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Recently, I tried to open an online bank account at iGoBanking.com. I went through their application process, gave them every bit of information they could possibly want short of my bra size and was good to go once I could verify my address with them. To do so, I had to mail one of three supporting documents to them: A copy of an electric/gas bill, a copy of a bank statement showing my address or a copy of a land line telephone bill (not a cell phone bill).

Well I couldn’t provide the utility or the phone bill because neither is in my name. My bank statement is an electronic statement and I wondered if they would accept this but it was all I had.  I downloaded the estatement anyway, printed it and mailed it off.

I got an email that it wasn’t acceptable as it did not show my bank’s name or logo on it. (Did I mention it’s an estatement? My bank simply sends out the generic statement that would be printed on statement paper if it were mailed, the statement paper of which has the damn logo on it).

So I called iGoBanking and explained that my statement is an estatement and that I do not currently get statements in the mail. Could I send them an older statement? I was told I could if it was less than 90 days old. My last paper statement was over six months ago.

The woman on the phone, however, asked me to forward my estatment to her to look at, which I did. Half an hour later, I received an email saying my application was declined.

By the way, I was trying to open a CD. I was trying to give THEM money! I could maybe understand if this were a loan application, but where they obviously verified my credit report, I don’t understand what the big deal was. My credit report shows I’ve lived at my current address for a very, very long time.

Ah well, their loss. I have no qualms about taking my business elsewhere, but I can’t believe I’m the only person in this particular situation, where utilities are not in my name and I do a lot of banking online and get a generic estatement. I tried iGoBanking originally because at the time of this writing, they have the highest CD rate in the land. If iGoBanking doesn’t want deposits from customers, then they simply should just drop their rates, not make folks go through loops and then be turned down for something that is really rather insignificant to the deposit application.

I should also note that I’ve opened online accounts, CDs and what have you, through other online financial institutions and never had this issue before.  So it looks like iNoGoBanking with iGoBanking.com!