Anyone use Emigrant Direct?

[deltachi8]

Just curious I have been seeing this bank pop up - similar to ING with a better rate - 3%.

Anyone with experience with them?

 

[deltachi8]

in case anyone wants to check it out and share opinions - www.emigrant-direct.com.

I love ING, but if this bank can offer a better rate....

 

[iNTeNSeBLue98]

I've never heard of emigrantdirect, but reading their terms and disclosures I've learned:

No more than six (6) transfers per statement cycle may be made to (1) an account at another bank or financial institution, including the External Account, or (2) to a third party, by means of a preauthorized or automatic transfer. A $50.00 penalty will be imposed if this limitation is exceeded in any statement cycle. We also reserve the right to close your Account for violation of the above restriction.

TRANSACTION LIMITATIONS AND EARLY WITHDRAWAL PENALTIES: Additional deposits are not permitted to this account during the term of the account. Additional deposits will only be permitted on the maturity date at which time they become part of the principal of the account. We reserve the right to return any deposit to you that causes the combined balance of all your accounts with us (including any joint accounts) to exceed $1,000,000.

Principal or any part thereof may not be withdrawn prior to maturity without the consent of the Bank. If the Bank consents to a withdrawal of principal prior to the maturity date we will impose an early withdrawal penalty. The maximum penalty imposed will be:

For an account with a term of one year, the penalty will be an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount;

For an account with a term of two years, the penalty will be the greater of (1) an amount equal to 180 days interest (whether earned or not) and calculated at the contract rate on the principal amount withdrawn or (2) the amount of interest that would be earned at the rate we are currently offering for a term equal to the remaining term of the present contract (or the next longer term we offer), less the amount of interest that would be earned at the contract



An early withdrawal penalty will not be imposed if the early withdrawal is made after someone in whose name the account opened dies or is declared mentally incompetent.

You may not stop payment of an electronic transfer that is not recurring once you have initiated the transaction. You can stop an automatic withdrawal that you have set up to be deducted from your Account by calling us at 1-800-836-1997 or by writing to us at EmigrantDirect, Communications Department, P.O. Box 1403, Grand Central P.O., New York, New York 10163. You must make your request in time for us to receive it within three business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. If you order us to stop one of these payments three business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages .

 

[kimisabella]

I worked for Emigrant Savings Bank for years, they are a large presence here in the New York City/Long Island area. They have been around a long time - they are a savings bank, and usually have really good rates.