This bank "baits and switches" by luring new customers with very attractive short term competitive rates, and then upon CD renewal, offering a new rate that is totally non competitive--- and much lower than short term rates. My expiring, 5 year CD in 2018, had a 2.02% APY. The renewal was at 0.35%, at a time, when interest rates had gone up appreciably.... Talk about inverted yield curve--- with short term savings rates o rates that are multiples higher than long term CD rates. This appears to be an unsound financial and business practice, sure to alienate existing customers.
The service also is terrible. I waited more than 11 minutes for a customer service rep, before giving up. Horrible bank, horrible service. Avoid. Avoid
I opened my account on the 14th, funded it. Got the account PIN needed to get online. I log into my account and I see that they had closed it! I was not notified, in addition I had sent them two emails that they never responded to. That should say something about their customer service. Even Wells Fargo is better than this bank!
This is a very manipulative bank, beware of your interest rates you earn by your own calculations. Even though you may have a liquid savings or money market, the rates is not what is advertised on its website. They will happily reduce your rates when it goes down but will NEVER increase it when it goes up.
What a joke, AVOID AT ALL COST
Took nearly two weeks to set up an online account - five days alone to mail me my password. They advertised the highest rate on bankrate, but don't disclose transfer limits. Took 3 days to link an external account to them.
Opened the account with $25000 to get their best rate, then attempted to transfer the rest of my money to the account. Was THEN told there is a daily limit of $2000 in or out. It will take me over two weeks to get my initial deposit back and had I opened this account with the amount I wanted in savings, then it would have taken over half a year to recover my money with the limits they have. Total waste of time and money.
Use this bank at your own risk! I had a CD mature with IgoBanking for $200G. I also have a IGo Banking Money market account & a Savings Purely (by Bank Purely, same bank with different name) Money Market. When the CD matured, I did an internal transfer to my Bank Purely Money Market to attempt to transfer out the funds for other uses. When trying to transfer the funds out, they have a $15G limit per day, & $25G limit per month to transfer funds to your linked external account. So it would take me 8 months to get my money out for my CD funds while earning the poor rate of 1.3%. Luckily I also had the IGo Banking MMA linked to the same account (only paying 1.1% since I am not a new customer). That account has a $15G limit per day with a $50G monthly transfer limit. So I thought no problem, between the two accounts I will get my money out in about 3 months. I proceeded to do this for several months trying to get my money out.
When doing an ACH transfer, it takes 7-9 days for the ACH transfer to actually go through, pathetic compared to other online banks I use. It is hard to keep track of transfers when it take 9 days to arrive in your external account. Then they send me an email saying I exceeded my 6 transfers per month ,I really did not since the actual transfer dates were much later than initiated. Now they say they will be closing my account and my funds are locked, they said they will send out a check on 8-30-18 (1.5 months from now). Their advertised 2% IGo Banking Money market rate is only for new customers, mine has been at 1.1% since opening it, another poor practice.
Since I still have another CD yet to mature, now I will have no way to transfer funds out when that CD matures, if you do not transfer the funds in 10 days your funds revert to a new CD with the same length terms at .05% This is just one of the pains with this bank. Below is a list of several of the bad consumer practices of this bank compared to other online banks. Unless you are really desperate to receive their rates, I would avoid this bank at all costs. They try their very hardest to screw you at every turn.
I opened an IGO Banking money market when it was at 1.1%. Now the same money market rate is 2%, but it is for new customers only & my rate was still at 1.1%.
Takes 7-9 days for an ACH transfer to show up into your linked account, triple the time of most other popular online MMA accounts.
