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Reviews of Incredible Bank's 2.02% Internet Checking Account

Tuesday, January 26, 2010 - 9:53 PMIncredible Bank - Details
A senior member of Clark Howard's message boards describes his experience with Incredible Bank. The checking account is still paying 2.02% APY as of 1/26/2010. I first reviewed Incredible Bank last November. Several readers shared their experience with this bank in the comments of that post. Here's one informative one.
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Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Thursday, February 4, 2010 - 10:13 PM
After "watching" Incredible Bank since its inception, I finally got over my doubts as to its ability to remain a rate leader and opened an account. What finally drove me to take the leap of faith was my local community bank's money market account dropping 70 basis points and its savings account dropping 100 basis points over the last six months. Anyway, getting back to Incredible Bank. I was attracted to it for some time because the account, with its phenomenal yield and liquidity, seemed ideal for keeping the funds for the payments that I normally do electronically anyway (without having to worry about how many withdrawals are permitted per statement cycle). The account opening process with Incredible Bank was, to put it simply, incredible! The new account was opened, funded, and external accounts enrolled for ACH within 24 hours! The entire account opening process was a breeze, and response from the bank's CSR was prompt and helpful. Looks like a winner -- only hope that the rate remains at least close to the top for internet accounts nationwide.
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
2. Friday, February 5, 2010 - 7:38 PM
Just had to add this update to my last post! After verifying my linked external accounts (they allow up to three linked accounts), I initiated an ACH pull into Incredible Bank. It's a Friday, and I didn't expect the transfer to be completed until Monday. Lo and behold, upon checking my account this evening, I found that transferred funds in my account the SAME DAY and the FULL balance available! Originally I thought the name "Incredible Bank" was a cheesy bit of hyperbole, but this bank really is incredible!!!
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
3. Sunday, February 7, 2010 - 11:38 PM
The low $5k or now $10k daily limit on outgoing transfers seems like the only cause for concern.  Does that limit apply only to transfers initiated with Incredible Bank, or does it apply to pulls initiated from another linked account?
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
4. Tuesday, February 9, 2010 - 2:16 PM
Thanks for your review(s) of Incredible Bank.  Did not realize that there are no paper checks with this account.  Upon further review I finally found that info on their website.  Also their website FAQ says that it's a "soft hit" on your credit report, yet some of the other commenters claim it's a "hard hit".  Was considering this one, but not so sure now.
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
5. Tuesday, February 16, 2010 - 9:36 AM
I tried to open an account with them earlier this month. They called leaving a meassage for me to call them to verify something. I called and the representative who answered offerred no assistance. She said the women who left the message asking me to call would contact me in the next 30 minutes.

I never heard from them. I received an e-mail the other day saying they wouldn't be opening our account. This is good for Emmigrant Direct until I find an account paying more interest I guess. To bad there isn't a good way to access a bank's customer service until after you apply for an account.

The feed back here is certainly helpful. Thanks.

john
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
6. Thursday, April 1, 2010 - 2:09 AM
Incredible Bank will not activate the ability to transfer funds to and from other accounts from the Bank's website until your account has been open 60 days.  You can use another Bank's ACH to push funds into Incredible Bank apparently although I am still waiting for my micro-deposits to be made.
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912
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