E-LOAN 3.5% APY savings

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Hardware411 said: i still have an extra 5k in my bank account that eloan sent me and they didnt debit from my eloan account since the 8th.
will give em another day or 2 before i close my eloan account with a 5k bank error in my favor

I would read this article first.
Bank error

"Windfall or hassle?
According to the district attorney's office in Walworth County, Wis., a man was charged with theft when a check for more than $49,000 was accidentally deposited into his account at Fifth Third Bank. "He was having financial difficulties so he spent it," Walworth County district attorney Phillip Koss says. "When the bank asked for it back, he put them off. But when he was charged with theft he came up with the money."

Besides having to cough up the misappropriated funds, he also paid a $500 fine."

I still cant transfer out of eloan!

I'm ok with getting past the first screen (entering the amount).

Haven't tried to actually submit yet. Is that where it's failing on you?

ELOAN is the most screwed up bank ever in my experience. They made two unarthurised transfer on my account. Now I'm afraid to even conact k them to do something about my account. I'll wait a few days to get my NSF fee refunded.

I've decided to only transfer into E-Loan an amount which I can afford to have doubled without being overdrawn. Yes, I shouldn't have to do that but given I've never had a bad experience I'd rather do it this way then not earn the extra interest.

HUGE BUG WITH ELOAN


I set up an eloan acct unsucessful where the emigrant acct # got cut off. They told me to setup a second eloan acct which I did with the acct # of my emigrant acct not cut off, and it was successful. However there is a bug in the system. If you have an unsuccessful acct it only lets you deposit up to your balance and withdraw nothing.
They told me they are hopeful to fix it this week but can't promise anything! My only option to withdraw the money right now is to cancel the acct and I may/may not get interest
So what do I do? Do I wait it out for a week. Or do I risk losing the interest I accumulated and cancel the acct? I am worried about losing my $ with these morons

welookgoodcom said: HUGE BUG WITH ELOAN


I set up an eloan acct unsucessful where the emigrant acct # got cut off. They told me to setup a second eloan acct which I did with the acct # of my emigrant acct not cut off, and it was successful. However there is a bug in the system. If you have an unsuccessful acct it only lets you deposit up to your balance and withdraw nothing.
They told me they are hopeful to fix it this week but can't promise anything! My only option to withdraw the money right now is to cancel the acct and I may/may not get interest
So what do I do? Do I wait it out for a week. Or do I risk losing the interest I accumulated and cancel the acct? I am worried about losing my $ with these morons


You sound pretty frustrated. I recommend you pull all of your money out immediately and finish up your debate with E-Loan once your money is off the table. Then if you want to fight for reparations, go for it.

My transfer today seems a little funky, I took out $350 and my new balance is $0. Does show correct on the main page

Transaction History
Date Description Amount Balance
11/13/2006 Debit - $350.00 $0.00
10/26/2006 Credit + $356.37 $100,356.37

so without reading the ENTIRE thread.. would it be fair to conclude that the general consensus is that despite the (high) rates, E-loan is NOT worth the hassle?

-ty. - and best alternatives welcomed.

darqice said: so without reading the ENTIRE thread.. would it be fair to conclude that the general consensus is that despite the (high) rates, E-loan is NOT worth the hassle?

-ty. - and best alternatives welcomed.


I recommend everyone having problems pull all of their money out immediately and anyone who doesn't have an account not open one.

Seriously, I don't recommend this account to anyone.

If everyone leaves then 1) they'll keep the 5.5% rate that much longer and 2) if everyone who has a problem closes the account, then there won't be anyone left to complain


I agree. Don't read any further. That is the consensus.

ForSpud said: Update: According to Vinnie, ELoan CSR,, interest will be paid as of the date of the initial deposit (yesterday in most instances

assuming this will not be done manually, do you think E-Loan's poor programmers can actually program it correctly to handle the extra interest?

