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EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 05:23 PM
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#1
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 50
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EmigrantDirect Your experiences and opinions appreciated.
We are considering putting some of our cash into Emigrant Directs American Dream Savings Account (5% APY) but are cautious about doing business without a local brick and mortar branch. Please share your experiences with Emigrant Direct (positive or negative).* Thank you in advance.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 05:24 PM
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#2
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Re: EmigrantDirect Your experiences and opinions appreciated.
So Far so Good. 8)
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 05:27 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Re: EmigrantDirect Your experiences and opinions appreciated.
Same here. No problems with them during the 8-9 months I've done business with them. Consistently takes 2 working days to transfer $ from them to my local checking account.
__________________
Numbers is hard
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 05:29 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Re: EmigrantDirect Your experiences and opinions appreciated.
i've been pleasantly surprised in all respects and do not hesitate to recommed them. do, however, realize the limitations on number of withdrawals and that the account set-up is a bit cumbersome (neither, in my experience, substantially different from most e-banking outfits)
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 05:53 PM
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#5
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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Re: EmigrantDirect Your experiences and opinions appreciated.
Ditto, one year customer, interest gets paid and no surprise fees. Processing transfers and set up was a bit of a chore for me, too. But as a LBYM keeper of the faith, I felt the effort was worth the extra $$$.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 06:28 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Sep 2005
Posts: 1,677
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Re: EmigrantDirect Your experiences and opinions appreciated.
No problems here either, well worth the little aggravation to set up.
__________________
Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 06:42 PM
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#7
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Full time employment: Posting here.
Join Date: Jun 2006
Posts: 718
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Re: EmigrantDirect Your experiences and opinions appreciated.
Incase your not aware when you goto take your money out, alot of places want your signature guaranteed. Not a big deal but something to be aware of.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:07 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Re: EmigrantDirect Your experiences and opinions appreciated.
Quote:
Originally Posted by Mwsinron
Incase your not aware when you goto take your money out, alot of places want your signature guaranteed.
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I'm confused. "Taking money out" of Emigrant Direct involves an online request to electronically transfer funds to your checking account at whatever institution you designate when you set up the account with Emigrant. No signature is requied, so no guarantee is needed.
__________________
Numbers is hard
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:19 PM
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#9
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Full time employment: Posting here.
Join Date: Jun 2006
Posts: 718
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Re: EmigrantDirect Your experiences and opinions appreciated.
My mistake I assumed all online financial institutions require a signature to verify who you are. I needed to get a medallion signature for my Vanguard account from my local credit union.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:34 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Re: EmigrantDirect Your experiences and opinions appreciated.
no signature required (but if you change your designated "receiving" account, there might be)
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:39 PM
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#11
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Dryer sheet aficionado
Join Date: May 2004
Posts: 26
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Re: EmigrantDirect Your experiences and opinions appreciated.
Quote:
Originally Posted by d
i've been pleasantly surprised in all respects and do not hesitate to recommed them. do, however, realize the limitations on number of withdrawals and that the account set-up is a bit cumbersome (neither, in my experience, substantially different from most e-banking outfits)
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What is the limit on withdrawals or transfers to your designated checking account?
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:44 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Re: EmigrantDirect Your experiences and opinions appreciated.
Here is what I don't understand:
EmigrantDirect is offering 5%
Vanguard Prime MM is yielding 4.98%
Why do I need EmigrantDirect?
__________________
Retired early, traveling perpetually.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:48 PM
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#13
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 331
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Re: EmigrantDirect Your experiences and opinions appreciated.
There's a miminum balance on the Vanguard MM of $2500 before you start getting fees assessed (unless you have over $50k with Vanguard). There is no such fee with Emigrant.
I'm sure there are other reasons.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-12-2006, 07:55 PM
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#14
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Re: EmigrantDirect Your experiences and opinions appreciated.
Quote:
Originally Posted by 3 Yrs to Go
Here is what I don't understand:
EmigrantDirect is offering 5%
Vanguard Prime MM is yielding 4.98%
Why do I need EmigrantDirect?
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Minor issues. No FDIC insured etc. -
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-13-2006, 02:40 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Posts: 1,228
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Re: EmigrantDirect Your experiences and opinions appreciated.
And no transaction fees to get in or out of the bank.
I have accounts with both emigrantdirect and ING, and I find ING to be slightly more trustable, but they are very close.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-13-2006, 06:50 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,746
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Re: EmigrantDirect Your experiences and opinions appreciated.
I have accounts with both Emigrant and ING. Orignally I started with ING, but when I learned of Emigrant and their slightly higher yield, I moved most of my money over there, but kept a bit in the ING account, just to keep it open if I ever needed it.
So far, so good. I've never had a problem transferring funds into or out of the Emigrant account (or the ING account, for that matter) The ING site does seem like it's a bit more secure, at least the log-in page. I've had both accounts for over a year now, and I'm satisfied.
However, the concern over a web-based account, versus one at a brick-and-mortar bank, is understandable. The first time I tried something like that was with Signet Bank (I dunno who they've merged and re-merged with since then) back around 1996 or so, only it was phone and mail-based instead of internet, but still not face-to-face with a teller. I didn't like it back then, but I grew into it, I guess.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-13-2006, 07:40 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Houston
Posts: 1,448
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Re: EmigrantDirect Your experiences and opinions appreciated.
I've been an ED customer for over a year, no problems yet. Getting the account established initially was overly complicated, and the website isn't much to look at, but at 5% I can forgive the small things.
Plus, they sent me a free cap that says "more money for your money"! That makes it all worthwhile.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-13-2006, 08:04 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Re: EmigrantDirect Your experiences and opinions appreciated.
Quote:
What is the limit on withdrawals or transfers to your designated checking account?
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i don't remember the fine print, but it's something like four withdrawals per month.
Quote:
Here is what I don't understand:EmigrantDirect is offering 5%Vanguard Prime MM is yielding 4.98% Why do I need EmigrantDirect?
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but it's not always been so, and this spread could again widen.
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-13-2006, 08:23 AM
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#19
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 473
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Re: EmigrantDirect Your experiences and opinions appreciated.
He, if you think that opening an account with Emigrant was too complex, don't even try HSBC* I have had accounts with both of them for a few months and haven't run into any problems so far. I only use them to purchase Treasury bills, though, perhaps there are differences in more obscure areas.
As far as the number of withdrawals per month goes, I seem to recall that there is an FDIC requirement that certain types of accounts have to allow at least 6 free transactions, but I don't remember any details*
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Re: EmigrantDirect Your experiences and opinions appreciated.
07-13-2006, 11:54 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Posts: 1,228
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Re: EmigrantDirect Your experiences and opinions appreciated.
Must agree about HSBC being overly complex... the process of signing up for online access to my existing mortgage account with them seemed to require a PhD. And they took more than a week to send me my password and username in separate post mails on different days.
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