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Has anyone heard of this? It sounds just like ING Direct - but they are offering 3% interest
Emigrant Direct

Edit by Moderator: Clarified Title
Edit by Moderator: Clarified Title
Edit by Moderator: Clarified Title again

Member Summary
Most Recent Posts
Constantly crap! ED DSD whatever they are they bit it big time. Easily .5%+ away from the pack. Bail bail bail!

DamnoIT (Sep. 10, 2009 @ 2:38p) |

This is what i wrote this week in the CREDIT CARD thread about their 1.4% credit card:
http://www.fatwallet.com/forums/fi... (more)

yurgreat (Sep. 11, 2009 @ 12:38p) |

I can answer the % question, it's 2% as I found out from a web purchase last month I wasn't even sure would charge in fo... (more)

MaddHatter (Sep. 11, 2009 @ 2:39p) |

Letter from ED dated May 30, 2006:

Our new website and "state of the art" new security system will be activated in June. The enhanced site reflects comments received from our customers and sets a new industry standard combining ease of use and expanded capability as well as enhanced security and protection for you and all our customers.

Our new site will also allow you to:

- Schedule, edit and view transfers
- Perform immediate transfers between EmigrantDirect accounts
- Link additional accounts
- Make changes to your account profile
- Add or change beneficiary information
- View readily available account statements and 1099 information
- View Certificate of Deposit information
- Achieve an even higher level of security with self-created security questions

In the coming weeks, you will receive a letter in the mail advising you of our precise launch date and providing you with a secure access code which you will need to gain entry to the new site.

Please be sure that your email address and current mailing address are up to date to ensure delivery of this important correspondence concerning your account and our new site.


Thank you for your continued patronage.

-------------------------------------------------------------
NEW RATE DOWN TO 1.30% APY
effective 09/10/2009

NEW RATE DOWN TO 2.05% APY
effective 02/18/2009

NEW RATE DOWN TO 2.75% APY
effective 03/21/2008

NEW RATE DOWN TO 3.00% APY
effective 03/18/2008

NEW RATE DOWN TO 3.30% APY
effective 03/07/2008

NEW RATE DOWN TO 3.60% APY
effective 02/08/2008

NEW RATE DOWN TO 4.05% APY
effective 02/01/2008

NEW RATE DOWN TO 4.30% APY
effective 01/26/2008

NEW RATE DOWN TO 4.55% APY
effective 01/10/2008

NEW RATE DOWN TO 4.65% APY
effective 12/18/2007

NEW RATE DOWN TO 4.75% APY
effective 9/28/2007

NEW RATE DOWN TO 5.05% APY
effective 9/30/2006

NEW RATE IS NOW 5.15% APY
effective 7/28/2006

NEW RATE IS NOW 5.00% APY
effective 7/3/2006

NEW RATE IS NOW 4.80% APY
effective 6/22/2006

NEW RATE IS NOW 4.65% APY
effective 5/26/2006

NEW RATE IS NOW 4.50% APY
effective 3/15/2006

NEW RATE IS NOW 4.25% APY
effective 1/26/2006

NEW RATE IS NOW 4.0% APY
effective 9/20/2005

NEW RATE IS NOW 3.5% APY
effective 7/22/2005

------------------------------------------------------------------------------------------------------------------------------------------------

**IMPORTANT INFO IN CASE YOU DIE** You can, AND SHOULD, add a beneficiary to your Emigrant Direct account. To do so, simply call Emigrant Direct (1-800-836-1997) and tell them you wish to add a beneficiary to your account. They will mail you a form to fill out and return.

------------------------------------------------------------------------------------------------------------------------------------------------
Is EmigrantDirect FDIC insured?

EmigrantDirect is the online banking division of Emigrant Savings Bank. Your deposits at EmigrantDirect are FDIC insured up to $100,000 per depositor.

Emigrant Savings Bank has been FDIC insured since 01/01/1934.
The certificate number is 12054
The main office is located at:
5 EAST 42ND STREET
NEW YORK CITY , NY 10017
New York county
It was established on 09/30/1850
The primary regulator is FDIC
It has 35 branch office(s).

------------------------------------------------------------------------------------------------------------------------------------------------
Emigrant Direct and Emigrant Savings Bank are under New York Private Bank & Trust Corporation.

New York Private Bank & Trust is catered toward individuals with networth in excess of $50,000,000.
Minimum account opening at the New York Private Bank & Trust is $1,000,000.

