Anyone have an account with them? Are they same idea as ED and ING? Thinking of opening an account with them but was wondering how you move money in and out of them. Do they support ACH transfers in and out?
I called up Superior Savings Bank they do not offer ACH transfer at all. So even tho they pay 4.50% seem to be a pain to get money in and out of them.
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posted: Nov. 10, 2005 @ 1:34a
chessplayer
Senior Member
posted: Nov. 10, 2005 @ 2:09a
I've had an account with them for several years with no major problems. Their rates used to be great, then slowly became terrible, and now are good again since they were recently acquired by New South Federal Savings Bank.
Unfortunately, they do not offer ACH -- it's not like ED or ING. You have to initiate the transfer from another bank, e.g., link it to ED. (Or mail them a check.) To get money out, you can transfer it to your UmbrellaBank checking account and write a check, or use ACH, again initiated externally.
Unlike ED they also offer checkwriting and ATM access ($1.00 per ATM transaction, and the standard 6 non-ATM withdrawals a month)
doniam
Member
posted: Nov. 20, 2005 @ 1:06p
I have the pot o' gold account with them and am attempting to add a third account owner. A bit of a chore but when it gets done will be somthing that I can't have with ED or ING I think. The drawback is the three paper check limit that they all must have but also they do not initiate ACH transfers. Think I can solve that by linking to ED and initiate the transfers from ED. I'd appreciate any comments from current or former UmbrellaBank account holders.
-Don
Kien
Happy Member
posted: Dec. 16, 2005 @ 1:36a
Update with a new rate of 4.40% as of Dec 15, 2005.
i know i'm gonna get 'red' for this, but their website is so....childish! makes me wary of putting my money there...can't they hire a better-than-poor website designer?! eek. lol...
Darq
Senior Member
posted: Dec. 19, 2005 @ 12:54p
Actually, it's the same web engine as EmigrantDirect. In fact, if you try to log into both accounts at once, it'll get screwed up.
decades
Senior Member
posted: Dec. 21, 2005 @ 11:31p
do they have an account closing fee?
Dario
Senior Member - 1K
posted: Dec. 22, 2005 @ 10:21a
I've heard good words about these guys. I don't have an account with them, but if they start being the 'new' leader of the pack, I'll definitely consider it.
CoffeeEater
Greedy Member
posted: Dec. 22, 2005 @ 10:24a
Reminds me too much of Umbrella Corp in Resident Evil. Those guys are baddies.
common311
Happy Member
posted: Dec. 30, 2005 @ 9:50a
They seem to be good except for the potential to get hit with fees: http://www.umbrellabank.com/disclosures/fee_schedule.php
FEE SCHEDULE
- Account closing fee imposed for all accounts except Certificates of Deposit if closed within 90 days of opening - $30.00
- IRA account closing fee imposed on the closing and transfer to another institution of an Individual Retirement Account (IRA) - $35.00
- NSF item - $35.00
- Stop payment - Paper check or e-pay sent, but not cleared - $25.00
- Deposited items returned unpaid - $20.00
- Items sent for collection - $40.00 per item
- Transfer for overdraft protection - $5.00 per transfer. Transfer in $100.00 increments. Minimum payment auto-debited monthly from checking account.
- Statements: If account is accessible via the Internet, $5.00 per month fee to receive paper statements and online statements available with no fee. Online statements are available 24 hours a day, 7 days a week and include up to 12 months of account activity. For CD accounts, online account access will allow you to review your principal balance and interest posted to your account. CD maturity notices will be mailed prior to maturity.
- Copies of statements - $10.00 per statement (12 months of FREE archival available online, if account is accessible via the Internet)
- Fax statement request (over the telephone) - $1.50
- Photocopy (of checks, etc.) - $10.00 per check (60 days of FREE revolving check archival available online, if account is accessible via the Internet)
- On-line Check Images - FREE. Available only if account is accessible via the Internet.
- Online images available for revolving 60 days.
- Checks available online within 48 hours after check is posted.
- Inactivity fee (after 6 months) - $5.00 per month
- Mail deposits - FREE, except $2.00 fee for mail-in deposit without a deposit slip.
- Direct deposit - FREE
- ATM deposits - FREE
- Internet banking - FREE. Must specify at time of account opening.
- Debit card/POS transactions - FREE
- Online transfers - FREE - Available only if account is accessible via the Internet.
- Check writing capability - FREE (unlimited)
- Check orders - First box FREE; then prices vary. We have the capability for on-line check re-orders.
- Telephone transfers and inquiries - FREE (subject to limitations set forth in account disclosures)
- ACH Items
Incoming deposits - FREE
Outgoing withdrawals - FREE
- Quicken and MSMoney - FREE - unlimited monthly downloads if account is accessible via the Internet
- Online Bill Payment Services - FREE - Available only if account is accessible via the Internet.
