Unneeded hassle, Unsatisfactory, Unhelpful
Written: Apr 26 '08 (Updated Apr 26 '08)
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This review is for their high interest savings accounts, not home lending (only category available)
Indy Mac Bank proves to be somewhat of a hassle and less than impressive. First off, I started out using ING (ingdirect.com) for my interest earning savings account and was always pretty satisfied. They had a decent interest rate at the time, their web site was easy to use, they had referral rewards, their rules fair with no major restrictions, and customer service was easy to get a hold of and usually always fairly helpful. I used their services for some time, but then a friend informed me Emigrant (emigrantdirect.com) had a lot better rates and they were pretty happy with them. So, after reviewing them and finding them to be a well regarding, secure bank I decided to try out their services and see if I liked them any better. At first their online services were new and they didn’t have their site up very well for ease of use, understanding, and access, but other then that I had no problems with them. When I did have to contact their customer service for help, they were always very nice and proved helpful as far as by phone, email not so much. As time has gone by, they have improved their web site some; making thing easier to do and better ways to view information.
Though, recently their rates have dropped dramatically, so I started researching to see if their were any other highly regarded banks that might have a better interest rate and came across a good comparison list on www.bankrate.com/savings. This is when I discovered Indy Mac Bank (imb.com) had a good annual percent yield. I looked up their reviews, even on this website, and didn’t find any major complaints about their savings account, only on their loans, so I figured they might be a good place to try. They had many different types of accounts and their and I was a little confused about which ones had which restrictions and which would work out best for me, so I decided to call and test out their customer service to get the answers faster so that I knew what I was getting into and wasn’t unhappy with my choice when I found out information later. First off, the customer service agent informed me some of the accounts I was looking at were no longer in existence, so I was kind of shocked that such a large company didn’t have an updated web site, but I did see that they were removed later. I found out Indy Mac’s e-money market account had capabilities to use online electronic transfer and to make up to six transfers within the month, also no major fees or rules for what I needed so I thought this would be a good choice for me. Then, after attempting to sign up the first time, I found out that they only allowed you to make your initial deposit by check or wire transfer and electronically by verifying funds like most banks allow you to do. This was very much a hassle for me because I didn’t want to pay a large sum for a wire transfer and I didn’t want to put a large sum check through the mail, plus I don’t really have checks for my main account.
So, after I didn’t get any paperwork they first time I applied, I had to sign up again and make sure to write down the tracking number and I finally had to move a bunch of money around and suffer a small fee to be able send a check. Then, I was waiting and waiting for my account info so that I could transfer additional funds to the account as quickly as possible that I was losing interest on that I had moved over from another account in order to be able to more quickly get it into their bank. After a while of waiting I finally called to get the account information. The first woman put me on hold without even asking to do so and then hung up on me after she realized I didn’t have an account number yet and she didn’t know how to help me. The next guy was helpful, but neither representative could speak English very well and every time I have called so far they are the only people I ever get a hold of, so I am wondering if they have more than 2 customer service agents.
At any rate, I got the information and was able to set things up, thought their website was very simplistic and not very user friendly. I couldn’t figure out how to transfer funds electronically by it at first until I realize you had to sign up for a separate move money service tab. Then, I managed to add and verify my banks, but I couldn’t find where to do inbound transfers to add funds from those banks, I finally figured that out and then discovered another hidden restriction. You can only move a limited amount of money per day or month, inbound or outbound on several different types of transfers, and some of them even charge you to move in or out. This made me very mad, because it would take forever to do and be a hassle and I would again be losing the interest I could be gaining at Emigrant or ING, even though a lower rate, which was much easier to deal with. So, after all this trouble, I don’t think I even want to hassle with seeing if I get what they offer and having more problems, so I think for now until I see they improve situations, I will just stick with ING or Emigrant. They have been easy to use, with no major restrictions or limits, no major hassles, reliable, and are always quick to resolve things. So, you may want to be wary and very thorough before giving this bank a chance, I still don’t know whether I even want to bother with seeing any results from them after all the hassle of just setting things up.
Recommended:
No
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Epinions.com ID:
shimmer_grl
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Member: Jennifer
Location: Portland, Oregon
Reviews written: 87
Trusted by: 114 members
About Me:
f-28-OR, avid music freak, art & entertainment lover who enjoys writing to you about such!
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