Indy Mac Bank

I don't see a thread on this bank? Does anyone have any experience with this bank CDS

They seem preety good.
Edit by Moderator: Thank you for your participation. Please note that there is also discussion about this topic Here.

Weird... thought there would be some threads about them but I didn't find any either. Anyways, they are one of the mortgage companies first and a bank second, like Countrywide. They are based in SoCal.

I've opened up CDs in branch before. Just they don't have many branches in LA city, have to go out to the surburbs. Dunno what you need to do to open CDs via Internet. Probably need to wire, ACH, or mail a check in. So you might lose some days of interest.

Might be a bit weary of them because of the real estate shakeup.

I've had a few CDs with them for the last 1.5 years or so. Very good rates (at least on the CD side), and decent web site. Very responsive customer service, though I think they outsource it to India for certain times.

Their CD rates change daily. Anyone know whether you get the rate offered when you apply only or the rate when you fund your online application?

Great bank ! I have accounts at Glendale and Burbank branches..Great service too !!

SleepyBum said: I'm semi-tempted by this... Someone stop me please!

I am tempted too. You end up getting 50 basis points more than BOA AAA MMA. If you stay under FDIC limits who cares if the bank fails might as well collect interest while it lasts. What I dont like is none of there accounts give free checks, they charge for ACH out and the rate could be lowered 2 days after you order your checks. They also charge some of the weirds fee I have ever seen like:Loose coins fee, Currency deposited fee. I have never heard of a bank charging customers for depositing cash in the form of bills or coins.

And other thing that bothers me is the following footnote on there web page:

"Note: These rates are available only to our Internet and Contact Center customers and may not be available in all states."

Sushiosushi I am too lazy to drive to Santa Monica to talk to a manager who might or might waive the check fee. Also way I would use this account is same way I use my BOA AAA MMA. I move funds from this account into my BOA MRA and then write check and deposit it at Citibank as I get instant credit on all my deposit at Citibank and I have a 5% checking account at Citi which I use for all my bill pays too as Citi does not debit the funds on my bill pays till the funds are delivered for AFT and the checks are cashed on checks they mail against my account.

So 30 checks would last me 5-7 months only as I write 1 check every Friday and Deposit it into Citibank when I pull out cash to pay my housekeeper which covers all my bill pays for up coming week.

Also I am not going to drive 20-30 minutes each time I need to use an ATM machine or make a deposit which is why unless I can get free checks and be able to make transfers online from Money Market account to checking account this account does not seem the headaches for me. I normally send wires from BOA to Citi when I need to make extra transfers or cant make it to branch to make a deposit to cover next weeks bill payments as Citi and BOA dont charge me for Fed Wires and both rebate ATM's so finding an ATM to withdraw cash is never an issue either.

Yeah... Some of the fees dolmar mentions worries me. Also, they don't seem to have free cashier's check ($7 fee) which is important for me to move money around. I've only opened CDs at Indymac before.

Anyways, I wait a couple of weeks and see if this rate will last or if it's just a ploy to get a quick injection of cash.

does this bank do a Hard pull for a CD. If so How many points will my credit score be lowered?

It seems like it is easy to get the money to the bank by ach, but getting it out is another story. I'm thinking a 5 month CD incase I decide to buy a house or something.

Bauerfinancial rates them 3 1/2 stars.
Bankrate rates them 2 stars?

Not sure who to believe. I figure I will sign up for the 1 yr special at 5.55% I'm sure rates will be lower by next year.

No hard pulls for CDs (at least for me) -- I believe they use ChexSystems.

dudetheobscure said: Indymac raised the in-branch 1st Rate Money Market Rate to 5.75% APY (> $25K).

Just checked the website again and this one has been removed for in-branch (still there for online). I logged into my account and still see 5.6% rate for the account so I'll have to check again tomorrow to see if it reset to a lower rate.

I opened up a 1yr CD @ 5.55% since rates are going south.

Not sure they are going south that fast.

They cut the discount rate, not the fed funds rate.

i like the 5.75% without restrictions better.

Goldenlight said: I opened up a 1yr CD @ 5.55% since rates are going south.

I'll also check to see if I can open the MMA in branch, but it might have just been a web site error that listed the rate.

Hopefully, can be opened over the phone and I can fund it in branch. Wonder how long this rate will last. Don't think Indymac has an early termination fee for savings accounts, they do for checking. Hopefully they classify this MMA as savings.

sushiosushi,

Did you get free checks? Did you ask if Cashier's checks were free in branch? For a MMA account, I would want the ability to deposit/withdraw money easily.

My worst fear is that they classify this type of account as checking, then lower the rate on it, and then say there's an early termination fee if closed.

Guess, I'll watch one more week to see if the rate is stable.

Last time I was in branch, I wanted to open a CD with the internet rate, but they wouldn't do it.

New Rates posted on website:

APY went up a tad from 5.55% to 5.56% for 5mo and 12mo CD's (internet and branch) and from 5.75% to 5.76% for internet first rate MM (still none listed for branch except via mnsweeps link above).

sushiosushi said: New Rates posted on website:

APY went up a tad from 5.55% to 5.56% for 5mo and 12mo CD's (internet and branch) and from 5.75% to 5.76% for internet first rate MM (still none listed for branch except via mnsweeps link above).

IndyMac has a tendency to vary their displayed APY's by .01% from time to time - why? The 1st Rate Money Market account is now online only, as mentioned. My sense is that the 5.75% rate will drop in the next week or so.

This rate looks great, but too bad they can't guarantee it for at least 90 days. They do have a tendancy to change rates a lot and with thier fees involved, I'm not sure I'm going to hop in.

bluechalk said: Has anybody successfully opened a Internet First Rate Money Market account online without also getting a CD? What type of ACH transfers do they allow from their website? The information online is really skimpy.

I opened this account in Pasadena CA branch yesterday and got the 5.75% apr. No need for cd or anything..I had 0 account with them tough I had 3 cd with them and they were closed in april of this yr.

If you have accounts which were transferred from IndyMac Federal Bank to OneWest Bank, be sure to check your local paper for a legal notice telling you to contact OneWest to make sure your account remains active.

Edit: I couldn't find a link to the Notice, so here's the gist (LA Times, Thursday May 28, 2009, Page B7)

"The Federal Deposit Insurance Corporation … arranged for the transfer of the deposits at [IndyMac] to … OneWest Bank, FSB, Pasadena, CA 91101. … You may leave your deposits in [OneWest], but you must take action to claim ownership of your deposits….

You may claim your deposits at [OneWest] by taking any of the following actions within 18 months of the Closing Date (March 19, 2009). If you have more than one account, your action in claiming your deposit in one account will automatically claim your deposit in all of your accounts.

1. Making a deposit to or withdrawal from your account(s). This includes writing a check on any account or having an automated direct deposit credit to or an automated withdrawal debited from any account;
2. Executing a new signature card on your account(s), enter into a new deposit agreement with [OneWest], changing the ownership on your account(s), or renegotiating the terms of your certificate of deposit account;
3. Providing [OneWest] with a completed change of address form; or
4. Writing to [OneWest] and notifying them that you wish to keep your accounts active. Please be sure to include the name(s) of the account(s), the account number(s), and the signature of an authorized signer on the account(s), name and address.

You should know that bank drafts issued by [IndyMac], including official checks, cashier’s checks, money orders, dividend checks, interest checks, and expense checks, are all considered deposits and must be claimed within 18 months from [March 19, 2009]."