EmigrantDirect going to 3.25%

[MJ]

I had to call Emigrant about an inconvenient flaw in their transfer process. After discussing the issue, I was told that on Monday, they are raising their rate to 3.25%.

MJ

 

[KB]

That's good news, thanks MJ.

I'm happy with my account there and have been moving my cash from GMAC even though GMAC already had increased to 3.25% a few weeks ago.

Glad to see EMD keeping up.

 

[MJ]

I'm happy with my account there and have been moving my cash from GMAC even though GMAC already had increased to 3.25% a few weeks ago.

Always happy to share good news.

But is GMAC FDIC insured?

MJ

 

[Mr._johngalt]

May I? Of course

GMAC is not FDIC insured, and far be it from me to claim
the mighty never stumble (The Roman Empire,
Martha Stewart, ENRON. Worldcom, K Mart) but I offer this bit of trivia. Some years back I was at a seminar
and I only retained one piece of information (don't
even know where it was held). The speaker put up a
list of COUNTRIES based on GNP, in descending order
(USA, Japan, etc) he had only gone a little way down
before he came to General Motors. That made a profound impression.

JG

 

[dex]

emigrant got my $ - moved it out of ing.

What is the problem with the emigrant transfer systeM?

 

[KB]

That's the reason I'm moving my money to EMG from GMAC, because GMAC is NOT FDIC insured.

I tried to open 10K of CDs at a 3.5% rate today, but the rate already expired. It was only good for 4 days. Guess I'll have to pay better attention.

 

[MJ]

emigrant got my $ - moved it out of ing. What is the problem with the emigrant transfer systeM?

It is a known problem that I told them previously they need to resolve.

When you schedule a future or next day transfer, you can see the pending transfer until the day the transfer is initiated, then transfer disappears until the 2nd day when it is completed.
You do get a confirmation number when scheduling a transfer but I still don't like not being able to see progress of my transfer from beginning to end.

I was told they are working to resolve this.

MJ

 

[MJ]

Some years back I was at a seminar and I only retained one piece of information (don't
even know where it was held). The speaker put up a
list of COUNTRIES based on GNP, in descending order
(USA, Japan, etc) he had only gone a little way down
before he came to General Motors. That made a profound impression.

JG,
the key phrase is "some years back", I would easily sacrifice up 1% to get the FDIC insurance. Just my limited risk tolerance, I guess. :-/

MJ

 

[MJ]

I tried to open 10K of CDs at a 3.5% rate today, but the rate already expired. It was only good for 4 days. Guess I'll have to pay better attention.

Corus bank keeps going up, this week,
1 year until Monday is 3.7% APY

http://www.corusbank.com/

 

[Mr._johngalt]

I have a 9 month CD (opened in Jan.) at 2.75%. On Monday I will check the penalty for early withdrawal
since I can get 3.25% now in a local MM account.
It seems to me that rate competition is accelerating . This may help my liquid funds but will hurt my NAV on the long term stuff. I suppose this would be fun
if so much was not hanging on the result.

JG