iGObanking.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.
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.
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.