IGoBanking Account Fully Functional

I initiated a transfer of $2,000 from my EmigrantDirect account to IGoBanking account on January 17th after setting up external account links and verifying my ownership of those accounts I linked to IGoBanking (I have linked Bank of America checking account and EmigrantDirect and HSBC savings accounts). The fund was posted on my account on January 22nd, though I only saw the money on January 23rd. The time was a little longer than I expected and it may have something to do with the Scheduled fund transfer service I used instead of the Standard service which will take 3 business days.

When I setup the first fund transfer, the screen showed that for all three services, Standard, Premium, and Scheduled, the daily transfer limit was only $2,000, which is a very low limit for a savings account. However, after the first completed, the screen switched to a standard one, showing a $100,000 daily limit for both Standard and Scheduled services. For Premium service, which can deliver the fund in only one business day, the limit remains at $2,000 level.

The $100,000 limit is for funds being transferred into an IGoBanking account. If the money is to be transferred out of IGoBanking, however, the limit is much lower.

As it shows that I can only transfer $15K out of my account at any day using the Standard service and for any 30-day period, the total is only $25K. The low limit is could potentially be a problem if I have all my cash reserve with them and one day have to withdraw all the money. I can move out the first $25K in two days, but for the rest, I have to wait 30 days before I can touch them. If this is a concern, it’s better to have only $25K with them instead of $100K.

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10 Responses to “IGoBanking Account Fully Functional”

  1. moneymonk |  Jan 25, 2007 at 12:03 pm

    Im with ING and I must admit IGO Banking is a little unique. I like that way it layouts everything for you.