New York Private Bank & Trust [FDIC Certificate 12054]
5 East 42nd Street
NY, NY 10017

------------------------------------------------------------------------------------------------------------------------------------------------
ED records on BBB.org:
ED's parent bank record on BBB.ORG
Nothing about Emigrant Direct itself on BBB.ORG New York



============================================

For setting up direct deposit or ACH links,
The routing number is 226070319

-------------------------------------------------------------------------------------------------------------------------------------------------
Emigrant Direct accounts DO NOT ACCEPT WIRE TRANSFERS
Wire transfers will be returned by federal wire system if applied using the routing number 226070319
Routing number 226070319 is only good for ACH
-------------------------------------------------------------------------------------------------------------------------------------------------

To add another checking account to Emigrant Savings, make your check(at least $1.00) payable to "Emigrant Direct", put your savings account # and "additional external account" on the memo, and mail it to (confirmed by phone):

Emigrant Direct
Communication Department
5 East 42nd St
New York, NY 10017
-------------------------------------------------------------------------------------------------------------------------------------------------

External Transfers: Why does the transaction not appear anywhere after I submit an external transfer?

The pending transfer does not appear in the "pending transfers" list when it has been executed, even though the money isn't in your account. You will see a pending transfer if you try to do one over the weekend as it will not execute until the next business day. The executed transfers will not show up on your transaction history until the transaction has been processed and not just executed, but the funds haven't cleared yet.
-------------------------------------------------------------------------------------------------------------------------------------------------

Why is my APR (3.92%) less than the stated Rate (4% APY)?
What's the difference between APY (annual percentage yield) and APR (annual percentage rate)?
APR is the annual rate of interest without taking into account the compounding of interest within that year.
APY does take into account the effects of intra-year compounding.
Fool.com answer to APR vs APY question.

Why is the "APY Earned" on my statement not the advertised APY?
The APY Earned ("APY-E") is not the same as the APY. They are calculated according to different regulations. Since interest is compounded daily, the APY-E will be affected by the fact that your account balance changed significantly during the month. APY-E also reflects any interest rate changes during the month. Don't worry: You haven't been cheated out of any interest and you haven't gotten a bonus. The regulations for calculating APY and APY-E are shown here. APY is in Part I and APY-E is in Part II. Note that two different customers might see a different APY-E on their statements in the same month.
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They're claiming FDIC insurance for deposits. Check 'em out at fdic.gov and report back.

Hmm..seems like they are FDIC Insured

from FDIC

Yes, Emigrant Bank has been FDIC insured since 07/09/2004.

The certificate number is 57834

The main office is located at:
6 EAST 43RD STREET
NEW YORK , NY 10017
New York county

It was established on 07/09/2004

The primary regulator is FDIC

Community Reinvestment Act (CRA) Performance Ratings

It has 0 branch office(s).

Call/TFR Financial Information
Financial Information
Branch Office Deposit Information

Very tempting.

And here's their B&M one. Meshes with what they say on their About page.

Yes, Emigrant Savings Bank has been FDIC insured since 01/01/1934.

The certificate number is 12054

The main office is located at:
5 EAST 42ND STREET
NEW YORK CITY , NY 10017
New York county

It was established on 09/30/1850

The primary regulator is FDIC

Community Reinvestment Act (CRA) Performance Ratings

It has 35 branch office(s). Branch Offices

Call/TFR Financial Information
Financial Information
Branch Office Deposit Information

Have they consistently had good rates? I've never heard of them..it might just be a teaser rate.

Thanks for the info OP.

It seems the bank is Popular in NYC. Here is the Yahoo story. story
Tempting for sure. I guess ING would catch up soon....
Skander

Yes, Emigrant Savings Bank has been FDIC insured since 01/01/1934.

The certificate number is 12054

The main office is located at:
5 EAST 42ND STREET
NEW YORK CITY , NY 10017
New York county

It was established on 09/30/1850

The primary regulator is FDIC

It has 35 branch office(s).

Edit - it seems like this version is closer than architek's bank with 0 offices. If you click on Open now -> terms and conditions , it shows the same address, not 43RD ST

1-800-836-1997
or write to:
EmigrantDirect
Internet Banking Center
5 East 42nd Street
New York, NY 10017

skander said: Thanks for the info OP.

It seems the bank is Popular in NYC. Here is the Yahoo story. story
Tempting for sure. I guess ING would catch up soon....
Skander


Thanks for the interesting story..although it's a press release written by Emigrant Direct themselves.

Any other information?? Any hidden monthly fees or other requirements? Their website sure doesn't have a whole lot on there.

When I googled them, they showed up under Sponsored Links
3% APY Savings Account
More money for your money.
No minimums. No fees. FDIC
www.EmigrantDirect.com

They have an ad budget for Google. A good sign

That is a horrible name for a bank. Their marketing department had 150 years to change it. At least they can call their direct product something more appealing. They also use the same toy online banking service provider as Capital One. The 3% is 65 bips over both Capital One and ING Direct. Could be worth my time to move some dollars there.

lydiachang said: skander said: Thanks for the info OP.

