6 replies to this topic

[bigdoggy]

Indus American Bank

I was sweet talked into opening an account at this bank by one of their employees at the local eatery. I was tempted by their interest rates, no fee and online banking.

I did the needed paper work and initiated a transfer from my present bank with a opening deposit ($10,000). The deposit was sent by wire transfer. After 10 days they have yet to find my money or even open an account. I was informed that I will only be paid interest on the day the money reaches them. I even provided them with all details from my present bank (Citibank) who wired them the money and have repeatedly confirmed that the money has been received.

All this after spending over 1 hour on the phone with these guys. The moment they receive my money I am asking for a bank check and going back to Citibank, since they charge for wire transfers even when they screw up. Guess what, they have NO online banking, NO bill pay nothing, that was supposed to all be free.

Never do business with this company. They are located at 1536 Oak Tree Road, Iselin, NJ 08830

[scottjm]

They just opened their doors this month, So seems they are not ready. What kind of rates were they offering?

History:

Nov 2004: Indus American Bank founded in New Jersey by Deepak Khanna & Meenu Khanna, Sharad & Lalita Wagle, Anil & Kumud Bansal, Pankaj & Sheetal Kapur, Amita Desai & Tom Birch, Umesh & Sonia Gidwani, Baleshwar & Ina Khanna, Andrew & Valerie Krieger
Dec 2004: Kevin Lenihan joins as the President and CEO of Indus American Bank
Aug 2005: Stock offering of $11.5 million
Nov 2005: Raised $12.5 million in Private Placement Offering
Dec 2005: Received Final Charter approval from State of New Jersey Dec. Received Final FDIC approval
Dec 2005: Opened the doors for business

[bubba]

How is this possible? They are not even open yet. You talk about wire transfers, but they are not open for business. No one has even opened an account yet. I checked it out. All lies... there is no wire fees. No account has been open in this bank for anyone. I know tha people here and no one has been called for anything. Since the bank is not open, how can a screw up take place. I wonder why would someone want to talk about a business, when not even open.

[scottjm]

Thought this sounded a little funny also
"I was sweet talked into opening an account at this bank by one of their employees at the local eatery"

[bigdoggy]

How is this possible? They are not even open yet. You talk about wire transfers, but they are not open for business. No one has even opened an account yet. I checked it out. All lies... there is no wire fees. No account has been open in this bank for anyone. I know tha people here and no one has been called for anything. Since the bank is not open, how can a screw up take place. I wonder why would someone want to talk about a business, when not even open.gat

The bank is OPEN. I met the employee twice. Once at a holiday party where the bank was a sponsor and the second time at a restaurant. After this I decided to open the account with a deposit of 10,000$. The employee stopped at my office where in I filed the paper work to open an account and initiate the wire. I call the number listed on business card that is similar to the one listed on their web site. The wire fees are when you transfer money out of the bank.

If you are in some way affiliated with the bank and trying to make them look good that is your prerogative, but the facts remain. Seems like you decided to get an account here just to contradict my post. The details you posted defintely makes you sound, look and behave like an employee, especially given that this is your first post here. Are you an employee?

What is funny about "I was sweet talked into opening an account at this bank by one of their employees at the local eatery". That is what happened.

[bubba]

And you sound like someone who has joined and posted to just sabotage. If that is the case then you need to find out what is going on and maybe speak to management. I will keep it in mind of your comments if ever feel the need to bank with them. You cannot let banks get away with stuff like this, you need to pursue this further. Then let me know what were the results.

[bigdoggy]

And you sound like someone who has joined and posted to just sabotage. If that is the case then you need to find out what is going on and maybe speak to management. I will keep it in mind of your comments if ever feel the need to bank with them. You cannot let banks get away with stuff like this, you need to pursue this further. Then let me know what were the results.

Most people in the real world and Internet world take the trouble to complain or write when things go really bad. Should things be normal then very rarely does one come across glowing tributes. When was the last time one spoke to someone in management at a bank for a normal process of opening an account! Buy maybe as you suggest I will do so.

I should mention that I finally talked to a real nice person who advised me that even though they had provided me the forms/info their systems were not in place to accept in bound transfers. The money was returned to my account and all is well. I was even given a token gift for my troubles.

Once the systems are in place and there are good reviews I will probably try them again.