Beware. Even though you can transfer in $500,000 in one month, you can only transfer out $25,000 per month. At that rate it would take 20 months to get your money back out!!! I called about this and was told that after my account was open for a month the limit would go up. The month passed last week - NO CHANGE.

tommyd3 said:Beware. Even though you can transfer in $500,000 in one month, you can only transfer out $25,000 per month. At that rate it would take 20 months to get your money back out!!! I called about this and was told that after my account was open for a month the limit would go up. The month passed last week - NO CHANGE.

I doubt you have that much cash on hand for this to be a problem.

Congratulations. Your new account application to iGObanking, a division of Flushing Savings Bank, FSB has been successfully processed and the account(s) are opened and ready for use. If you provided instructions to fund the account(s) electronically, we will fund the account according to your instructions within the next 3 business days.

So, now I have to wait for the PIN to come in the mail correct? Then I'll be all set and can sign in, transfer more into the account if I'd like?

boojapho said:hejustlaughs said:tommyd3 said:Beware. Even though you can transfer in $500,000 in one month, you can only transfer out $25,000 per month. At that rate it would take 20 months to get your money back out!!! I called about this and was told that after my account was open for a month the limit would go up. The month passed last week - NO CHANGE.

I doubt you have that much cash on hand for this to be a problem.

I wouldn't doubt it. If you sell your house and have a lot of equity, you need a place to store your money until you find another house. That can easily get you into problems if you plop $100k (FDIC insured limit) into this account and can't pull it out for 4 months.

I am in the exact same situation that boojapho mentioned. I sold my house and transferred 40k into this account planning for it to be there for a few months. I have had my account open now for close to 2 months and had over 40k in it for over a month. I called the other day to ask a customer service rep about getting my transfer out limits raised and she said they review accounts every 3 months. 3 months!! I asked how to get my money out if I need to and she said that I can call and make a transfer by phone. So at least i can get my money out quick when I need to *I hope*...

And about 76hhma's comment about 'if you are going to use online banks then you are going to have outages...'. Well, I've been using online banking since 2000 so I have run into a few hiccups before, but I have always been able to get a customer service rep on the phone pretty quickly. I'm planning to stick with a bank that doesn't only have reps available from 9am - 5pm eastern.

I finally am up and running with iGo. All accounts were verified, etc. This morning I transfered more money into the account (only opened up with a $5.00 deposit). I'm wondering, has anyone had it where they'd transfer under $2,000.00 and it did not take 3 days? I did not have the option to do the 1 day transfer (I'm assuming because my account is new).

Thanks.

SmallBizMan said:tommyd3 said:Beware. Even though you can transfer in $500,000 in one month, you can only transfer out $25,000 per month. At that rate it would take 20 months to get your money back out!!! I called about this and was told that after my account was open for a month the limit would go up. The month passed last week - NO CHANGE.

I just PULLED $70,000 from IGO in one transaction to Fidelity. No problems.

IGO's limits only apply to XFR's initiated from their site.

I think it's silly that IGO doesn't post their limits and policies clearly on their website, like other banks do... but maybe that's so you don't compare theirs with others and decide against using them.

Signed up today. Thanks OP.

scott1961 said:Unbelieevable said:Signed up today. Thanks OP.
funny the post above you is from the OP who has now closed his account. saw in your AoR thread you were opening with iGO, Not sure why you did not go with Amtrustdirect. Better rate, can link more accounts and none of iGO's transfer limits

small rate difference between amtrust and igo...igo actually allows up to 20 linked acounts....but it does have the transfer limitations previously stated....

dinkster said:I'm still awaiting my transfers into my account now that I'm finally up and running. I've got one more question, and I guess that's because my money is right now in limbo, so I can't do anything with it.

How long does it take to transfer the money out of the account to another linked account? I currently have my account linked with my savings, as well as checking accounts. But, if I needed more money in my checking, how many days would it take to get the money back in there? I sure hope it's not the 3 days like transfering in. (Initially of course. I know that after $750.00 you can do the next day transfer).

Thanks

Normal transfers are 3 days....but next day transfers, though they have the stricter limitations ($2,000 per day...maximum $5,000 total in a rolling 30 day period)...IS literally One Business Day.....example if i put it in today (monday) before 5 pm, it would be in my linked external account tommorow morning....

craig10x said:dinkster said:I'm still awaiting my transfers into my account now that I'm finally up and running. I've got one more question, and I guess that's because my money is right now in limbo, so I can't do anything with it.

How long does it take to transfer the money out of the account to another linked account? I currently have my account linked with my savings, as well as checking accounts. But, if I needed more money in my checking, how many days would it take to get the money back in there? I sure hope it's not the 3 days like transfering in. (Initially of course. I know that after $750.00 you can do the next day transfer).

Thanks

Normal transfers are 3 days....but next day transfers, though they have the stricter limitations ($2,000 per day...maximum $5,000 total in a rolling 30 day period)...IS literally One Business Day.....example if i put it in today (monday) before 5 pm, it would be in my linked external account tommorow morning....

SO then for me to transfer FROM igo into my checking account it would be next day. SImple enough. Thanks