IGoBanking Savings Account Opened
I didn’t waste too much time before getting into action to open another savings account with IGoBanking. I didn’t my own research last week and compared IGoBanking with other three online banks that also offer 5.30 % or above APY and eventually selected IGoBanking over others for two reasons:
- Soft credit inquiry: though I didn’t directly gain anything, I didn’t loose anything either;
- ACH fund transfer and up to 20 external links: I currently have money with ING Direct, HSBC, Emigrant Direct, and Bank of America. I like to have the option to transfer money among these accounts directly.
Other features such as billpay and ATM/debit card are not really essential for a savings account, so it didn’t bother me that IGoBanking doesn’t offer these services.
The account opening process was quite simple and didn’t take much long to compete. All the information I had to provide were standard: name, address, phone number, SSN, driver license, employment, and banking info. They didn’t a credit inquiry immediately during the opening process to verify my identity. Since the account I opened is a joint account with my wife, both of us got a credit check.
At the end, I founded my newest account with only $10 as I won’t have access to my account before the login information arrives in the mail. In addition, in the following couple of days, IGoBanking will verify the banking information I provided by making two trial deposits into my BoA account. After the verification, the only thing I can do is wait for the snail mail.
Last Friday, I called EmigrantDirect to get an account verification letter (that’s what they call it, I only want a letter to show the balance I have in my account) and when they told me that letter will cost me 30 dollars, the only reaction I had was “That’s ridiculous for just a letter.” Then I tried to argue with them to waive the fee, but they told me it’s a standard procedure and other banks like HSBC also charges it. In the end, I said I can pay that $30 for the letter but will move all my $20K deposit out of EmigrantDirect if they insist on charging me the fee. They didn’t budge and I called HSBC and found that they charge $20 for the same letter. This made me want to get out of EmigrantDirect even faster.
Check out some updated discussions on IGoBanking:
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