It seems like most on here are too young to remember, but when I was a teenager, my passbook savings account had a similar restriction, but for 30 days. It was never excercised, but there from the depression era. It sounds like Emigrant has the same thing. No dirty little secret, just a requirement.

I have been very well pleased with ING Direct.

Terry - East Texas

Transferred money from emigrant direct to my checking account recently. Took less than 72 hours. No problems thusfar.

I think the problem will probably arise when there is a crisis. For example, let's say that terrorist blow up the Empire State Building in New York. You, fearing uncertainty about what might happen next, decide to pull your money out of the Emigrant (A New York Bank) and into your local bank.

But then the problem arises, everyone else has decided they want their money out of there too and now there is a liquidity problem for Emigrant. Emigrant Solution: Hold all funds for 60 days.

Like I stated in a couple of other headlines around here. I recently saw liquidity problems at Refco -one of the largest and most "prestigious" futures brokers out there. The company underwent complete meltdown in under a week and it's still holding many investors cash hostage.