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bchung
- Member
posted: May. 2, 2006 @ 2:54p 
ljadlj said:Quarterly statements are sent electronically and secured with your personal password.
^^^^^^^^^ that's weird. interest paid quarterly?
"Compounding and Crediting - Interest on your account will be compounded and credited on a monthly basis."
From the "AmboyDirect Account - Personal Terms and Conditions". Last section. |
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bchung
- Member
posted: May. 2, 2006 @ 2:56p
TellMeWhy said:thanks for the quick response! any others want to share?? so far my husband and i have only three banks that we are currently banking with. he says that it is getting ridiculous as i am 'rate-chasing' (as you guys would put it). i don't see any harm.
btw, does anyone know about amboy's closing of accounts policy? is there any charge or certain timeframe? i couldn't find it on the page.
Effect of Closing an Account - If you close your account before interest is credited; you will not receive the accrued
interest.
Thats all I get from "Amboy Direct Account - Personal Terms and Conditions" |
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Kempman
- Senior Member
posted: May. 2, 2006 @ 5:09p
Has anyone actually accessed their account yet? I'm still waiting for the follow-up e-mail telling me how to "activate" my account (I signed up yesterday). |
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bobfather
- Senior Member
posted: May. 2, 2006 @ 6:31p
I got the followup email with my login number (it said to use the password you created during the application process). The email said I should be getting the trial deposits within 1 business day (got the email 2 days ago) and attempting to login with the login number and my password locks me out of my account.
Hope this isn't a sign of their future service... |
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bchung
- Member
posted: May. 2, 2006 @ 8:22p
Signed up today, but haven't heard anything yet. |
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black1987corvette
- Member
posted: May. 2, 2006 @ 8:33p
bobfather said:I got the followup email with my login number (it said to use the password you created during the application process). The email said I should be getting the trial deposits within 1 business day (got the email 2 days ago) and attempting to login with the login number and my password locks me out of my account.
Hope this isn't a sign of their future service...
How much time elapsed between the time you signed-up and the time you got the email? Seems several of us are waiting more than a day or so now... |
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byamagata
- Member
posted: May. 3, 2006 @ 6:28a
I signed up on Sunday, got the deposits today and verified the deposits. So it was a pretty quick process. What was weird is that the example deposits was the same as the deposits that were made to my linked account.... maybe I'm just being paranoid. Anyway, anyone able to find the routing #. I have looked and looked, and couldn't find it. If not, I'll call the bank later today. |
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black1987corvette
- Member
posted: May. 3, 2006 @ 7:20a
byamagata said:Anyway, anyone able to find the routing #. I have looked and looked, and couldn't find it. If not, I'll call the bank later today.
I think it was in the other Amboy thread. |
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craig10x
- Senior Member - 3K
posted: May. 3, 2006 @ 9:40a
Process went pretty quick...no problems encountered. 1) applied online Sunday evening 2) Within a few minutes received a "robot" e-mail verification of receiving application 3) Monday afternoon, received e-mail from Amboy that account was opened and about the 2 small deposits being made into linked account. It also had the User ID which is also your account # (to be used with password you selected). 4) Wednesday morning, small deposits showed up in linked account...my linked checking account doesn't show the transfer of my initial Amboy deposit yet, but that's probably going through today (Wednesday). 5) Logged into my AmboyDirect account (no problem) and verified deposits, then could access the full account menu. Looks like it will be 3 business days for ACH transfers to/from your linked account.
The website is neat and easy to use...and you can't beat the rate. Nice, simple way to maximize your savings interest. I used to use Emigrant and Ing and i like this better. (only drawback for some...but not for me...is you can only link one checking account)...  |
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ferro
- Member
posted: May. 3, 2006 @ 10:21a
Opened online on April 29, called Monday afternoon when I hadn't received any instructions beyond the initial 'instant' e-mail. CS pushed it through, verified deposits today and was able to sign on successfully. Initial deposit was in my account today. Easiest account to open- more links to other accounts would make it ideal. |
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Kempman
- Senior Member
posted: May. 3, 2006 @ 11:41a
craig10x said:Looks like it will be 3 business days for ACH transfers to/from your linked account.