It seems the bank is Popular in NYC. Here is the Yahoo story. story
Tempting for sure. I guess ING would catch up soon....
Skander


Thanks for the interesting story..although it's a press release written by Emigrant Direct themselves.

Any other information?? Any hidden monthly fees or other requirements? Their website sure doesn't have a whole lot on there.

Fees
No monthly fees are charged for Emigrant Direct. Other account related charges may apply. Please see our "Service Charge Rate Schedule" for details. All fees are subject to change.

Click on "Open Now"

And you will get to see the terms and conditions. Also note that that link refers back to emigrant.com which all points to legitness. The main question that remains is how stable the 3% is, no?

edit to fix link

Cheap said: The main question that remains is how stable the 3% is, no?
The main question is how it will or will not go up together with loan rates and inflation expectations

hiddendragon999 said: That is a horrible name for a bank. Their marketing department had 150 years to change it.
Offer them Hidden Dragon Bank of 999

Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application at this time.
If you have any questions or need assistance, please contact Customer Service at 1-800-836-1997, Monday-Friday, 8:00am-8:00pm EST.


DeGlass said: Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application at this time.
If you have any questions or need assistance, please contact Customer Service at 1-800-836-1997, Monday-Friday, 8:00am-8:00pm EST.

What step?
Did you enter your real information?
Do you have the same address in your credit report?
Can you check your credit report to see if they ran it?

ccrzhh said: Cheap said: The main question that remains is how stable the 3% is, no?
The main question is how it will or will not go up together with loan rates and inflation expectations

That is why you move amounts to/from ING, Virtual Bank, Vanguard, broker, etc. Another optional path with no minimums and a (much) higher rate is a good thing IMO. 3% for now is better than 2.35% for now. These are all going to fluctuate, the goal is to ride the highest, the longest.

More info:

Account Disclosures

Helpful Points:
* Required fields are indicated by an asterisk.
* If you have a driver’s license, please have it handy.
* Please have a check or the Routing Number and Account Number from your
funding (checking) account available to complete the set up of your new account.

Questions about this account should be directed to the EmigrantDirect Call Center at 1-800-836-1997.

DeGlass said: Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application at this time.
If you have any questions or need assistance, please contact Customer Service at 1-800-836-1997, Monday-Friday, 8:00am-8:00pm EST.



Did you call?

American Dream Account Application
Congratulations. You have successfully submitted your application for an American Dream Account.
Confirmation Number: XXXXX
Please print a copy of this page for your records.

Thanks OP!

Only one external account linked? At least they do not ask for a voided check, so the name on the account does not have to match(?) - there is no way to get account owner's name via ACH, correct?

Do they offer an ATM card? How about linking this account to other accounts at Emigrant Savings (not at Emigrant Direct)? It would make these offers more attractive.

However, with no minimum, it is currently the best offer for a liquid account out there.

To bad there is no $25 or $50 rewards involved with this bank as well.

Thanks OP

So, one bank has FDIC insurance since 7/2004, and the other since 1934. Does this make them different banks, or separate business entities ?

I am a natural chicken and skeptic, but a 5 month old internet bank does not instill confidence in me.

Trinob said: To bad there is no $25 or $50 rewards involved with this bank as well.

Thanks OP


This might make me unpopular but I'd rather have the higher rate and go without everybody having all their relatives having $51 accounts.

OP: Can you change your title to reflect that this is a 3% ING-like account? And Thanks!

EricGo said: So, one bank has FDIC insurance since 7/2004, and the other since 1934. Does this make them different banks, or separate business entities ?

I am a natural chicken and skeptic, but a 5 month old internet bank does not instill confidence in me.


EmigrantDirect.com™
A Division of Emigrant Savings Bank.


VirtualBank, a division of Lydian Private Bank...

Our unique approach to banking is backed by ING (NYSE:ING)

We are kinda' used to dealing with the smaller entities. Besides there is always FDIC.

I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander

skander said: I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander


We shall see, this could drop with the quickness but remember that there are lots of rates higher than ING and I don't see that changing. ING isn't all that. There are plenty of options to get above ING rates.

# 3.00% - City National Bank of Taylor, Reward Checking Account (for balances up-to $10K) - Info page
# 2.75% - Presidential Bank, Internet Checking Plus (for balances up-to $25K) - Info page
---
# 3.04% - Superior Savings, FReD account (for balances above $10K)
# 3.00% - Access National Bank, Access Money Market (for balances above $25K)
# 2.53% - Genoa Savings, Money Market (for balances between $20K and $50K, $2.5K min. balance to avoid a fee)
# 2.53% - Superior Savings, Simply Supperior Money Market (min. balance of $1K to get the rate and avoid fees)
# 2.50% - Eastern Bank, Guaranteed Money Market (for balances above $10K)
# 2.40% - Digital Credit Union, LTD Savings (for balances above $25K)
# 2.36% - GMAC savings account ($500 balance to avoid a monthly fee) - Info page
http://ibankdesign.com/board/index.php?showtopic=540
This doesn't list Charter One's 2.5% account or Emigrant either.

