16 replies to this topic

[mir322]

They're a new branch of Emigrant Savings (bank in NY). I guess this would be the knock-off of ING Direct or Virtual Bank. As far as I know, after doing some research, there is no referral program or sign-up bonus. I don't have an account with them yet, so I can't tell you my experiences, but I thought you'd like to know in case you want the extra .65% over ING. More info on emigrantdirect.com Good luck!

Miriam

[mnl8844]

i signed up but i still haven't gotten my info through the mail. its been over a week.

[mir322]

Can you guys let me know when you get your accounts confirmed via the mail? I still haven't opened an account because they're newish and I wanted to hear from more people on their experiences. Thanks!

Miriam

[bnorton]

I was interested in this great rate until I came across the below in the Terms & Conditions. Personally, I'd rather not have my funds held for 60 days at the bank's whim.

INFORMATION APPLICABLE TO BOTH
THE AMERICAN DREAM SAVINGS ACCOUNT and
ANY CERTIFICATE OF DEPOSIT ACCOUNT

WITHDRAWING FUNDS AND LIMITATIONS
General Withdrawal Information: You may make a withdrawal from your Account through electronic funds transfer to the External Account via ACH entry by visiting our Web site. You may not withdraw funds by any other means including via check or any other negotiable instrument. Amounts withdrawn from an account will be deducted from the account balance and cease accruing interest on the business day of the withdrawal. Saturdays, Sundays and legal holidays are not considered business days. Withdrawals from Certificates of Deposit may be subject to a penalty.

Refusal To Permit Withdrawal: The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
The Bank chooses to exercise its legal rights to require up to 60 days' advance written notice of any intended withdrawal from this account and the 60 days have not passed since we received the required notice ;

[markber]

 
Refusal To Permit Withdrawal: The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
The Bank chooses to exercise its legal rights to require   up to 60 days' advance written notice of any intended withdrawal from this account and the 60 days have not passed since we received the required notice ;

I will be surprised if the bank actually does this on a regular basis. And I will not be surprised to find a similar statement in Terms & Conditions of other banks such as ING Direct, Virtual Bank, Capital One, etc. I guess this is some sort of legal statement to cover behind of bank management in case of a legal dispute.

[LORIYAN]

I'M STILL WAITING FOR MY WELCOME KIT . I SIGNED UP ON 2 WEEKS AGO ATLEAST . THEY PUT IN TWO SMALL DEPOSITS WHICH I VERIFIED . I ALSO SEE THE MONEY WHICH I DEPOSITIED WITHDRAWN OUT OF MY CHECKING ACCOUNT NOW IM WAITING FOR MY WELCOME PACKAGE . I CALLED LAST FRIDAY AND THEY SAID IT WILL GO OUT . THEN WHEN I CALLED ON WED. THEY SAID THERE PROBABLY IS A MAIL DELAY CAUSE OF THE HOLIDAY ON MONDAY . (MARTIN LUTHER KING). BUT I FIGURED I WOULD GET IT ON FRIDAY OR SATURDAY OF LAST WEEK . NOPE --- NOT YET TODAY IS TUESDAY AND I'M HOPEING ITS HERE ... WAY TO LONG TO WAIT .... I GUESS THEY HAVENT FIGURED OUT THE FLAWS OF THE SYSTEM... BUT FROM THE 9TH TIL NOW 25TH IS WAY TO LONG TO WAIT. ONLINE BROKERS AND OTHER BANKS I GET THINGS IN 3-4 DAYS. I'LL KEEP YOU INFORMED.

I'M ASSUMING THEY ARE NEW AND DON'T HAVE THE KINKS WORKED OUT.

[mnl8844]

it took about 2 weeks to get my welcome package, but i got it. so far so good. that 60 day statement is on ALL savings accounts for ANY bank. i just dont like how you can only connect two external checking accounts. and it says "no fees" but there are if u look at the small print. $25 for a bounced check and $10 for a failed ACH transfer.

[adityanm]

I signed up as well.    I verified my deposits so far to make sure the ach debit part is working .  Now waiting for my account numbers via mail....  They should do it more like ING bank where they send the account numbers via email but I guess for security purposes they are sending via regular mail.

If you were a little smarter then you did not have to wait for regular mail which does not have any additional information.

I could see my account number from the other bank site from where they withdrew my initial deposit.
I was able to operate my emigrant account the very next day.

[LORIYAN]

Took over 2 weeks to get my welcome package .. It came with my account number --- was able to view my account and transfer from my checking to Emigrant bank the day after I was able to log on. Took a long time but seems to be working.

Sorry posted this in the wrong area.
This was regarding Emigrant Bank ...

[alanbf8]

I signed up as well.    I verified my deposits so far to make sure the ach debit part is working .   Now waiting for my account numbers via mail....   They should do it more like ING bank where they send the account numbers via email but I guess for security purposes they are sending via regular mail.

If you were a little smarter then you did not have to wait for regular mail which does not have any additional information.

I could see my account number from the other bank site from where they withdrew my initial deposit.
I was able to operate my emigrant account the very next day.

This has nothing to do with being smart. Not all accounts inform you which account number it came from. But thanks for the advice - genious.

[glockophile]

Did any of you notice the little blue "i" icon on the main page of the emigrantdirect site after you log in?

If you click on it, it shows your balance and current APY interest rate. Mine says 2.960000%.

I'm not going to get my boxers in a bunch over .04 percent, but shouldn't it read 3.0%?

[jpsmoney]

Would it get them in a bunch if i told you i was getting 3.17% on my last statement? I have no idea why, I'll calculate it out tomorrow. Probably rounding, since I only got 6 cents interest.

As for the 2.96%, that is APR (Notice how they call it "Interest Rate"). The 3.0% they are promising you is APY. More here - APR vs. APY: How the Distinction Affects You

[markber]

If you were a little smarter

Any personal attacks are absolutely unacceptable here.

Thanks for understanding.

Mark

[ussr]

I open an account.
It works well.
No problem till now.

They're a new branch of Emigrant Savings (bank in NY). I guess this would be the knock-off of ING Direct or Virtual Bank. As far as I know, after doing some research, there is no referral program or sign-up bonus. I don't have an account with them yet, so I can't tell you my experiences, but I thought you'd like to know in case you want the extra .65% over ING. More info on emigrantdirect.com Good luck!

Miriam