3 star ratingAverage User Rating:
3 star rating based on 8 reviews.

Incredible Bank

Incredible Bank Locations
PO Box 1182
Wausau , WI 54402
1.877.261.4750
www.incrediblebank.com



Incrediblebank.com, a division of River Valley Bank, is an internet only bank. The main offering is a high-yield checking account that can be opened online from any state. An online certificate of deposit was offered for a couple of months.

Related Posts

Incredible Bank's 2-Year Anniversary - 10/31/2011

It has been two years since the Wisconsin-based River Valley Bank launched Incredible Bank . The first product was an internet checking account with a very competitive rate. I first reported on it in ...

Incredible Bank CD Rate Cuts (Forum) - 8/18/2011

Incredible Bank has reduced its 19 month CD from 1.5% to 1.3% apy. The 13 month CD has also been reduced from 1.3% to 1.15% apy. Bancxman

Internet Checking Rate Drop (Forum) - 8/18/2011

Incredible Bank's Internet Checking is down 10 basis points to 1.11% APY (from 1.21%), as of yesterday. Looks like Fed's announcement to maintain current low rates until mid-2013 is starting to result in a new flurry of rate drops - not good news for save

New Rate Tiers of Incredible Bank's Money Market Account - 8/15/2011

I mentioned this change in my last weekly recap, but I thought this change was worth mentioning in a new blog post since the rate is one of the highest non-promo rates for nationally available money m ...

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See Rates for: Checking | Money Market | CD

Incredible Bank Checking Account Rates

There is a $1,000 minimum deposit required to open the account. Once opened, there is no minimum balance requirement to earn the top yield or to avoid a monthly fee.


ApyMinMaxProduct
1.01%-$250kChecking Account

Incredible Bank Money Market Rates

ApyMinMaxProduct
1.10%$2,500$250kMoney Market Account

Incredible Bank CD Rates

ApyMinMaxProduct
1.20%$10k$90k19 Month CD
1.05%$10k$90k13 Month CD
0.90%$10k$90k9 Month CD

Rates updated: 2/9/2012

Data for Q3 2011


Institution Statistics


River Valley Bank
FDIC Certificate #19772
BankRate ReportView
Year Established1967
Employees257
Primary RegulatorFDIC

Assets and Liabilities

Assets$990.42 million
Loans$747.24 million
Deposits$835.91 million
Equity Capital$109.11 million
Loan Loss Allowance$11.07 million
Unbacked Noncurrent Loans$23.26 million
Real Estate Owned$13.84 million

Historic Data - September 2010

Assets$1.01 billion
Equity Capital$109.70 million
Loan Loss Allowance$13.14 million
Unbacked Noncurrent Loans$20.48 million
Real Estate Owned$8.81 million

Profit Margin - Quarterly

Net Interest Margin4.38%
Return on Assets0.54%
Return on Equity4.89%
Interest Income$35.59 million

Institution Health


Overall Score:
3 out of 5
3
Texas Ratio2
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, 2011 Incredible Bank had $37.1 million in non-current loans and owned real-estate with $120.18 million in equity and loan loss allowances on hand to cover it. This gives Incredible Bank a Texas Ratio of 30.87% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend2
The Texas Ratio for Incredible Bank increased slightly from 23.75% as of September 30, 2010 to 30.87% as of September 30, 2011, resulting in a negative change of 29.96%. This indicates that the balance sheet and financial strength for Incredible Bank has declined slightly in recent periods.
Deposit Growth2
In the past year, Incredible Bank has decreased its total deposits by -$12.89 million, resulting in -1.52% 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 Incredible Bank has shown is below average.
Capitalization5
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. Incredible Bank has $990.42 million in assets with $120.18 million in equity, resulting in a capitalization level of 12.13%, which is excellent.
Write Review

Incrediblebank - An Incredible SCAM!
1 stars - urhak - Friday, October 14, 2011 - 9:04 PM

I was hoping to get a decent interest on my $5000 deposit, i.e. somethng like 1.16% per year. Wow! IncredibleBank gave me $4.77 interest and applied $15 per month fee for the paper statement that I received in the mail but never requested. Every month that I had my money at the IncredibleScamBank, I lost part of it. Of course, that $15 fee was probably mentioned somewhere in their fine print. Of course, they a legit to do that scam and I am supposed to be smart enough not to deposit my money with this "incredible" offer. I then wanted to get my remaing money out of the inccredible hole as soon as possible... Not so easy! Still working on it. Do yourself a favor and don't waste your time and money on this too incredible bank.

12

Exorbitant Fees, Difficult To Reach...
1 stars - dwill - Wednesday, March 9, 2011 - 12:22 PM

The only upside to Incredible Bank is a marginally higher interest rate.

Unfortunately, this is eclipsed by a lot of other factors. Exorbitant fees, the bank is difficult to reach when you have issues, worst of all when you do reach a human being, nobody ever knows how to solve your problem or who to ask to get your issues fixed.

I should've known better than to start an account at a bank whose web page makes grunting noises.

I feel much better after transferring my money to a larger, more competant bank.

9

On-Line Setup
5 stars - DL10010 - Wednesday, June 16, 2010 - 11:31 AM

Had a great experience setting up online CD.  One glitch when doing fund verification process, but all else went smoothly.  Recommend speaking with Bhawika Bhakta who is responsible for the online banking if any issues.  The bank was very responsive and speedy in the account setup process compared to other banks.

7

Very Happy With Incredible
5 stars - Rob_XXYY - Friday, January 20, 2012 - 3:47 PM

My experience with Incredible bank for the past year has been terrific.

When I called the 1st time - a real person (Cindy) answered after just one ring. I've called a few times, and I always got a helpful person quickly. They also answered my emails quickly and acurately too.

They made it very clear when I called (and in follow-up emails) that I needed to signup for electronic statements to avoid the fee for paper statements - and it was fairly easy to do. If confused, just call and they will walk you thru it.

One strange thing: their "checking" account does not have checks. That is, you cannot write a personal check on the account. You can use their bill pay service to send a check (or electronic payment) but paper checks that you fill in by hand are not allowed - so this cannot be your primary checking account. They also do ACH transfers that can be entered online, but I had to first call and ask for the online ACH feature to be enabled (once enabled - it stays enabled).

Great rates (well - relative to other banks in these really low interest rate times) and excellent customer service.

Highly recommended.

-Rob

 

 

5

Rate Change
4 stars - cdthompso1 - Friday, March 4, 2011 - 6:47 AM

I have received notice that, as of March 4, 2011, Incredible's checking account rate will be lowered to 1.21% APY. 

3

REVISED: Incrediblebank Interest Rate Info
3 stars - 2Tall - Friday, August 20, 2010 - 9:58 PM

Online checking account rate will be adjusted to 1.42% APY as of August 20, 2010.

3

I've Tried To Open An Account 3 Times
2 stars - Anonymous - Monday, April 19, 2010 - 2:54 PM

I've tried to open an account 3 times.  Major headache with the online application.  Get to the funding page and it won't go forward.  Also impossible to cancel out of adding a beneficiary.  Called them and they say they have problems, not sure why.  Tried in both Mozilla and IE.  Doesn't look like it is possible for me to open an account.. very strange indeed... good luck.. R

3

Checks Are Free To Send If You Do It With The Bill Pay Feature
5 stars - Quovatis - Monday, April 12, 2010 - 2:27 PM

Checks are free to send if you do it with the bill pay feature.  Just set it up to pay an individual or business and the check is sent to them in the mail for free.  The money doesn't come out of your account until they cash the check.

3