What do you expect ING to say????

--------------------------------
This came at exactly the right time for my scores. I just open two new accounts (with hard pulls) last nite. Might as well make it three-for-one-ding.

RotaryBzzz said: Might as well make it three-for-one-ding.That only works for a FICO computation, not for the respective credit bureau's own score.

skander said: I sent a quick email to ING.....Here is CSR reply....

"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Let's all of us e-mail and once see the opposite FW effect of deal creation, not killing

Anyone going to bite? Very tempted to try it out.

ccrzhh said: skander said: I sent a quick email to ING.....Here is CSR reply....

"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Let's all of us e-mail and once see the opposite FW effect of deal creation, not killing


I emailed them too. Thought if enough of us asked, they'll eventually raise the rate.

skander said: I sent a quick email to ING.....Here is CSR reply....


"Thanks for the e-mail. We are aware of Emigrant Bank's rates as well as the
rates of all of our competitors. I personally don't expect Emigrant's rate
to stay at 3% very long and feel that it is just a gimmick to attract new
Customers....."

Skander


Well, Superior Savings' 3.00% is lasting for at least the second 6 months period...

Some have issues with GMAC Demand Notes not being an insured bank, but they are at 3% ($1000 min).

Zon said: Some have issues with GMAC Demand Notes not being an insured bank, but they are at 3% ($1000 min).

Why go without FDIC when it doesn't cost anything? Risk without reward is no good.

lydiachang said: I emailed them too. Thought if enough of us asked, they'll eventually raise the rate.

I think it is time for FWFers to pull their collective millions to greener pastures. ING is mainstream now. The deals aren't in the mainstream when it comes to high interest savings accounts IMHO.

Cheap said: I think it is time for FWFers to pull their collective millions to greener pastures. ING is mainstream now. The deals aren't in the mainstream when it comes to high interest savings accounts IMHO.
Yes, it invests bullions now and operates all over the world... But being the biggest credit card issuer doesn't prevent Citi to be the best deal place...

This bank seems totally legit. They are ranked 21st in the US based on asset size (link). A quick google search turns up news about new contracts with internet service provider contracts for online presence as well as other contracts for producing promotional CDs for expanding online banking. Seems like these folks want to grow. Also there are a number of references to Emigrant Mortgage CO.

BTW ING is 7th on the asset holding list in US.

I think it is worth a try for some extra funds. Also might help to play ING Emigrant off each other rather than just e-mailing ING and asking.

Itsagame

This has been reported before, but don't forget Superior Savings of New England has a savings account paying 3.00/3.04 APY - FReD account. Guaranteed for 6 months from 1/2/05. http://www.superiorsavings.com/main.htm
FDIC insured.

This has been reported before, but don't forget Superior Savings of New England has a savings account paying 3.00/3.04 APY - FReD account. Guaranteed for 6 months from 1/2/05. http://www.superiorsavings.com/main.htm
FDIC insured.

Does not look too bad

Couple of addtional caveats though; other than the how long will the rate be available question.

“With respect to deposits made by a new customer of the Bank, funds will be made available, 30 days
From the day such account is funded”

“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.”

Certainly nothing unmanageable.

The firt time I think ratings worked for me.I would not have clicked on the thread otherwise. I thought OP had a typo and it was some kind of immigrant's bank. I vote for the change of title to be more descriptive. Thanks OP!

Skipping 4169 Messages...
yurgreat said: This is what i wrote this week in the CREDIT CARD thread about their 1.4% credit card:
http://www.fatwallet.com/forums/finance/711457?highlight_key=y&k...

Yurgreat wrote:

Just got a 'important notice of changes' to my EmigrantDirect 1.4% mastercard. (ALL for the worse.)

<snip>

3) Foreign Transaction fees:
No change in % (but they dont list what it is). However, if the company you do business with is located outside the US, you will be hit with this fee.
WTF?! my interpretation is that if you're at home in the USA and order online from a company in China, you'll get hit with this.




I can answer the % question, it's 2% as I found out from a web purchase last month I wasn't even sure would charge in foreign currency. I'm thinking the 2%'s an increase from 1 or 1.5 sometime in the past couple years that I didn't notice.

The term changes suck but don't really apply to me, I probably won't bail with my 10k. Don't feel like messing with opening a Schwab account to stay higher than 1%.

...I can't imagine #3 means anything other than foreign-currency based transactions.

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