Bank Purely Money market only allows $15G per transaction, $25G per month out. Rate still at 1.3%
IGO Banking MMA only allows $15G per transfer daily out, $50G per month total
If you accidentally exceed your transfer limits, they close your account & lock up your funds for 2 months (they don't just allow them not to go through or give you a count like Amex MMA does)
Just a few of my problems with the deceptive practices of this bank. I have at least a dozen online MMA accounts & online CD's, no one operates with the restrictive & deceptive practices of IGO Banking/Bank Purely in my experience, except maybe Popular Direct. With so many great rates and consumer friendly online accounts out there, I would stay away from this bank unless you are putting in under $25G. For now I am stuck with them until my last CD matures next year, then I will be saying goodbye to this bank forever and having to quickly do a costly wire transfer to wrestle my remaining funds away from them.
Using iGo was one of my first experiences in using something that is newer to the world and a bit more unfamiliar. I decided to give them a try as their interest rate was the best I could find so I decided to place $500 in and see how the experience was. Doing bank to bank transfers is easy and they have a pretty good web setup to do just that. It's also easy to see what your current balance is and how much interest you are drawing from your divided. What needs work is their customer support. To be blunt, it's basically non-existent as they've poured all their money into the web experience. If they want to complete long-term, they will have no choice but to hire human beings or face an uncertain future.
I've been an igobanking customer for over 5 years now and find it a good, but not great online-only bank. They deliver on their promise of a high savings interest rate which has consistently remained in the 1% APR-area since I opened an account. To get that rate, they dial way back on the customer service and mobile interface, in fact, I barely use their mobile app as I find it too frustrating and just use the web interface. That being said, I can do all I need to do in terms of transferring money. It took awhile to learn where everything was on their site, but they haven't redesigned the site in years, which I believe to be a good thing, so I can find everything now with ease.
I've had a few issues with this bank but not at first. I've tried to set my account up with other banks for the purposes of being able to do electronic transfers into and out of the account through other banks (because they have transfer limits through their interface) but when my other banks try to do those small verification deposits, I never receive them even though my bank says they were able to deposit and withdraw those funds. So I can't seem to verify this bank for that purpose even after talking to customer service and re-verifying my account data, attempting the small deposits multiple times. It seems like they don't want you to be able to make withdrawals on purpose! Then their money market accounts are supposed to be a "variable rate." When they decide to lower it, they have no problem getting that done as quickly as possible but when the rate goes up, you have to complain before they will increase it. All other online banks I have dealt with have just automatically increased the "variable rate". I'm DONE with this bank.
My experience with I go banking checking account was and is truly great. My credit is not the best and I had no problem with getting a checking account with them. The best part of having a checking account with them is that with my pay check being directly deposited into my account it goes into my account a day early! Wow, what is better than that? Plus if I get a check and I wanted to deposit it into my account I can use my cell phone to deposit it and it goes right in, so if I'm traveling poof I can deposit a check in to my account. Plus the bill paying service online is great! I am not one to go to a bank in person, so to have a great online bank works great for me and this I go bank is perfect!
iGoBanking is still in the dark ages. What is the most amazing to me it that I can not change my ATM card pin! They offer no way to change it to a pin of my choosing! I have never heard of that.
Their phone service is awful. Because they are owned by Flushing Bank, even though I was careful to pick the correct option on the sizable phone tree, I still got to Flushing Bank customer service. Even when they transferred me to iGoBanking, I still got to Flushing Bank.
The process to open an account is slow and cumbersome, like it is their first time in banking. I have to image that just about every other online bank has far better service than iGoBanking.
I don't understand what these other people were dealing with. The mailed password took a little long to receive. I "forgot" my username to the online banking (that I didn't realize I was not yet signed up for). Called them and after about 1 minute on hold, I got to someone to help me out. She walked me through the signup process while on the phone. No complaints yet! Also, the interest rates are pretty nice!
I have had an online savings account for years. I tried multiple times to open a money market account on line. It timed out before you were able to submit all the information. After two times, I gave up. Fast forward about 6 months.
I tried to open a CD to be funded from my saving account. I was excited that I got the info in before it timed out.
