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Indymac Bank - Indymac refuses so far, to close my CD out

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.
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13 comments
Anonymous
#21884

They tricked me into closing my account a month ahead of time and hit me with a penalty. Short changed me in another CD account.

They can't even compute and tried to cheat me of what I'm owed. I should of known better, and now this the collapse.

Anonymous
#21384

I have a large CD with them. It matures August 5.

I can see they are playing all kinds of games.

Could you spell out for me what is required in terms of docs and notaries to submit the redemption. It is impossible to get through to them by phone.

Anonymous
#20727

I'm probably going to go through same thing. Sent in my "close this CD" fax on 7/5/08. Have been on the phone with their automated system for the last 35 minutes now to verify they received my fax. The next step is for me to send them a certified letter requesting the same. Anyone else looking to cash out a CD with these *** here's what you have to look forward to....

7/5 - Called multiple times Saturday 7/5...calls would beep

multiple times (dial transfer) then dead air.

7/5 - Sent "Close CD" fax twice from eFax account...sent twice...have send successful receipts.

7/7 - Called from Cell to 800-750-8521 at 1:48pm. Automated

message said hold time is 4 minutes.

1:57pm Transferred to new automated message "Many customers are calling due to our attractive rates, hold times may be longer than normal." (Translation, "we are running a bare bones staff to help lessen the outflow of cash as our customers close their CDs with us")

2:07pm (Automated) "Every effort is being made to make your wait as short as possible. Thank you for holding."

2:08pm (Automated) "Thank you for holding, someone will be right with you."

2:09pm (Automated) "your call is very important to us, we appreciate you patience and thank you for waiting during this brief delay"

2:09 (Automated) "Thank you for calling today and your patience while holding, we'll be with you shortly"

2:10 (Automated) "While your holding, we'd like to thank you for your business. If you have any comments or suggustions please let us know."

2:11pm (Automated) "Thank you for holding, your call will be answer in just a moment."

2:11pm (Automated)"We know you time is important and appricate you patience while on hold"

2:12pm (Automated)"Every effort is being made to make you wait as short as possible, thank you for holding"

2:12pm (Automated) "Thank you for holding, someone will be right with you."

2:13pm (Automated) "your call is very important to us, we appreciate you patience and thank you for waiting during this brief delay"

Still on hold at 2:23pm.

Anonymous
#20726

I'm probably going to go through same thing. Sent in my "close this CD" fax on 7/5/08. Have been on the phone with their automated system for the last 35 minutes now to verify they received my fax. The next step is for me to send them a certified letter requesting the same. Anyone else looking to cash out a CD with these *** here's what you have to look forward to....

7/5 - Called multiple times Saturday 7/5...calls would beep

multiple times (dial transfer) then dead air.

7/5 - Sent "Close CD" fax twice from eFax account...sent twice...have send successful receipts.

7/7 - Called from Cell to 800-750-8521 at 1:48pm. Automated

message said hold time is 4 minutes.

1:57pm Transferred to new automated message "Many customers are calling due to our attractive rates, hold times may be longer than normal." (Translation, "we are running a bare bones staff to help lessen the outflow of cash as our customers close their CDs with us")

2:07pm (Automated) "Every effort is being made to make your wait as short as possible. Thank you for holding."

2:08pm (Automated) "Thank you for holding, someone will be right with you."

2:09pm (Automated) "your call is very important to us, we appreciate you patience and thank you for waiting during this brief delay"

2:09 (Automated) "Thank you for calling today and your patience while holding, we'll be with you shortly"

2:10 (Automated) "While your holding, we'd like to thank you for your business. If you have any comments or suggustions please let us know."

2:11pm (Automated) "Thank you for holding, your call will be answer in just a moment."

2:11pm (Automated)"We know you time is important and appricate you patience while on hold"

2:12pm (Automated)"Every effort is being made to make you wait as short as possible, thank you for holding"

2:12pm (Automated) "Thank you for holding, someone will be right with you."

2:13pm (Automated) "your call is very important to us, we appreciate you patience and thank you for waiting during this brief delay"

Still on hold at 2:23pm.

Anonymous
#19724

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 *** 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.

So beware everyone.. You've been forewarned.

:( :(

Anonymous
#17333

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!

Anonymous
#16326

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.

Anonymous
#15497

Well, I'm having similar issues. Sent in the required letter to close cd and they tell me the signatures do not match...

Anonymous
#13246

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?

Anonymous
#11960

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!