- Incoming wire transfers - FREE
- Outgoing wire transfers
Domestic - $25.00
International - $40.00
- Cashier's (Bank) check $5.00
- Replacement (Lost) ATM Card - First one free, then $5.00 each
- Verification of deposit - $5.00
- Garnishment, Attachments and Levies - Minimum fee is $75.00 per garnishment, attachment or levy. Customer is responsible for any charges Bank incurs in complying with such legal service.
- Account research - $50.00 per hour
- Overnight delivery (e.g. Federal Express) - $25.00
^^^ I don't see any of those fees applying to a typical FWer parking their money there in their MM account. (Except it's good to know that you shouldn't close your account in less than 90 days to avoid the $30 closing fee.)
I opened an account here two weeks ago and things have for the most part gone smoothly. I got access to the website as soon as they received the initial deposit check and my 50 free checks and ATM card arrived within two weeks. But, I still haven't received their "welcome kit" which is supposed to have some SASEs for mail deposits.
makeinu
Thrifty Member
posted: Jan. 20, 2006 @ 5:18p
Does anyone know where I can find the routing number for this bank?
The routing number for Umbrella Bank is 071974479. This might map to New South Federal Savings Bank, their owner. Its on their site for the direct deposit form .
makeinu
Thrifty Member
posted: Jan. 20, 2006 @ 5:40p
bluechalk said: The routing number for Umbrella Bank is 071974479. This might map to New South Federal Savings Bank, their owner. Its on their site for the direct deposit form .
Oh man. You're good. I just got off the phone with the CSR who told me the same number, but couldn't tell me where I could locate it on the website.
yxj002
Member
posted: Jan. 22, 2006 @ 10:43p
I am a totally beginner. interested in this ccount for its obvious high APR.
I am a little worried about inactivity fee and dormant fees.
I only wanted to put some of my savings there ( like a CD, but open term)/. I'd like to keep my local bank.
Will I be charged fee fter 6 months?
Thanks for the help.
pinkpig
Senior Member
posted: Jan. 22, 2006 @ 10:59p
Usually inactivity fee does not apply to a saving account.anyway, I suggest you call umbrella bank to confirm it.
yxj002
Member
posted: Jan. 23, 2006 @ 2:01p
I called them and I was told,
(1) if inactive for 6 months, they will send out a notice. and If you reply this notice, your account will be put active again, and you won't be charged a $5/mo fee.
yxj002 said: I am a totally beginner. interested in this ccount for its obvious high APR.
I am a little worried about inactivity fee and dormant fees.
I only wanted to put some of my savings there ( like a CD, but open term)/. I'd like to keep my local bank.
The next step happens after you mail them a check to fund the new account. I got my second email the day after they received the check. If you sent a check a month ago then you should call them and find out what happened.
i called them... and seem my account was DENIED...!
well, if they dont want my 50K... then must have very high standards of approval!
adityanm
Happy Member
posted: Feb. 13, 2006 @ 8:01p
Bankrate.com show APY of 4.6% but bank site still has old rate. Can some one confirm if its rate has increased or not?
goldbrick
New Member
posted: Feb. 14, 2006 @ 3:31p
I got an email with 4.60%
pinkpig
Senior Member
posted: Feb. 14, 2006 @ 4:52p
umbrellabank.com updated its money market rate.
fw201
Senior Member - 2K
posted: Feb. 14, 2006 @ 7:45p
But, its still lower than ING & HSBC.
No reason to go to umbrella for now.
Maybe after the ING & HSBC deals end.
fw201
Senior Member - 2K
posted: Feb. 14, 2006 @ 9:22p
Actually, I might open an account with them if they let me do a DBA.
Emailed.
Presidential said NO on their high interest checking.
makeinu
Thrifty Member
posted: Feb. 27, 2006 @ 10:45p
Kien said: Clocks said: Only 0.60% for the first $1000.
No it's for a balance BELOW $1000. You don't ever want your balance to fall below $10 anyway because you'll be charged a $10 monthly service fee...
Don't you mean below $1000?
goldbrick
New Member
posted: Mar. 9, 2006 @ 8:20a
Has anyone seen this "Free Flight" promotion UmbrellaBank is doing for checking? I noticed it when looking up their CD rates... it seems pretty cool, but it is about to expire. http://www.umbrellabank.com/flyfree
Checked out the ticket prices, nothing special. They want $500 from Atlanta to the West Coast which is only marginally less than the price of 2 advance purchase tickets booked directly on the airline website. Plus too many restrictions like Saturday night stay, etc.
Skipping 18 Messages...
orrd
Member
posted: Sep. 12, 2006 @ 4:36p
To answer an earlier question, according to the CSR they don't do a hard credit pull, just a soft one. Also according to the CSR, they support direct connect downloading with Quicken... but I don't see them listed in Quicken's online financial services list, so I'm skeptical, but we'll see...
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