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.
Lured by the relatively high interest rate, I opened an Incredible Bank account last year. The idea was to use it for holding a 'rainy day fund' linked to my main checking account.
Once I signed up, the online banking interface immediately made me a little suspicious. It is clumsy and ugly and unpolished compared to every other online service I currently use. It looks like a throwback to the 1990's.
I was further put off by the difficulty of actually linking the accounts. I had never had any trouble linking my checking account to accounts at other banks, so I can only assume the problem was with Incredible Bank.
The final straw was the surprise of receiving an old-fashioned paper statement (in typewriter font), and seeing that the bank had charged me $15 for it. I called and was told that my account had reverted to 'offline banking' because I had not logged in for two months. The representative said she would only give me a partial refund, but that was 2 days ago and I still do not see it in my online transaction history.
Overall, Incredible Bank is an incredibly shoddy outfit. Not worth the tiny extra amount of interest at all.
I didn't login for about 12 months. Had $5K there. They then levied a $15 paper statement fee on me because they automatically converted me back to paper statements (from e-statements) as I hadn't logged in. But .. I've been downloading transactions to Quicken for some time.
Called them up, and they refused to waive the fee.
Frankly not at all what I want in a financial institution. There are many online banks and I recommend folks put their money at a bank that doesn't have customer unfriendly policies such as this.
How many banks and financial institutions do we all deal with in our lives? Alot. Well "incredible" makes it easy to accept your money, but try to get a redemption and you will spend several frustrating emails, phone calls and faxes before they can redeem a CD when in matures. They must have experienced a large amount of fraud because it's a challenge to conduct what is normal business with other banks. Ever been through a TSA checkpoint at an airport, done everything they asked and still almost missed your flight? Welcome to incredible. I would have to say, unless you are receiving a significantly above normal rate on your money, avoid this bank.
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.
I should have realized what I was getting into when I first saw their abnoxious flash animated landing page. The bank is about as professional as their website (i.e. not at all). It was a pain setting up the account and even worse just getting ahold of an ATM card. I finally got it and things went ok for a while, but then they charged me $15 for not signing in for 6 months. They are also starting to charge $15 for not maintaining a $300 balance. I spoke to Bhabaika on the phone and she was incredibly rude and unhelpful. I would recommend you stay far far away from this account as they WILL try to steal your money.
I am an existing customer of IB. I wanted to open another account at IB. Rather than being able to apply after I logged into my existing account, I was sent to a brand new applicatiion site. There, I was asked for my email address and then I was asked two security questions. One of the questions was for my shoe size. I had never set up this security question before. It finally gave me two questions that had been set up and I answered those and got to the next step. It wanted my PW, which was rejected. It does not accept the PW that you have on your existing account. Yes, that is correct. Somehow, this system expects you to have a PW even though you haven't set one up. The CSR gave me a temporary PW and I got to the next page. Next, they wanted me to choose and answer FIVE security questions. I also had to select a new security image AND a new security phrase. Keep in mind, this is just an application for a second account at a bank where I have had an existing account for years. Once the new account is opened, I'll never have ANY reason to use the application process again. They could not give me any valid reason why the secondary account application cannot be iniated through the login for my existing account. It Is Just An Appication.
When I provided detailed examples as to why this is the most User Unfriendly Website - banking or otherwise - that I have ever used, the only response I got was, "I understand".
With no notification, they eliminated my existing online account because I had not logged on recently enough. If I have no need to log on, why should I log on? Rather than send me an email telling me that I needed to log on to keep from being dropped, they sent me a paper statement along with a FIFTEEN DOLLAR SERVICE CHARGE.
For some reason, they will not send you a messgage through email. They send you a notification. Then you have to log on to your IB account to see the message. Even if the message contains absolutely no sensitive information, you have to log onto their system just to read it.
I am speculating that lawyers have overruled any consideration towards common sense user friendliness in order to reduce their liability if your account is hacked. Which suggests to me that if your account is hacked, this bank will do everything legally possible to avoid reimbursing your account.
I expect banks to have rigorous security on their websites. I am used to it. What IB does is way beyond any measure of common sense or actual need. If you suffer paranoia, this website may be exactly what you want.
Not often can you get an online experience that also allows for a real live person to help you when you need the personal touch. Not only are rates competitive but service is unlike other online banking experiences either!
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.
Yeah it's def a random bank with horrible online banking (obviously it's not Wells, BoA, Chase, etc). But, you get what? 10x or 20x the interest rate on a check account than with the big guys. It's a great place to park some cash if you are saving up for a short-term big purchase (ie house, car, etc.).
I have received notice that, as of March 4, 2011, Incredible's checking account rate will be lowered to 1.21% APY.
Online checking account rate will be adjusted to 1.42% APY as of August 20, 2010.
They have a limit of $10K per ACH transfer for money market, which is painful if you wish to transfer large amount of money out of this bank. And the rates are not that good anymore.
Perhaps they are taking their muscle man logo too seriously. Keep in mind, all the links on their website are hidden under nonsensical "themed" phrases like "Which way to the gym?" and "I pulled something!" (that, obviously, is the "contact us" link).
I recently tried to redeem my CD with them and there were a ton of hoops to jump through. First, the CD Redemption form is on their main webpage at the bottom, but not linked to from your account. Nor is there any explanation when you are logged in how to redeem your CD. That's fine, I called the "I pulled something!" hotline and was told where to find it.
Then you need the account number, which is also not available through the online banking system. Fine. So I call them and ask for it and they say they can't tell it to me over the phone but they can send it to me. I ask them to send it to my email, and they don't. I call back and ask again, and they send it as a message to my online bank account.
Note that their redemption form has vaguely threatening language that if you don't submit it in the way they request, you might not get your money back. And that you have to set up a new account at a secure email site to send it to them...even though they will not use that secure email to respond to you!
Really, Incredible Bank should be commended - working with them takes a huge amount of time and effort and leaves me feeling exhausted with little to show for it. Just like going to a gym!
The online system was hard to use. Every time I tried to add a new payment, the system would time out and a screen popped up telling me if it was a recurring error to contact their customer support. When I called for customer support, the representative I got was not helpful at all. First, it was hard to understand her through her thick accent, and then she was accusatory, implying that it was MY fault that it was not working properly. When I asked her why it took a WEEK to transfer money from my Incredible Bank account back to my brick and mortar bank, she said it was because I had set it up that way. I followed the online process to set up my account, if it was set up in a way that took forever to get money into my other account, then that was their default setting. I will be closing this account as soon as I can move my money out of it, which will be in a week. Ridiculous!!