iGObanking.com

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Comments: 7

altiGObanking.com is a division of Flushing Savings Bank, which is itself a member of Flushing Financial Corporation, a Delaware Corporation.  Flusing Savings was originally incorporate as a federally chartered, FDIC insured savings institution in 1929 and is headquartered in Lake Success, New York.

The Bank conducts its business through fourteen banking offices and is a consumer-oriented savings institution primarily engaged in attracting deposits from the local communities of Queens, Nassau, Brooklyn, and Manhattan. The Bank invests such deposits and other available funds primarily in originations of multi-family mortgage loans, commercial real estate loans and one-to-four family residential loans.

Banking Products

iGObanking offers rate competitive savings, certificates of deposit (CDs), and CD IRA accounts. In addition, the bank is a member of the Certificate of Deposit Account Registry Service (CDARS).  As part of the service, depositors can gain access to up to $50,000,000 in FDIC insurance by opening a qualified account.

Account Opening and Funding

All accounts at iGObanking, except for CD IRAs, can be opened online.  Your identity is verified via a series of questions pulled from your credit report.  Transfers can only be done electronically via ACH and take 3 business days in either direction - deposits or withdrawals.  There is a limit of 6 withdrawals per month on the savings accounts (standard for a savings account) and a withdrawal limit of $15,000 per day.  They do state that they will raise this daily limit on a one-time basis with the receipt of an email.  How they verify identify and how they make the decision to honor the request is not clear.

Bank Condition

Flushing Savings, the parent of iGObanking, is FDIC insured and is rates 4 out of 5 stars (Good) by Bauer Financial for its safety and soundness.  Its stock traded as high as 21 in the early summer of 2008 and is now near its 52 week low of $7.59.  While its stock decline is large, it is by no means as large as the declines suffered by some of the larger banks.

Comments


Robert, December 12, 2010


This website indicates an APY of 1.21% for iGoBanking online savings. The actual rate (12/11/1020) is 0.62%. I have an account there. The APY has not been 1.21 in several months.

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Dan, May 19, 2009


The absolute worst online account opening experience. Forms are filled out and approved online. Then out of the blue you have to wait to get a pin in the mail, account is opened but you can't access your funds for days. Plus, if you want to open an additional account you have to fill out the form yet again, they already have me as a registed customer, why are they asking for license number, dob, ssn all over AGAIN. Adding a transfer account takes 2 days. I HATE THIS ONLINE BANK, OPENED AND CLOSED MY ACCOUNT RIGHT AWAY, not worth the trouble.

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Dana, March 25, 2009


For the longest time, they didn't have direct deposit. Which is crazy, because most people save by having part of their paycheck direct deposited into savings. I just noticed their faq now says they do offer direct deposit. Their savings rate has dropped to one of the lowest on all the sites that compare banks. I'm not sure if I want to stick with them now.

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David, February 26, 2009


IGoBanking.com just dropped the Savings Rate to 2.10%.They used to be one of the highest paying banks. What happened?

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Patrick, February 23, 2009


Virginia, I went through the same situation as you and iWent banking elsewhere. They are the WORST online bank I have done business with. They should realize that they need us more than we need them -- no depositors, they go bankrupt.

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Virginia, January 21, 2009


This has not been a good experience for me. The online application process was easy enough; the e-mail progress updates were helpful. They did a soft credit pull to verify my identity and then posted the trial deposits and withdrawal to my account successfully. Then out of the blue they stopped the application process and asked for substantial additional information via snail mail. I've opened many online bank accounts before and have never been put through the hoops like with this bank. And my credit is excellent, so that was not the issue. I have since canceled my application with iGo and have decided to open an account with another bank, and there are countless others to choose from. This wasn't worth my effort. I hope this information is helpful to you.

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Barbara Walling, November 19, 2008


Please email me an application for a CD. I cannot find a place on your website to print.

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