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Incrediblebank Put Me Through A Workout

It was tough to close out my CD account with this online division of River Valley Bank.Occasionally, I take a flyer on an online CD.

It keeps me occupied, and my mind active, now that I’m in my dotage.

Last year, I experimented with a 12-month CD at Incrediblebank, the online arm of Wausau, Wis.-based River Valley Bank.

Its website features an exercise and physical fitness motif, including a cartoon weight lifter who, when poked by the cursor, grunts.

Incrediblebank (www.incrediblebank.com) promotes relatively short-term certificates, with “no pain” CD rates — currently, nine months at 0.90% APY, 13 months at 1.05% APY and 19 months at 1.20% APY.

The minimum deposit is $10,000; maximum, $90,000.

Unfortunately, these online CDs have a major drawback: interest, although credited quarterly, can’t be collected until maturity. (This limitation doesn’t apply to CDs opened at a branch.)

Certainly, bottled up interest isn’t a feature designed to attract seniors like me.

Nevertheless, drawn by the 1.45% APY then offered, and considering its short 12-month term, I opened a minimum-deposit CD.

And I had no trouble — until it matured and I tried to close it.

Then, the bank put me through a real workout (so to speak).

First, I had to make my redemption request in writing via secure email.

Second, a customer service representative (dubbed a “trainer”) had to make a follow-up call to verify my identity (asking things like the county I live in) and confirm my request.

So far, so good.

But, when I asked the bank to mail me a check, the trainer said Incrediblebank didn’t do checks, only ACH transfers. It’s in the fine print.

The ACH transfer process was complicated by my having closed my original funding account at OneWest Bank.

It also was complicated by an intervening holiday weekend.

Anyway, to get my money, I had to confirm (by secure email again) that I’d closed the OneWest account, provide routing and account numbers for my Union Bank checking account and then (after another identity check) participate in a conference call with Union Bank to verify my account there.

The good news is that, for all the rigmarole, the funds arrived two business days after maturity.

And the trainer, apologetic for the awkwardness of the process, acted quite professionally throughout the ordeal.

But I don’t think I’ll be returning to Incrediblebank.

I’m looking for CDs with longer terms, higher rates and more frequent interest disbursements.

Besides, for someone my age, dealing with Incredibank’s CDs is simply too exhausting.

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  1. A.K. Leung said:
    on March 7th at 04:50 pm

    I got exactly the same treatment. I forgot which account I used to transfer money to Incredible Bank to set up the CD account. I had to dig up my record. Unfortunately, I had already closed that account. I chose to open a new checking account with Incredible Bank and had the fund from the matured CD transferred to the checking account. Yes, my money is still with Incredible Bank. They paid 1.01% on the checking account which is not too bad in today’s standard, unfortunately.