Ten days after applying online for the CD, I was denied opening the CD account, I've had a credit freeze for several years. Since I had a credit freeze, they requested some additional information. We submitted photocopies of our drivers license and replied to their emails as they requested. I had phoned in to customer service yesterday to see what was going on, they said it was still in process. I explained that I have current saving account with IGO and had applied for a new CD. I had submitted the information that they had requested in regards to the CD application. He checked my application and saving account. He said I should hear something soon. It looked like they had everything they needed. Today, I received an email denial of my CD application. I can't imagine how hard it will be to withdraw my money if they won't even let me transfer funds it to open a CD!!!!! I don't know if a banking regulator can help me with this. IGO does have good rates, but customer service is non-existent. This bank is scaring me, after having an account for years with them. My original account was opened in 2007. This is no way to treat a long time customer.
I've been using igobanking products for over 7 years now. Specifically, I've had a savings and checking account, although I abandoned the checking account long ago. But I can't say I've ever run into any problems with the bank or any of my funds. It's a pretty straight forward Internet-only bank. The set-up was minimal and the rates were some of the best I could find at the time (over 1% on savings), although still nothing that will really make you any money. I've been able to link to all my numerous other accounts and freely transfer money in and out as needed. I've changed addresses a few times with no problems and have received all necessary documents (tax and otherwise) as needed. The interface is a little clunky, but you get use to it fast enough. If you know what you're doing and have experience with Internet-only banks, I think the rates are good enough to give it a try.
Take almost forerver to open CD account. I had to send my gas, electricity bill anf otger unnecessary documents.
When I need my funds, they dont want to release it. They do everything to delay my funds. It has been e weeks now and I still hace not received my check. Im now looking for an attorney to sue them.
Dont trust me? Send me an email and I will forward the emaol string I had with then to show you how ridiculous they are
I did not think it was possible to have such poor, abusive customer service. Whenever you call, you go to voicemail. No matter what your message, you get a passive aggressive return call no way connected to any time frame you say you are available. No matter what your message, the return call is always Hello, this is unintelligible returning your call. Bye.
This is how they treated me when I was trying to open an account for a lot of money. Can you imaging if they already had it?
If you are used to dealing with Ally Bank or American Express bank or Discover bank etc, do not expect same service from IGo bank. Customer service is non existent and reps not knowledgeable. Customer service hours- Few, Wait time very long.It is a regular brick and mortar bank which wants to dabble into on line banking. Good rates bad service. Very bad service. Reps have no knowledge of on-line banking side.
The set-up is easy. The rate very good. BUT your withdrawals are limited. I noticed there was a limit to the number of withdrawals in a month but not a limit on the amount.
I asked for a waiver and am still waiting on a response (2 weeks). Finally asked them to close the account at the end of November. Now December 17th and no communication, no money and they have locked my online access.
Revising to a 2 star, simply because of the rate. There are other banks with similar rates and much easier access of YOUR money.
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?
On-line access to your accounts from an unregistered computer requires that you receive a security pass code at a phone number or via text. If you don't have immediate access to a phone or text-capable cell phone, you're out of luck. They do not allow or have the capability of sending an email with the pass code - gave me some BS reason like email isn't secure. And I'm thinking "and phone calls texts are (guaranteed secure)???" Because I don't have access to a phone or text capable cell for incomming calls during the time and days I'm doing my banking I advised the CSR Manager (Maria) (after speaking to the snotty and very unhelpful CSR) I'd have to use a friends cell for the text. Now, they're going to send this pass code to a phone that is neither mine nor on record for my account. (Maria assurred me that this phone number would be used only one time for the one-time passcode...we'll see...) I have multiple CD accounts with iGo. Sure, at least at this moment in time, they're rates are among the best. They have to be. That's likely the only way they can lure in customers. They probably have a pretty low retention rate. As soon as my accounts mature I'll be closing them and will do business with banks that are more customer accommodating and friendly.
