A Frustrated IndyMac Customer
04 Apr 2008, 21:07
I have never been more frustrated with any company's lack of customer
service than I have with IndyMac's. My husband and I got a construction
loan through IndyMac to build a second home, and two months later, they
ended their construction loan program and laid off 55 employees in this
department. Their customer service was extremely poor to begin with, and
now it's non-existent. It has taken as long as 42 minutes of hold time to
just get my phone call answered by IndyMac, and when they do, no one can
give you any kind of intelligent answer. This is true of their checking
and online banking as well. We also opened a regular checking account with
them so that our construction draws on the loan could be deposited directly
into an account, because they told us this would save us transfer fees and
we'd be able to pay for construction costs right from their online banking.
It took me a whole week of calls just to get IndyMac's automated phone
system and online banking system to recognize my loan or checking account
number. Then, their system put a defective "cookie" on my computer that
would give me an error message telling me my account was "unavailable."
When I called about that, they told me they didn't have a technical support
department, and to try re-booting my computer (12 times). After being
transferred all over the place and disconnected twice so that I had to call
back and hold for another half hour, I finally got someone who knew what to
do, but if I hadn't been insistent and infuriated, their answer was going
to stick with, "Sorry, I guess you can't use our online banking system
anymore. Your computer must have a problem. Try writing a check." They
have loaned us over $700,000 to build a house, but actually being able to
get to the money to use it, is a major pain. We’ve had to wait up to 9
days to access the money in a draw. Because of all the nightmares with
accessing online banking, we asked for a Visa Debit card to use in order to
access our funds and pay for purchases related to construction. The first
purchase we tried to make (kitchen appliances) was denied because it turns
out the standard per-transaction limit is $2,500. I had to call four times
and spend over two hours on the phone to get someone who could increase the
transaction limit, and then I’m told that it's increased to $5,000, but
this means we can only make one purchase per month, because they also have
a $5,000 per month limit. This is not credit, it’s the limit on accessing
money in our checking account! If we decide to stick with the $2,500
limit, we get to use the card a whopping 6 times per month (their policy,
can’t be changed, don’t even try). Now I have to keep a tally in my purse
of when the last time I used my debit card was, and if it’s been 30 days
yet so I can use it again. Almost all construction purchases now have to
be made with a check (you can’t buy anything for major construction for
under $5,000) -- try buying kitchen cabinets at Home Depot and writing a
$14,000 check. You would think that they'd like to help me spend as much
of my available funds as easily as possible so they can start earning
interest on it, but that's way too logical. I really despise this company,
and thank God we're getting close to the end of construction. The fact
that they’ve now assigned a specialist to “help” me convert my construction
loan to a 30-year loan with them makes me want to double-over laughing.
Unless you really like gray hair, I'd skip doing business with IndyMac.
RR
18 Apr 2008, 11:53
Indy is basically a wholesale mortgage lender with a "side" retail banking
unit.
Mortgage business is down sharply, as is staffing throughout the company.
Plain vanilla banking is probably OK, however, rememeber that IF the bank
fails, though FDIC will make good, it may take an extended period of time
to get your insured funds.
Warren Paradise
07 Jun 2008, 11:57
I started doing business with this bank April 08. I opened 2 CD accounts.
The people I talked too were very friendly & helpful. Even tho I talked to
a different person ever time, the thread of the communications was very
good. The hold time in April was long about one half hour or so (do to it
being tax time), It took 2 minutes today to reach someone. I did have to
assert myself in april to speak to a supervisor But once I reached him he
was very patient & helpful.
I hope when I start withdrawing I have the same experience.