Emigrant Direct Account Opening
As you may know, I am in the process of opening a savings account with Emigrant Direct, an on-line bank currently offering an interest rate yielding 3.25 percent.
On March 15 I posted about my experience with a customer service representative at the aforementioned bank. That was three days after I began the process of opening the account.
Very soon after the test deposits hit my linked account, Emigrant Direct withdrew my initial funding amount (only $5). It would have been nice to immediately access my account so I could verify the transaction was completed accurately. Unfortunately, in opening the account, I was required to wait for a letter from the bank including my account number.
I received that letter today. I was immediately able to access the website. However, another registration step was necessary in order to create a login ID. I also noted that users are required to change their password every ninety days -- a decent security measure.
I am now able to see my $5 but I do not yet have links to transfer more money over to Emigrant Direct from my linked account. I've read conflicting stories about this.
Update 10:00 am, March 24: I sent a message to customer service through the web interface last night, and today I now have links to transfer money between my Emigrant Direct account and the external linked account. All seems to be in order.
You may remember that I opened an account at Emigrant Direct to take advantage of their 3.25% APY. I received a letter today from the bank explaining that they are limiting one of their features. Read
I just visited my account online at ING Direct and was presented with a survey. They are considering rolling out a new product: Paperless Checking (or "Electric Orange"). Read
ING Direct now offers a 2.8% APY on their savings accounts, up 20 basis points. This rate is still well below the one offered by Emigrant Direct for that bank's no fee, no minimum balance savings account. Read
My Wachovia checking account received the two small verification deposits from Emigrant Direct, which was the next step in opening my account with that bank. Read