Isn't Emigrant Direct one business day? Seems like it. ED's speed may make up for the .25% difference. Hmmmm... |
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whodini
- Senior Member - 1K
posted: May. 3, 2006 @ 11:59a
bchung said:ljadlj said:Quarterly statements are sent electronically and secured with your personal password.
^^^^^^^^^ that's weird. interest paid quarterly?
"Compounding and Crediting - Interest on your account will be compounded and credited on a monthly basis."
From the "AmboyDirect Account - Personal Terms and Conditions". Last section.Banks should do continuous compounding. I thought it's crude for many of them to do daily compounding.
But to do MONTHLY compounding? Now this is unacceptable! |
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bobfather
- Senior Member
posted: May. 3, 2006 @ 12:12p
whodini said:bchung said:ljadlj said:Quarterly statements are sent electronically and secured with your personal password.
^^^^^^^^^ that's weird. interest paid quarterly?
"Compounding and Crediting - Interest on your account will be compounded and credited on a monthly basis."
From the "AmboyDirect Account - Personal Terms and Conditions". Last section.Banks should do continuous compounding. I thought it's crude for many of them to do daily compounding.
But to do MONTHLY compounding? Now this is unacceptable!
Over the course of a year, $100,000 compounded monthly results in $104,854.79. $100,000 compounded continuously yields $104,864.62. Less than a $10 difference.
On the other hand, leaving your $100,000 in HSBC compounding daily results in $104,602.50 after a year. In general, I think monthly compounding is the least of your worries. |
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nautiazn85
- Senior Member
posted: May. 3, 2006 @ 12:56p
Can I fund it directly from my HSBC online savings or does it have to be a checking account?
I don't want to lose days of interest transfering from HSBC to BOFA then to Amboy. Thanks. |
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SweetCash
- Senior Member
posted: May. 3, 2006 @ 1:04p
nautiazn85 said:Can I fund it directly from my HSBC online savings or does it have to be a checking account?
I don't want to lose days of interest transfering from HSBC to BOFA then to Amboy. Thanks.
It has to be a CHECKING account, otherwise you risk that your transfer will not go through. |
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byamagata
- Member
posted: May. 3, 2006 @ 1:11p
bobfather said:whodini said:bchung said:ljadlj said:Quarterly statements are sent electronically and secured with your personal password.
^^^^^^^^^ that's weird. interest paid quarterly?
"Compounding and Crediting - Interest on your account will be compounded and credited on a monthly basis."
From the "AmboyDirect Account - Personal Terms and Conditions". Last section.Banks should do continuous compounding. I thought it's crude for many of them to do daily compounding.
But to do MONTHLY compounding? Now this is unacceptable!
Over the course of a year, $100,000 compounded monthly results in $104,854.79. $100,000 compounded continuously yields $104,864.62. Less than a $10 difference.
On the other hand, leaving your $100,000 in HSBC compounding daily results in $104,602.50 after a year. In general, I think monthly compounding is the least of your worries.
I agree that compounded monthly vs daily doesn't make that much of a difference, but I believe that APY already takes daily/monthly compounding into account. 4.75 APY will get you a 4.75 return regardless of the interest being compounded conitnually/daily/monthly. Continuous/daily/monthly compounding only matters with APR. APY and APR are different in this way. |
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Kempman
- Senior Member
posted: May. 3, 2006 @ 3:11p
FYI, they rejected my application because my drivers license (CA) doesn't match my current residence (UT). They won't take utility bills or any other proof of residence. This probably won't affect many of you, but it may be a hassle to some. |
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byamagata
- Member
posted: May. 3, 2006 @ 4:26p
Ok, I just called the CR. I was told the routing # is 021204416. When I went to HSBC to link the account, HSBC provided an additional routing # 021206278. |
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black1987corvette
- Member
posted: May. 3, 2006 @ 5:11p
Anyone know if they support Quicken via direct or WebConnect? |
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JeebusSaves
- Thrifty Member
posted: May. 3, 2006 @ 8:17p
Kempman said:FYI, they rejected my application because my drivers license (CA) doesn't match my current residence (UT). They won't take utility bills or any other proof of residence. This probably won't affect many of you, but it may be a hassle to some.
I hear you - same thing for me. I guess I'll open a GMAC account after my AOR. |
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