In our IGO Banking review, we unveil who IGO Banking is and what they offer for savings, cds, their rates, and customer ratings.
History of iGO Banking
Igo Banking, the internet-banking arm of Flushing Financial Corporation, opened its doors (or more appropriately its windows) in late 2006 with the goal in mind of “offer[ing] Clients the simplicity and flexibility of virtual online banking, coupled with the stability of a traditional bank.” That stability comes from IGO Banking’s parent company, Flushing Financial Corporation, which began operations in 1929 and is traded on the New York Stock Exchange under the ticker symbol NASDAQ: FFIC. As the internet-banking branch of a much larger company, iGO Banking does not have any traditional brick-and-mortar locations, but is located solely on the internet at www.igobanking.com.
Products and Services offered by iGO Banking
IGO Banking offers many of the same banking products and services traditionally offered by other online banks, including savings accounts, money market accounts, and certificates of deposit (ranging in duration from six months to five years) with competitive rates. In addition to these products, they also offer both traditional and Roth IRAs, and interest-yielding checking accounts. These checking accounts are part of the new wave of checkless checking offered by many online banking firms. Instead of using checks, customers can access their checking account funds through ATM and debit transactions or by using iGO Banking’s online “Bill Pay and Presentment” service.
IGO Banking also caters to those who have more to invest than the $100,00 covered by the FDIC by offering what they call a CDAR (certificate of deposit account registry service). With this service, Flushing Savings Bank (iGO Banking’s sister company) splits a customer’s funds and distributes them among several network banks to ensure that all of that customer’s money (up to $50 million) is insured by the FDIC. Flushing Savings Bank manages all funds for the customer and gives each customer the benefit of one statement and one rate.
Opening an Account with iGO Banking
IGO Banking offers two methods to open a new account. Potential customers can either follow the six easy steps outlined on igobanking.com, or they can fill out a paper application (found on IGO Banking’s website) and send it in the mail. Either way, a customer will need several things to fill out an application:
- A Social Security or Tax ID Number.
- A Driver’s License or ID card issued by a state DMV.
- Loan or mortgage information to help confirm a customer’s identity.
- Current bank account and routing numbers to facilitate instant funding of the new accounts.
- Secondary Applicant’s name, Social Security or Tax ID Number, and Date of Birth (for joint account applications).
IGO Banking’s Focus on Service
According to iGO Banking’s website, the company’s focus is on providing “superior customer service, allowing you to bank ‘Real Simple, Real Smart’ with confidence.” They attempt to simplify the banking process as well as the lives of their customers by offering their products and services in an easy-to-access online format, and they provide all the confidence that can be had from a nationally traded company that has been around for over 70 years.
Customer Reviews of iGO Banking
Many customers have used iGO Banking’s services to their complete satisfaction, as can be attested by the growing number of deposits (iGO Banking reached $200 million in deposits in 2008) and the many positive IGo Banking reviews found online. Others have found the service offered by iGO Banking somewhat lacking. The most common complaints stem from iGO Banking’s limits that they impose on withdrawals, and on the amount of time that it takes to process such transactions. IGO Banking sets a limit of $15,000/day and $50,000/month in outgoing transactions. The daily limit is reduced even further by the three to four days that it takes to process these transactions, during which time other withdrawals cannot be initiated. These limits would probably not deter the average banking customer, but as one former customer notes, if you are planning on purchasing a home in the near future, iGO Banking is not a great place to put your money.
Summary of iGO Banking
The review of IGO Banking shows that IGO Bank does offers a much wider variety of services than many other online banks. On their website at www.igobanking.com, customers can set up a savings, IRA, interest-bearing checking, C.D., money market, or C.D.A.R. account. All of these accounts can be managed from the comfort of the home. And iGO Banking can handle and ensure FDIC coverage of large amounts of money. They offer competitive rates on all accounts and would be a good online banking option for the average banking customer.
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