I heard about the ingdirect rate hike so I transferred nearly all of my money from emigrant to ing(save for like 50 some cents) on jan 26th, because I thought e-d had no minimum balance requirement. Well it turns out they transferred all of the money and closed my account, I called and they won't give me the interest for january because they claim there is now a $1 minimum balance requirement even though on their website it says there no minimum balance statement. So I'm out 150 bucks
hope this didn't happen to anyone else, I'm going to call tomorrow and try to get my money back
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website clearly says in several places "no minimum" I couldn't find $1 listed anywhere. On the other hand, terms of service say they can close the account for any reason if they want to.
Sounds shady to me. Emigrant has some horrible CS, but then so does GMAC and HSBC. If they transfered more than you requested, then I guess you can argue that. Also, make the argument of no stated minimum on website. If they don't budge, I guess you can always file a formal complaint against them.
Also: If you close your Account before interest is credited, you will not receive the accrued interest.
But most importantly: EmigrantDirect is authorized in its sole discretion to close your account with or without cause.
Sounds like they decided you weren't a profitable customer, but that is a really shady tactic make money off of it. I'd call again and ask to speak to a sup.
i always keep a penny more than the minimum... in case of rounding errors. it would cost a buck or two to send me a check for a penny should they decide to close my account.
scripta said:i always keep a penny more than the minimum... in case of rounding errors. it would cost a buck or two to send me a check for a penny should they decide to close my account.
So in this case a penny more than the minimum is exactly 1¢. OP kept 50 pennies more than the minimum.
ED was top dog for a while. ING was top before that.
IMHO, HSBC has been in the lead for a while now, especially with their respose to ING's winter sale. I don't see anyone beating HSBC until after it's 4.8% promo ends 4/30.
So around 4/1 it may be time to check for a new savings account leader, so everything can be setup by the time the HSBC promo ends.
Assumimg Both ING & HSBC after their Promo they will go back to their old rates of 3.80 & 4.25 Presidential is currently at 4.37 & Emigrant at 4.25, so I guess we see what happens, if ING or HSBC will raise rates after their Promo.
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