Comments on: IndyMac Bank 5.50% 6-Month CD Rate

By: Rebecca

Rebecca — Sat, 12 Dec 2009 17:50:30 +0000

Indy Mac OneWest bank sucks!! They are the most dysfunctional, messed up bank ever. Do not put your money into this bank. They will screw you over.

Indy Mac mortgage customers are planning a protest in front of the corporate offices for January 4 2010 at noon. Come by 151 N. Lake Ave Pasadena CA to protest unfair business practices, fraudulant lending practices, failure to disclose fees, charges, these people need to go DOWN.

By: Andrea

Andrea — Wed, 26 Mar 2008 00:22:17 +0000

I am having a fit trying to get my $$ from a CD that matured 3/23/08. I faxed a letter on 3/17 that I do not want to renew [according to Indymac's direction] and then they say they cannot “find” the signature card I sent in at the start of the 6/mo CD. They say get a notary stamp next to my signature on the letter – I do, I fax it today [I now only have 3 biz days before it auto-renews] and they say not acceptable because I have to have a “letter of acknowledgement” from the notary – I have already put in a complaint to the FDIC and will head back to WAMU and their notary here in Dallas TX tomorrow morning to now do this instruction – I suppose I have nothing better to do then try to accomplish the same goal 5x over. Bottom line, do not do biz with them, they will hold your money “hostage.” Every time I am on the phone for the same reason to close the CD, they try to talk me into renewing – I am thinking they “misplaced” the sig card, then give me incorrect directions to close so it auto-renews before I can get this all done – not proper behavior for a bank.

By: Greg

Greg — Tue, 18 Sep 2007 16:40:51 +0000

Thanks C.Cole, I was unaware that IM was heavily involved in the mortgage mess. They didn’t receive the publicity here on the east coast as did Countrywide Bk. I will invest elsewhere.

By: brion

brion — Tue, 11 Sep 2007 19:33:07 +0000

c cole- i had $200K CD that i pulled early from IM in Sep.
They and Countrywide are very exposed to the mortgage mess. I put my $ in 1 mo. T-bills.

By: C.Cole

C.Cole — Sat, 08 Sep 2007 05:48:18 +0000

I have my savings in a CD at Indymac because their rate was the best. But now, with the sub-prime mortgage fallout (Countrywide), is there any danger of losing my CD? That rating above worries me. It matures in Oct, can I wait until then to withdraw and take it elsewhere?

By: szitz

szitz — Wed, 22 Aug 2007 17:00:05 +0000

Bank of America

I had a CD with another bank that Bank of America took over.
When this CD matured, they refused to redeem my CD. I had to go to several branches before I could redeem my money. This took over 2 weeks before I received my money.

Bank of America is not customer oriented and their service is poor.

By: FishWisher

FishWisher — Tue, 14 Aug 2007 22:22:47 +0000

Would IndyMac hassle me upon maturity (3 mo. CD just bought) when I wish to move out via my broker through whom I bought the CD electronically?

By: Philip Bielski

Philip Bielski — Wed, 25 Jul 2007 07:56:37 +0000

We have 6 month / $10,000 / 7%-8% fully backed by FDIC & 1yr / $1,000,000 / 10%-11% also 100% insured by FDIC

By: Bankaholic.com

Bankaholic.com — Sun, 03 Jun 2007 09:42:48 +0000

Charlie,
Thanks for clearing that up for us!

By: charlie Carter

charlie Carter — Fri, 01 Jun 2007 18:09:35 +0000

Paul complained that he couldn’t get his money without a notarized signature. That is ONLY for those who did not send in a signature card when they opened an account. This seems a sensible precaution since they won’t have your signature on file,
I checked with Indymac about what Paul wrote, because I was able to get my money without notarizing my signature. That is what they explained. In fact I got the money very easily, with faxing a letter with my signature. However, with another bank’s CD, I had forgotten to send in the signature card and had to get my signature notarized.

So, remember to send in the signature card when you get your CD and you won’t have Paul’s problem.

By: Bankaholic Admin

Bankaholic Admin — Mon, 14 May 2007 12:18:31 +0000

UPDATE: Rate has dropped to 5.40% APY

By: Naomi

Naomi — Fri, 27 Apr 2007 21:19:08 +0000

I represent a nationwide notary signing service. How do I get on the list with these banks as a preferred vendor to handle out of the area signings?

By: Thrifty SGT

Thrifty SGT — Thu, 26 Apr 2007 22:34:56 +0000

Bankaholic Admin

You can go on the below website to get all the info on T-bills also known as treasury bills

http://www.savingsbonds.gov/

By: stapler

stapler — Wed, 25 Apr 2007 21:28:53 +0000

To get the 5.50% APR rate for the 6 month CD, you must also have (or open) both a Savings and Checking account with IndyMac.

The minimum balance on the 5.50% CD is $1,000 (not $5,000)

If just a checking or savings account, CD rates drops to 5.45%

No checking or savings accounts, rate drops to 5.40%

(Read the fine print)

By: Bettye

Bettye — Fri, 20 Apr 2007 18:49:36 +0000

How can I contact someone about your interest rates on CD’s I would like to talk to someone?

Thanks,
Bettye

By: Bankaholic Admin

Bankaholic Admin — Thu, 19 Apr 2007 05:34:58 +0000

Paul,
Can you explain more about the advantages of T Bills?

By: Paul

Paul — Tue, 17 Apr 2007 19:04:06 +0000

You can do almost as well with NO NONSENSE by investing in 4-week T-bills via the Treasury Direct website — also 100% RISK FREE

By: Paul

Paul — Tue, 17 Apr 2007 19:02:53 +0000

These guys suck. I have two CD’s with them. Good luck getting your money back once the CD matures. You have to send them a letter requesting the funds and attach with the letter a seperate letter of acknowledgement from a notary public, signed and sealed. What a nightmare…..AmTrust Direct pulls the same crap. Funny thing is that they have no problem taking your investment electronically, but won’t let you redeem it the same way. They suck.

By: charles

charles — Tue, 17 Apr 2007 10:08:22 +0000

Be carefull of this bank. They dont have the best rating.

INDYMAC BANK, F.S.B.
PASADENA, California

Bankrate.com Star Rating: **

Safe & Sound CAEL Rating: 4

Thrift institutions are graded via assessments of profitability, asset quality, capital adequacy and liquidity. We have come to believe that, as of December 31, 2006, this institution exhibited a below average condition, characterized by normal overall, sustainable profitability, good asset quality, below standard capitalization, and lower than normal liquidity.

Safe & Sound CAEL rating system

Safe & Sound CAEL rating Definition Star rating
1 Superior *****
2 Sound ****
3 Performing ***
4 Below peer group **
5 Lowest rated *
No Report Complete data not available No Report “U”
Closed Institution is closed Closed
G Designates high growth

–

http://www.fdic.gov/bank/individual/bank/

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By: Robert T. Nelson

Robert T. Nelson — Fri, 13 Apr 2007 18:09:26 +0000

Would like to deposit $28,000. IRA money. I pay & transfer monies from my Bank of America account. How, can I transfer that amount to your new 6 month 5.50% CD? I would like to do this without having to go into BofA> Possible? Thanks RNelson