Eloan has been added to yodlee. It's beta but my account updated fine.

scott1961 said: My transfer today seems a little funky, I took out $350 and my new balance is $0. Does show correct on the main page

Transaction History
Date Description Amount Balance
11/13/2006 Debit - $350.00 $0.00
10/26/2006 Credit + $356.37 $100,356.37


The $0 balance will show on the day of the transaction and will be updated in a day or two. At least that's how all of my transactions have been with ELoan. It's not unique to "glitch" week if that's your concern.

frootmall said:
You'll notice that 11/11 is a bank holiday.
What I suspect is that your external bank is simply posting information that they have received for Monday early. E-Loan generally updates account balances and transaction details at about 6:00 a.m. on business days. I predict that if you check your E-Loan account Monday morning, you'll find the balance has been updated then.


Good call frootmall!! I always forget about those pesky bank holidays!! I checked my eloan account on monday, and the $300 debit showed up!

What worried me was hearing of all these transfer "reversals" and then seeing the initial submitted transfter "disappear" from my account history. It would easily make someone think the transfer was voided or lost in limbo!

Thanks to everyone for the advice! I consider this a major error on their part, but I know it's unrealistic to expect a fix right away. I just wish there was more communication from them.

So has anyone else considered that this screwup may actually be a good thing for some people, as it it will probably force E-Loan into keeping the same rate longer, or perhaps increasing the rate, as they are probably going to lose some customers over the screwup and at a minimum don't want to "add insult to injury" for the customers that got burned and didn't leave.

nekomobile said: I just wish there was more communication from them.

If they won't communicate with you, it would be a good idea to communicate with them:

yumants said:Roberto R Herencia, President
Banco Popular North America
9600 W BRYN MAWR
ROSEMONT IL 60018

-and-
Mark Lefanowicz, President
E-LOAN, Inc.
6230 Stoneridge Mall Road
Pleasanton, CA 94588

zimaman said: So has anyone else considered that this screwup may actually be a good thing for some people, as it it will probably force E-Loan into keeping the same rate longer, or perhaps increasing the rate, as they are probably going to lose some customers over the screwup and at a minimum don't want to "add insult to injury" for the customers that got burned and didn't leave.
How many of their customers just happened to make a deposit/withdrawal on November 7? Probably a very, very tiny number. The rest will have absolutely no idea that anything happened (except for the tiny number who read FWF). Look at how they are handling this: They are keeping mum about the whole thing. They are not communicating with their customers. They are trying to avoid having anybody else find out what happened or what they are doing.

Sorry, but I think that shows that they are just hoping to quietly bury the incident and proceed as if nothing happened.

Wasn't there an article about this on bankrate.com?

You'd be surprised how many people read that nowadays.

Consider this, where are people finding out about E-Loan savings anyway?

Those people have got to be pretty thrifty to know about it.

zimaman said: Wasn't there an article about this on bankrate.com?

You'd be surprised how many people read that nowadays.

Consider this, where are people finding out about E-Loan savings anyway?

Those people have got to be pretty thrifty to know about it.

I just searched bankrate.com and don't see anything, but it was a quick search so that doesn't prove it's not there.

I assume that the bulk of the publicity came from the Wall Street Journal article (including all the newspapers that reprinted portions of it) and from E-Loan's existing customer base.

I heard somewhere that only about 18,000 people signed up.

I heard they received $754 million in the first four weeks which is more than they were expecting all year.

I heard that they add $1,000,000 to some lucky person's account balance every day. And by "heard," I mean "just made up."

JeebusSaves said: I heard that they add $1,000,000 to some lucky person's account balance every day. And by "heard," I mean "just made up."

Here is the proof directly from E-Loan of what I said smart aleck. link

DAMNIT!!!!!!!!!!!!! they took away my 5k ! i hate them
eloan is the worsttttt

I'm in the same boat as you but they haven't taken the money back from me yet. I was wondering, did they take the money from your linked account or deduct it from your EL account.

brb0001 said: I'm in the same boat as you but they haven't taken the money back from me yet. I was wondering, did they take the money from your linked account or deduct it from your EL account.

they deducted it from my eloan account, a few hours ago.

oh well i think im gonna drop another 20k in that account, i got too much cash laying around in the safe deposit box not making anything

asdf9876 said: JeebusSaves said: I heard that they add $1,000,000 to some lucky person's account balance every day. And by "heard," I mean "just made up."

