iGObanking.com®, a division of Flushing Savings Bank, FSB, is an online bank that allows you to manage your money simply and securely. We offer high-yielding savings, money market savings, checking and CD products that can be opened online, or by mail. Once your iGObanking® account is opened, you can automatically make deposits and withdrawals to and from your regular banking account.
My CD expired and I didn't want to renew so I called and was told that I cannot cancel over the phone I would need to send an email. So I sent an email through online banking requesting that a check be sent to me and a confirmation sent to my email address. Apparently this is not good enough. They do not want an email sent though their online banking, (you would think this would be a more secure way of sending), but they want a email sent straight from my email address. I did this and 3 days later still no confirmation email. I had to once again call to find out what was going on as the 10 grace period was just about ending. The rep was quite snippy and I am not please with the way the whole thing was handled. It seems to me they were dragging their feet in order to hang onto the CD. I do not like making multiple phone calls and emails in order to get something done. I believe if I hadnt called my CD would still be sitting there and no check would have been cut. I wont be doing business with them anymore.
Stay away from this bank if you want good customer service and any sort of control over your account. I have been with this bank for 2 years. It took almost 30 days to get all of my accounts set up because their system is so archaic and Customer service is only available 9-5pm EST M-F, so if you are on the West, you only have until 2pm. They have no overdraft, and if you make one mistake, their bill pay company Metavante will freeze your account for 5 business days which cancels all pending payments. Recently their system duplicated a payment which overdrew my account, but Metavante still won't unfreeze my account even though the bank asked them to. Now suddenly I am locked out of my online account with no access at all and of course customer service isn't available because it's 3:30 PST. Not worth the aggravation. I just moved everything to Ally where they have overdraft, 24/7 customer service and equal interest rates. All of my accounts were set up in about 2 hours compared to 30 days with iGo. iGo elsewhere and can't get there fast enough.
Gistsforbanking.com/Igobanking.com customer Service
Reading all your concerns about these banks, I decided to e-mail them some of your and my concerns. I sent the e-mail Sunday November 21 at 9:13pm est. They responded Monday November 22 at 10:47am est.
Their responses are in Bold.
My concerns as stated by others is the time it takes from when I first open the Cd till you actually open it. As one person describes a 2-week gap and then got a reduced rate... Your rate is locked in at the time of application date. Should you start an application today, and the rate lowers you would be guaranteed for the higher rate. In some cases there were gaps in opening due to documents that we may have required from the customer and they have delays in sending to us
Also asking access to my outside funding account vie my password with that bank... · We have 3 different ways to fund your accounts. They are as follows real time deposits, trial deposits and check deposits. Should you opt to transmit your transaction real time you can input your financial institutions online id and password and they confirm via real time which eliminates time delays etc. This is a total electronic process and no person is involved and we are unable to obtain the information from that real time transaction for your security. Trial deposits are when you input your routing number and account number and we try deposit 2 credits into your checking of savings account, you go into your account verify the amounts and revisit our application and validate the amounts. Check deposits- good old fashion check is mailed to us. You make the check payable to yourself and mark on the back for deposit only and mail via US postal mail to our address 1979 Marcus Ave LL C103 Lake Success, NY 11042 Also heard story's of terrible customer service, with the inability of getting anyone on the phone, email etc.One even stated he hasn't heard from you in 3-weeks since he opened his account and is WORRIED about his money Our normal turnaround time is 24- 48 hours not including weekends or holidays. I am unable to validate your concerns at this time. Without specific persons, or email address etc. Sorry I cannot elaborate more on this question.
This is a really bad bank. They make it very difficult for the average person to figure out that their CD will automatically renew at an extremely low interest rate. If you don't stop it in time you have to pay a penalty to get out- one year's interest for a 5 year CD!. I have had many CD's and never dealt with a bank this shady. Where is the FDIC?
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of June 30, 2014 iGObanking had $47.52 million in non-current loans and owned real-estate with $503.52 million in equity and loan loss allowances on hand to cover it. This gives iGObanking a Texas Ratio of 9.44% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for iGObanking decreased dramatically from 17.12% as of June 30, 2013 to 9.44% as of June 30, 2014, resulting in a positive change of 44.86%.This indicates that the balance sheet and financial strength for iGObanking has improved dramatically in recent periods.
In the past year, iGObanking has increased its total deposits by $173.92 million, resulting in 5.64% 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 iGObanking 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. iGObanking has $4.86 billion in assets with $503.52 million in equity, resulting in a capitalization level of 10.37%, which is above average.
|FDIC Certificate #||58564|
|Assets and Liabilities|
|Equity Capital||$474.29 million|
|Loan Loss Allowance||$29.24 million|
|Unbacked Noncurrent Loans||$46.18 million|
|Real Estate Owned||$1.35 million|
|Historic Data - June 2013|
|Equity Capital||$440.29 million|
|Loan Loss Allowance||$32.36 million|
|Unbacked Noncurrent Loans||$46.18 million|
|Real Estate Owned||$2.59 million|
|Profit Margin - Quarterly|
|Return on Assets||0.91%|
|Return on Equity||9.51%|
|Interest Income||$100.47 million|
Always verify rates and promotions with the bank or credit union. We are not iGObanking, we are a rate comparison website and can not provide official rates or promotions.
|1.05%||$1k||-||12 Month iGOCD|
|0.35%||$1k||-||24 Month iGOCD|
|0.35%||$1k||-||36 Month iGOCD|
|0.35%||$1k||-||48 Month iGOCD|
|0.35%||$1k||-||60 Month iGOCD|
|0.35%||$1k||-||29 Month iGOCD|
|0.35%||$1k||-||7 Year iGOCD|
|0.35%||$1k||-||10 Year iGOCD|
|0.15%||$1k||-||3 Month iGOCD|
|0.15%||$1k||-||6 Month iGOCD|
|0.15%||$1k||-||8 Month iGOCD|
|0.15%||$1k||-||9 Month iGOCD|
|0.15%||$1k||-||13 Month iGOCD|
|0.15%||$1k||-||15 Month iGOCD|
|0.15%||$1k||-||18 Month iGOCD|
|0.35%||$1k||-||36 Month iGOIRA|
|0.35%||$1k||-||48 Month iGOIRA|
|0.35%||$1k||-||60 Month iGOIRA|
|0.35%||$1k||-||29 Month iGOIRA|
|0.15%||$1k||-||6 Month iGOIRA|
|0.15%||$1k||-||8 Month iGOIRA|
|0.15%||$1k||-||9 Month iGOIRA|
|0.15%||$1k||-||12 Month iGOIRA|
|0.15%||$1k||-||13 Month iGOIRA|
|0.15%||$1k||-||15 Month iGOIRA|
|0.15%||$1k||-||18 Month iGOIRA|
|0.15%||$1k||-||24 Month iGOIRA|
iGObanking is an Internet only bank and does not have branch locations. Its headquarters is located at 144-51 Northern Boulevard - Flushing, NY 11354