This is the place to discuss experiences and observations on IndyMac Bank.
Submitted: Aug 13, 2007
Views: 6125
Comments: 21
Likes: 8
Updated September, 2008
Indymac Federal Bank continues to raise rates to attract deposit dollars, and remains very competitive in both the CD and savings rate tables after having been taken over by the FDIC in July 2008.� Users who have accounts with IndyMac Federal Bank report that the bank's customer service, which was known to be very strong prior to the FDIC takeover, remains so. Accounts are very easy to open, and may ordinarily be opened entirely through the internet and without additional paperwork to confirm identity or to fund. When CDs are up for renewal, users report that IndyMac representatives are very easy to reach by phone, and eager to discuss all of the rate and product options. While the bank is now owned by the FDIC and therefore presumably safer than banks which are not, the bank advises depositors to keep their deposits below FDIC limits.
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Comments Received:
Len
(Unregistered)
Great news! Thanks. Going to open now.
Posted: Aug 13, 2007
The five month CD is particularly interesting because it defers tax on interest until 2008. The benefit of this depends on your tax bracket, but there is always a benefit to deferring taxes.
Posted: Aug 15, 2007
The interest is reported to IRS in the year the CD matures? I didn't know that. If that's the case, it is a very good tax deferral strategy.
Posted: Aug 17, 2007
jrr7
(Unregistered)
Only for CDs less than a year, is the interest reporting deferred until the maturity of the CD. If the CD has a term longer than a year, the interest is reported year-by-year.
Posted: Aug 20, 2007
arun narula
(Unregistered)
Is this rate for moneys above 25k or all the money as long as balance is above 25K.If former is the case the effective rate is less.Any body wants add a comment?
Posted: Aug 26, 2007
nmay2k
(Unregistered)
only problem with the first rate mma is that there is a $25k inbound and outbound transfer limit per month, which makes it useless.
Posted: Sep 1, 2007
Princess Leia
(Unregistered)
Correction:- The interest you earned each month for the CD is reported for the year....it is not deferred to the year the CD matures. Example: if I opened the 5 month CD in Sept, the interest earned in Oct, Nov and December would be reported this year and subsequently, the interest earned in Jan and Feb would be reported for 2008.
Posted: Sep 4, 2007
tooth975
(Unregistered)
Be aware that IndyMac charges a fee for ACH transfers out to external accounts. After I found that out, I cancelled my application.
Posted: Sep 13, 2007
John Willard
(Unregistered)
I just called IndyMac and there is no fee to do an ACH transfer out of a savings account. I'm opening a savings and CD account while the rates are still high.
Posted: Sep 18, 2007
tooth975
(Unregistered)
The IndyMac Bank account that is offering the 5.75% rate charges a $3 fee for outgoing interbank transfers. Here is the link:
http://www.indymacbank.com/Individuals/Banking/page.asp?pSection=pdFRMMNewFees
No incoming transfer fees but they hit you when you want to withdraw. This info was confirmed by a customer service rep by phone.
Posted: Sep 27, 2007
IHateOutsourcing
(Unregistered)
I just called IndyMacBank @ 1-800-750-8521. The US-based customer service rep just told me that the $3 fee for outgoing interbank transfers was eliminated this past weekend but that the web site has not been updated yet.
Posted: Oct 1, 2007
IHateOutsourcing
(Unregistered)
I should have added that this was the first time that I had been connected with a US-Based call center. All of the other times I have called, my call had been answered in India.
Posted: Oct 2, 2007
Blessed2007
(Unregistered)
I just spoke to a customer service rep who confirmed that there is a fee to transfer money from Indymac to another institution.
Posted: Oct 2, 2007
IHateOutsourcing
(Unregistered)
Just called again (call answered in India), and they said that the fee was removed this past weekend. I'm going to send them an e-mail and see if I can get a definitive answer in writing.
Posted: Oct 4, 2007
IHateOutsourcing
(Unregistered)
Sent three e-mails to "customercare@indymacbank" and so far have received no reply. Pathetic.
Posted: Oct 6, 2007
IHateOutsourcing
(Unregistered)
Finally received an e-mail response:
Dear valued customer,
Thank you for contacting us regarding your new account. The standard Move Money Feature no longer has a fee, although our website has not yet been updated to reflect this change in the fee schedule. If you sign into Move Money, you will see that the standard feature no longer has a fee. As this change was only made last week, our website and Fee Schedule brochure are being updated and will reflect the elimination of this fee.
David Wiley
Customer Service Representative
Phone: 1-800-750-8521
Fax: 626-229-1891
CustomerCare@imb.com
Posted: Oct 9, 2007
Financialtool
(Unregistered)
What will be teh best CD account to open with a minumun balance of $2,000?
Posted: Nov 26, 2007
ASoco
(Unregistered)
i just wanted to say that in my recent experience, IndyMac is a great bank to deal with. There has never been a wait to speak with anyone. They opened my CD immediately. All in all, a very pleasant and easy experience.
Posted: Jan 31, 2008
hwsgeo
(Unregistered)
Closing a CD account with IndyMacbank is time-consuming and costly. You first need to fax them a written notice indicating the intent to close upon maturity. Secondly they will issue you a check and send it through the snail USPS mail which, according to IndyMacbank, takes 6 to 7 business days to arrive! You may request a wire transfer but it will cost you a $30 fee.
Posted: Feb 29, 2008
Good rates
(Unregistered)
Indymac seems to have some great rates now. Anyone have a recent experience with them?
Posted: May 12, 2008
Princess_Leia
(Unregistered)
I have been using Indymac for their CDs for more than 3 years. So far, they have been pretty good. Hwsgeo:- The solution to your problem with regard to closing a CD ac being time consuming and for them to issue a check would be to have a checking a/c with them (they don't have any fees or direct deposit requirement) and what I would do is whenever I need to close the ac, I just call them and tell them to transfer it into my checking a/c. From there, I just write out a check and deposit it into my a/c or I tell my online bank (like HSBC) to take the $$ out.
Posted: May 23, 2008
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