I was really surprised to read all the bad reviews for iGo Bank and thought I'd post a positive one. I read that the website is awful, but I found it really easy to navigate and it took very little time to complete all the necessary steps to open a new account - far shorter time than I have had with some of the other on-line banks. Perhaps they have updated the website recently, but it seems good to me and very clear.
The messages back to me on completing everything seem concise and detailed, and I have the account # and all the other information such as contact telephone numbers and e-mails (again, you don't always get that with some of the other banks). I know I need to wait for a PIN # to arrive before I can access the website, but that's OK, and I was advised to actually open and acknowledge all the terms for the account.
It all seems very clear and easy to me, so I am posting 5 stars for ease of access, good rate (best as of today for the CD I was opening), and clear and concise messaging. If I have problems with any customer service in the future, I can always come back and revise this review, but for the moment it's all good so far.
Customers service is either pathetic or willfully malicious. The terms on the CD's ought to be illegal. If you withdrw early, you have to pay them the entire interest the CD would have paid over the term?? I am now locked out of my accounts and have been calling customer service for two weeks trying to find someone who can reset it. Sort of like ground hog day.
They automatically renewed several of my CD's even after they assured me that they would not. Another thing they do is force you to contact them regarding CD maturity through your regular, unsecure 3rd party email (say Yahoo or whatever you use). Absolutely horrid and rude customer service.
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.
I have had an account with iGObanking for over 5 years. When I first joined I used it as an online savings account. Then their rates got progressively worse over the years. Obviously all rates have dropped but they were near the top of their competitors when I joined, now they're offering a measly .25% for an online account. My biggest gripe is that I've been hassled 3 times over "security concerns". After 5 years I don't know why I'm all of a sudden a threat. Most recently I transferred money into my account from one bank, followed by a transfer out the following day. I do this several times a month to move money between my bank accounts. They accepted the money in from my first account, then suspended my account and did not allow me to transfer money out. This happened at 6 pm and they have nobody working customer service after 5 pm. So I had to wait until the next day to inquire about it. After talking to a very rude customer service supervisor (every conversation I've had with them has been extremely rude customer service reps). I was told that my account was frozen and I could not have access to my funds unless I sent them bank statements for the last 90 days from every bank account I had linked to them. After I tried to explain that my bank statements were none of the their business (I tried, but was cut off by the supervisor), I told them I'd be closing my account. As with everything else there, it will take a week or more to get my money back from them. So, in my opinion, they've just stolen my money from me for the next week. Horrible, archaic, system they have.
I opened two $25k gifts for banking CD's, I did receive the promotional rate. I have another CD at IgoBanking, yet they are asking for my proof of address to be mailed to bank? CSR stated don't worry, but I sent it anyway to make sure that nothing holds up the process.
Initially, I was told by CSR that a few days afte the account was funded, would receive an email to select gift, and gift would take up to 3 weeks for delivery. Today, I called, since it's been 4 days since funded, I was told that the email to first select the gift will take 3 weeks and then up to 3 weeks after ordering, for delivery.
I was hoping to have these gifts for Christmas, but does not look like that is going to be a possibility, if in fact, it's 3 weeks to first receive the email to select a gift! The CSR advised this is stated on the website. I've looked thru the FAQ and do not find a 'timeframe' of when the email will be sent, it merely states, after the account is funded you will receive an email. It should be clarified on the website that it will be up to a 6 week process to select and receive the gift.
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.
Either their software is buggy, or they change your application after you submit it. I applied for several of their "Giftsforbanking" CD's and they processed as normal CD's. After several months wrangling, it was worked out, but I had to deal directly with a manager. The customer service person I was supposed to deal with, was far too rude and uniformed (dangerous combination) to even get the process started.
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.
I have two CD's with this bank, and the first one was opened fairly easy - The second, being funded with $10,000 at a 3.15% rate took over 2 weeks for them to open and then they opened it at 2.75% - They say the rate is at the time they fund the account. They ignored ALL requests for a status until they lowered the rate and now I am stuck losing .5% for 5 years. Their customer service can really suck.