Here is the proof directly from E-Loan of what I said smart aleck. link


PWND!

asdf9876 said: I heard they received $754 million in the first four weeks which is more than they were expecting all year.

Damn Fatwallet effect. YOU PEOPLE HAVE TOO MUCH MONEY!

I see they have dropped CD rates. Can the savings rate be far behind?

took about two business days for them to deposit the verification micropayments, but aside from that, eloan savings was *very* easy to set up.

if it were just .05-.1% difference I wouldn't have bothered, but .45% diff => emigrant lost a long time customer. left a few bucks in my emigrant account so they don't close it, and moved everything off to eloan just now.


I warned you guys back in october:

check out this thread:

Date Posted: Oct/06/2006 7:11 AM
Rating:

A few problems with E-Loan already.

1) under the summary details, it shows i deposited $8000 into this account on 9/28/06. however i didn't receive any interest for the 2 days for the month of september.(im contacting them about it).

2) you can't see daily accrue interest until the month end.

3) when i made a $1000 deposit into my e-loan account, under the detail summary, it says $1000 debit..very weird( when i asked them, they say they are working on it)..hope they are not cheating on my interest.

4) i setup a new account transfer and it has been 5 business days, however the 2 small deposits have not been made.

5) whenever i send a secure message and get a reply back, i cannot click to reply to that message. i have to create a new message.

Final words: too many problems....don't know if my interests is accruing or not...maybe close and move somewhere else....i knew the high interest rates is too good to be true.

any thoughts?
-------

you guys don't listened and even red me.

cuutoivoi2006 said:

any thoughts?
-------

you guys don't listened and even red me.

Yes, More red for you. My account has been flawless. Gotta love pin head "Told you so" types

Problems at e-loan are continuing.

I scheduled to withdraw all money from my e-loan account yesterday.
The balance went immediately to $0.0 after I submitted my request.
Today, there's no record of the transaction and the balance is back to what it was.

You try to get out, but they suck you back in ...

scott1961 said: cuutoivoi2006 said:

any thoughts?
-------

you guys don't listened and even red me.

Yes, More red for you. My account has been flawless. Gotta love pin head "Told you so" types



go ahead red me, green me, yellow me, see if i give a rat's aas$$.

br>wait 'til u have problems, don't be coming here posting your nonsense.

eloan is screwing you, me, everyone who has an account with them...luckily for me, i bailed out last month.

DO NOT, I REPEAT DO NOT DO ANY BUSINESS WITH THIS BANK!!!

cuutoivoi2006 said: eloan is screwing you, me, everyone who has an account with them...
No, They are not screwing me. Pretty easy to figure out interest and they have given me correct right to the penny

I just checked my account. On Nov 13, there is a credit of $53.xx with no explanation what that is. Interest? refund for my NSF fee? But my NSF fee (I faxed over to EL) is $31. Also the total balance in both EL and my checking account doubles what it should be.

scott1961 said: cuutoivoi2006 said: eloan is screwing you, me, everyone who has an account with them...
No, They are not screwing me. Pretty easy to figure out interest and they have given me correct right to the penny


You ain't got interest, until you withdraw it from e-loan. Yesterday, after I got paid interest, I tried to withdraw all money from e-loan and my transfer got canceled.

scott1961 said: cuutoivoi2006 said: eloan is screwing you, me, everyone who has an account with them...
No, They are not screwing me.
Ditto. Those of us who are happy with the service do not come here and proclaim "OMG!!!!! ELOAN IS AWESOME!!! EVERYONE SHOULD BANK WITH THEM!!!!!11111!!!log(10)!!!"

Generally, only those who have problems will let it be known. That's why it may seem to you like the sky is falling and "everyone" is getting screwed. It's called self-selection bias.



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