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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
**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
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.
Message edited by: LtWaldo on 2009-09-10 14:35:50 CDT
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
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
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?
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
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.
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.
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.
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.
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