Hello, just applied online. Got this message:

Thank you for your interest in opening a new account. We have received your application.

We review each application, and in some cases we may be required to gather some additional information from you to verify your application. We will provide a response in no more than 5 business days, usually sooner.

Is this normal? Note, I do not have any account with Provident Direct.

bluechalk said:I just opened an account today, and I had no previous relationship with Provident. I didn't get that message. They only told me to wait for the two small deposits in my linked account.

I also could not see the page where I can enter the routing number???? Is it browser-related? I used Safari

aptvictoria said:External transfers are limited to 6 a month, but internal transfers (savings to checking) are unlimited, aren't they? Or are they (internal transfers) unlimited only when done via an ATM machine?All outgoing transfers (internal or external) are limited to six monthly.

This is required by the Fed's Regulation D for all savings accounts (where savings account is define as an account with a 0% reserve requirement). You'll see this at every other bank.

aptvictoria said:sinik said:aptvictoria said:External transfers are limited to 6 a month, but internal transfers (savings to checking) are unlimited, aren't they? Or are they (internal transfers) unlimited only when done via an ATM machine?All outgoing transfers (internal or external) are limited to six monthly.

This is required by the Fed's Regulation D for all savings accounts (where savings account is define as an account with a 0% reserve requirement). You'll see this at every other bank.
That may be true for internal outgoing or external outgoing, but there are banks that allow for unlimited transfers from savings to checking, within an account, when the transfer is made from an ATM machine.


Section 204.2(d)(2) of Regulation D reads: (warning: this is very drab)the depositor is permitted or authorized to make no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle . . . to another account (including a transaction account) of the depositor at the same institution or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order, or instruction, and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties.It's been established that an online transfer counts as one ordered by "data transmission" and thus counts towards the six. I guess it's conceivable that a bank might be using the ATM to get around the restriction. Can you give an example of a bank that does this?

To answer your question, I don't know if Provident uses this apparent loophole.

that's pretty standard throughout the bank/cu industry...the federal regulations put no limits on transfers you do from savings/mm accounts to checking, when done at atm machines.......

Damn, I was not asked of my funding bank. Instead I got this:

Thank you for your interest in opening a new account. We have received your application.

We review each application, and in some cases we may be required to gather some additional information from you to verify your application. We will provide a response in no more than 5 business days, usually sooner.

If you have a question or would like to know the status of your application, please contact Providentdirect at 1-888-TOP-BANK, then press 3.

TxAggieJen said:Does anyone have a physical mailing address for this bank in case you want to mail an inquiry about your account? All I could find was the ATM lookup.

Thanks
Looking under Investor Relations, then Contact, there was this: Corporate Headquarters:
114 East Lexington Street
Baltimore, Maryland 21202
Telephone: 410-277-7000
Customer Service: 1-800-962-9644

sinik said:Update: successfully pushed $30k out of my savings. They process all ACH transfers once daily at 7pm (EDT). They remain pending (with the option to cancel) until that point.

I requested my transfer yesterday (before 7pm). The funds have already shown up in my external account this morning. That's quite fast.

So it seems that the $5,000 cap is now moot, but I find it odd that after reading this entire thread I'm still unclear on this question: does any cap apply to ACH pulls initiated from an external account?

I setup an account on 3/15 and did an initial deposit from my HSBC account.
Now when I tried to transfer some money into the account using the provident website, it says:
No transfer accounts found. Please contact us for assistance.

When I called them I was told that you can't transfer until 4/7?
She didn't even ask me any information about my account??

Well crap. So I signed up last week, saw the two test deposits today and went through the "account verification". All seemed good and I got to the page with my "confirmation #" as well as my "account #" and a little paragraph on "what to expect next". I printed all this stuff out (thank goodness) and then hit the 'continue' button at the bottom of the page and my browser returned an error page.

Whatever, I didn't think much of it since I was all good to go and had all my info, so I decided I'd log into my account and see what the interface was like. No dice. I can't log in. When I type in the login I created last week I get an error that says "Your user ID is invalid. Please try again." At first I thought I might have to give it a little time, knowing that this is a smaller bank and that the "direct" online portion of it was relatively new. Well now, five hours later, I still can't log in.

So I came back here and re-read the thread only to find out that, apparently, there was a whole other "permanent" username & password that I needed to create. What the heck? I didn't see anything like that after I put in my "username/password/Security link code". Everything seemed to be set up. In fact, the last page I was able to access says "Click "continue" to set up your new account for Free Premium Internet Banking with Bill Payment" I thought that I was good to go and that the continue button (which didn't work for me) was only going to help me set up "Bill Payments", but now I'm thinking my online account setup got screwed.

Did all of you create an entirely new password and login after you verified the test transfers?

I've sent them an email and I guess I'll be calling at some point tomorrow unless my login starts working.

markcerv said:In the upper right corner of the Provident Direct home page, I clicked on the "New account verification link." After putting in my username/password/Security link code, I was prompted to create a permanent username and password.