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 new instruction.
I suppose I have nothing better to do then try to accomplish the same goal 5x over. 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 gave me incorrect directions to close so it auto-renews before I can get this all done - they are holding my CD monies "hostage" not proper behavior for a bank.
1. Written by Feeling cheated, on 01-07-2008 01:37
I’m glad I stumbled into this site and I hope many people, especially those who still bank with Indymac, will do as well. This way they can learn from our unfortunate situation as well as learn a few deceitful techniques that Indymac plays.
For my case, I opened a 12-month CD with Indymac in December 2006. When the CD matured a year later, I decided to close the account since I questioned Indymac stability to recover from their big mess with sub-prime loan. Somehow the lady who works for the bank managed to convince me to extend my CD for a 6-month CD term with 4.25% interest. As stupid as it sounds, I trusted this bank and I didn’t even bother calling and questioning the bank despite not receiving any paperwork since the day I spoke to the bank employee in December 2007.
Last week, I happen to come across an alarming article where the head of Senate subcommittee (Sen. Charles Schumer) who oversees the Federal Reserve and economic policy questioned the survivability of Indymac bank, in which I realized that I have a CD account with Indymac and it's maturing, so I decided to cash in and close my account this morning. After waiting twice, each for more than 45 minutes long, without being able to get hold of a live operator, I decided to visit a local Indymac bank in the afternoon. There I learnt that my CD was not a 6-month term; rather it’s a 12-month term. So the lady whom I talked over the phone last December didn’t even bother updating my account after convincing me to stay with the bank. What a good customer service I got. When I contested, I was told that there is no record that I spoke to anybody at the bank. This totally absurd. So I decided to close the account and forfeited 6 months interest for penalty.
The moral story is that I learnt an expensive lesson not to trust banks especially those that prefer to deal with you over the phone. It's the classic he says, she says thing that you'll never win. The good news is that I get my principal back.
I eventually was contacted by Mary Yang in the fulfillment department at IndyMac about the "lost" check for a matured CD I did not renew. She wired in the funds directly into my BofA account and waived the fee, also waived the 90 waiting period for a check stop. Prior to reaching her I had made numerous calls to the 800 number and to a local branch. One of the agents suggested that I had already received the check for the CD and was trying to get them to send out another and defraud THEM, unbelievable! All I can say is keep calling and bugging them. I feel very lucky to have my money out of this institution!
Can anyone respond how they finally made out with Indymac Bank. I'm in a conflict with them as well and am thinking I should just give up and put my money elsewhere. Any advise will help.
Better find some way to get your money back, IMB is struggling and made their lowest stock proce today at 1.74 per share. I heard that they are getting ready to fold like many others and that they are 500 million below their reserve requirement. They don't have the money to pay everybody, get it?
same thing happening to me. they are rated 1 star (out of 4) on bankrate.com. they told me to fax in the request to redeem my cd and i have been faxing for 4 days and they all come back no response/fax not delivered. something is going on and it is bad banking!
Same thing is happening to me right now. My CD matured on May 2, 2008, called them, said there was no signature card, then told me to get a notarized latter to fax. Did that this morning, now they say they did not receive my fax so have refaxed it again (05/07/0. My grace period is over on the 9th. Are they going to hold my money hostage too.
I am also in the same boat. I asked to close it prematurely and they said i will have to take 1 month hit and requested me to close it end of maturity.. its going to mature within 2 weeks.. I have to be prepared to complain to FDIC.. What is the process?
I am having the same problem. My CD renewed in January and I never received the signature card to get notorized and thus it renewed. It is due in two weeks. I've contacted the bank numerous time. Most recently, I was told it was processed on 3/29 and would be mailed to me. I still haven't received the signature cared.
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. My grace period is over on the 9th. Are they going to hold my money hostage too. 