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#116440 Review #116440 is a subjective opinion of poster.

Indymac Bank - They do not return my mortgage payment checks

I just got a mortgage with indymac bank. I received a call from their computer at 8:45 at night requesting a phone call from me. I called the next day and heard for the 1st time that if I send them a check, they will not return it to me. If I want a paper record of my check, I will have to pay $10.00 for that service. I am horrified. I am interested in knowing if anyone else knows the corporate phone number to speak to someone in charge. I would appreciate someone writing to me. Thanks, Jan@angeldivamusic.com
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#114762 Review #114762 is a subjective opinion of poster.

Indymac Bank - Indy Mac Bank sucks you in

I heard a lot of good things about Indy Mac, so I thought I would refinance with them after I became disabled. I explained my situation to this woman about being on disability a fixed income a 10-year-old daughter and a wife with carpal tunnel in her hands from trying to work 2 typing jobs to help out with the finances. I also explained that I was medicated with pain pills because of this disability. I needed to consolidate some bills to keep me on track. She said she had the perfect plan. Pay off some loans and refinance in 2 years for a better interest rate, after sighing all of the papers and paying all off these loans off I think I am sitting pretty. Well this lovely woman set me up with an early pay off penalty for 2 years and on my 2-year anniversary the loan would become adjustable. Nice person. Now after telling them I am on disability with a fixed income you would think they would have given me a fixed rate. No now my interest rate just shot up to 11 percent. When I called to refinance they were going to charge me 3000 dollars for being early. Now I tried and my credit is bad so they won't do anything for me. I guess I am going to loose my house to these money vampires.
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#109549 Review #109549 is a subjective opinion of poster.

Indymac Bank - Short Sale denied after being approved

In today's market with all the foreclosures that are taking place it's wonder that any bank would consider a short sale on a property that isn't worth today what the purchaser paid for it. I am a Realtor and wrote an offer on a property back in late October 07, the house was listed for $490K our offer was $450K with the buyer paying all their closing costs. Later on in November the listing agent reduced the price of the house to $440K without my knowledge. We thought to ourselves that our offer wasn't a deal after all. So we submitted a new offer to Indymac for $400K and they countered to $410K. With the counter being accepted we thought we were good go to settlement, not the case. Indymac denied the sale due to some wrong doing by the seller. Apparently the had purchased the home as their primary resident and found out after our offer was accepted that it was purchased as a investment property. The buyer had giving his notice to his landloard to move, took funds out to pay his closing cost ect... Indymac said that they were now not going to approve the sale because they were not going to let the seller off the hook by approving the sale, that they were going to foreclose on her instead of letting her out of the loan. To me this is not fair pratice and we are shocked and upset with Indymac's decision after many weeks of negotiating the sale of this home.
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2 comments
Anonymous
#13754

Howie,IMB lied to the seller when they applied for the loan. The loan document stated that \"this bank\" would lend their money to the seller to buy the house.

IMB never loaned any of its own money to the seller. Actually Indymac probably had less than 10% of the amount in capital but created the the rest from thin air like every other bank in the US and UK. If you understand our banking system and the fractional reserve banking rukes they use you would understand that actually Indymac lent the seller less than 10% of their own money but collected interest on the loan for 100% of the loan. That is fraud.

But because it is a corporation in a industry that has the goverment in its pocket , they get away with it. While the normal joe like the seller gets bashed for not paying a bill on time. Howie you sound like they got you doing exactly what they want you to do, bashing everyday people so the banks can continue their practices.Do your own research.

Find out for yourself.Google \"Money as Debt video\". That will get you started

Anonymous
#12003

So IMB finds out the seller lied on their original app to get a better loan and once they catch this they decide they are going to make the owner take responsiblity for this by foreclosing and you say this is bad business practice just becuase your buyer is out a little money. First off as a realtor you know that there is always more risk when dealing with short sales, such as this little problem that arised.

Second what should IMB do? They were already set to lose 100k becuase of a white trash, dead beat borrower who couldnt pay their bills. Should they just let the owner of the house get away with lying, lose thousands and nothing should happen to the seller? Thats exactly what would have happened.

F that. That sorry SOB has to pay. He should receive 3 turkey slaps to the chin for each month he made a late payment. From the way it looks, the giver of those turkey slaps is going to have one sore Johnson, cause this guys was most likely late 12 or 13 times.

Thats at least 36 wacks from the ***. Thats going to be one swollen purple headed monster.

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#108808 Review #108808 is a subjective opinion of poster.