and financial strength for GiftsforBanking.com has declined slightly in recent periods.
In the past year, GiftsforBanking.com has increased its total deposits by $2.68 billion, resulting in 468.04% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth GiftsforBanking.com has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. GiftsforBanking.com has $4.74 billion in assets with $474.78 million in equity, resulting in a capitalization level of 10.02%, which is above average.
|FDIC Certificate #||58564|
|Assets and Liabilities|
|Equity Capital||$443.96 million|
|Loan Loss Allowance||$30.82 million|
|Unbacked Noncurrent Loans||$65.10 million|
|Real Estate Owned||$3.50 million|
|Historic Data - September 2012|
|Equity Capital||$68.27 million|
|Loan Loss Allowance||$0|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||3.3%|
|Return on Assets||0.78%|
|Return on Equity||7.97%|
|Interest Income||$152.55 million|
Always verify rates and promotions with the bank or credit union. We are not GiftsforBanking.com, we are a rate comparison website and can not provide official rates or promotions.
|0.25%||$5k||-||5 Year CD Gifts|
|0.15%||$5k||-||3 Year CD Gifts|
|0.10%||$5k||-||2 Year CD Gifts|
GiftsforBanking.com is an Internet only bank and does not have branch locations. Its headquarters is located at 144-51 Northern Boulevard - Flushing, NY 11354