I Hate IGoBanking
It looks like I made a big mistake about two months ago when I moved all my money from Dollar Savings Direct to IGoBanking.
I have left IGoBanking a long time ago, but moved back in April after seeing their actually increased the rate of their savings account from 1.85% APY to 2.12% APY, the highest yield among banks I have accounts with, while everybody else has been in the rate reduction mood for a while (see savings account interest rates history for up-to-date rates). Attracted by their good rates, I moved all my cash savings from Dollar Savings Direct to IGoBanking in April and have transferred additional money to the bank several times since then. Unfortunately, that good rate didn’t long. The rate was cut to 2.02% APY at the end of May and now it stands at 1.91% APY.
While I have no problem with banks changing their rates whenever they feel like it, the problem I have with IGoBanking happens when I try to move my money out of the bank. Last Friday right, I scheduled my first transfer of $15,000 from IGoBanking to my checking account at Bank of America. Since IGoBanking has a daily transfer-out limit of $15,000, I couldn’t move all my money out at once. The first transfer order seems going through without any issue. But since then I got this error message every time when I tried to schedule another transfer:
Error: The transfer amount you have entered exceeds the daily limit for Standard Service Type.
Even though the second transfer was scheduled several days after the first one. Did I miss something here? That $15,000 is a “Daily Limit”. How can I exceed the daily limit when I scheduled two $15,000 transfers 3 business days apart? Since I was always from home since Sunday, I wasn’t able to call the bank to find out exactly what’s going on with my transfers. But if they give me any unacceptable excuse when I call, I will just ask them to close my account and send me a check. I hate dealing with banks that make things so difficult.
Speaking of rates, I just received a notice from FNBO Direct that the rate of their savings account is now 1.50% APY. I hope they know how pathetic that rate is. FNBO used to offer very attractive rate. Now they just became another ING Direct or HSBC Direct. And that seems to be a trend once a bank becomes popular.
Update: I called IGo and was told that I have wait till the first transfer settled, which usually takes up to 3 business days, before I can schedule another transfer. They do, however, have another option that requires me to email their customer service to get the account upgraded to $100,000 limit. I have already sent the email. Now I am waiting for the upgrade to complete so I can transfer my money out at once. I guess I will still keep my account 
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i’ve never had any issues with Igo. I think it is a good deal. it doesn’t change rates as often as say ING. with that said, you have to understand their rules just like other online banks. all have time and limits and i think Igo is better than most in that respect.
Tim: I am not complaining about their low transfer limit (I noticed their limits are pretty low when I opened the account a couple of years ago and it’s indeed a problem). What I am complaining is their so-called daily limit. I checked their website, but didn’t find anything about having to wait for the previous transfer settled before scheduling another one (and what’s the point of that any way?). And every time I tried to schedule a transfer, it only told me the transfer exceeded the daily limit, which isn’t true.