• 1 2 34511
  • Page
  • Text Only
For those concerned about the "push" only mechanism, I began a transfer yesterday from my DollarSavingsDirect account to my Suntrust checking account. The money was already in my Suntrust account this morning.

Basically, as long as you make the push before 5pm EST, the money will show up in your external account the next day. I'd say that's fantastic service.

[Deleted--duplicate post]

So, all ranting aside, has anyone decided to open an account there? Was it difficult?

I have Emigrant and openned a DSD very easy.
Took me five mins to open and I verified my linked account within 5 days.

fortezza said: So, all ranting aside, has anyone decided to open an account there? Was it difficult?

Opened with ease. No longer have to mail in a check for $1.00 to get the initial link setup.

-cp

We can put up to $250,000 under one account in order to get FDIC now? Is this correct?

Anyone knows the bank Routing number?

UnixLab said: Anyone knows the bank Routing number?
Look for the direct deposit form when you login, that has it.

linktodeal said: We can put up to $250,000 under one account in order to get FDIC now? Is this correct?

yes

ABA routing is 226070403

I opened an account and funded 9/19 no issues (but I had an ED account).

Only 2 accounts can link. the first can be a savings account but not the second.

None of you have had any inquiries on your credit reports from opening this account?

Some banks had very annoying limitations on amount and number of ach transactions per month. Like $3000/transaction, $20K/month. Any idea if there are similar limitations on this ACH restricted account? I don't like my money being held hostage, and with those other banks I could at least ACH pull.

ajohnamous said: ccrzhh said: Refusal to Permit Withdrawal
T... Act of God, including, but not limited to war, act of terrorism ...


Since when are war and an act of terrorism considered acts of God? Who wrote these rules up? Hezbollah?

But seriously, the whole clause concerns me, anyone know if this wording is typically found in the fine print of other savings accounts?


CNBBankDirect (another 4% account) does not have such clause (at least I did not find any).

Take into consideration that (1) is independent of (8)

Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:
1. The Bank chooses to exercise its legal rights to require up to 60 days advance written notice of any intended withdrawal (!!!) from this Account and the 60 days have not passed since we received the required notice from you;
...or
8. An equipment problem or Act of God, including, but not limited to, war, strike, act of terrorism which prevents the Bank from determining the availability of funds.

So, if the they start having some difficult times like liquidity problems, they just can decide to "choose... to require up to 60 days advance written notice of any intended withdrawal". Written notice means several more days in the mail...

BTW, their EmigrantDirect version has the same clause.

So far I decided to stay away. Just in case.

Can the OP change the title of this thread to reflect the current rate please?

I'm having a hard time understanding the difference in this account and the EmigrantDirect acct. I have an EmigrantDirect acct so this seems strange to have to open up another acct with the same bank in order to get the higher rate.

I'm considering it though. What's the easiest way to open it with an existing acct with them. It's been so long since I opened up the other I've just about forgot what all I did.

Thanks!!

Do they do a 5 day hold on all deposits?

I'm considering moving my money from FNBO since they dropped their rate. Is this a good bank to move it to?

I am in asia for business trip, it will be awhile and I am wondering can I open the account totally online? do they mail anything to my physical address or make phone calls?

"america's highest rate" so does that mean they are going to offer the highest rate vs all other online banks? or this 4% will go away 6 or 9 months later just like all other online savings accoutns?

can I transfer money directly from ED to DSD?

hmmm bankrates gave DSD only 2 stars..why so low?

gate09 said: I'm considering moving my money from FNBO since they dropped their rate. Is this a good bank to move it to?

I'm also looking to make the move. Is it possible to fund this account from FNBO? From the application...

DollarSavingsDirect said: When adding a funding account, we can only accept checks from personal checking accounts in your name (for joint accounts, the account must be held in the name of both depositors). The following types of checks are not eligible to be linked to your account: checks from brokerage/investment accounts, money market checks, checks with the wording "Payable Through" on them, credit card checks, starter checks, or checks drawn on foreign banks.

is there any way around this? Thanks for the help.

-Lucky

updated the QS with some additional info and changed the title to reflect the correct rate of 4%

I have to say that Dollar Savings Direct is by far the worst online bank I have ever dealt with. When I first attempted to open my account, they emailed me back saying there was a problem. When I called and asked what that was, they said that they needed a photocopy of my driver's license. I asked why none of their competitors need this, but of course the idiot drone that answered the phone could do nothing but regurgitate policy.

When I went to link my second account, I had to mail in a check and verification form because they have this idiotic policy that they can't verify ownership through trial deposits like every other online bank in the world. Then, when they received my check and form, they sent me a message saying that they need a copy of my latest Wamu statement (mailed of course, requiring another envelope and stamp; email/fax is no good). I am going to call tomorrow and move the funds back to CapitalOne. Even though their interest rate is a little lower, to me, it isn't worth this amount of aggravation just to use the stupid account.

Does anyone know why they have all these asinine policies?

The DL requirement is a fluke; I had to do the same when I opened my HSBC Direct account (also not standard policy; no clue why). But DSD's external account verification process sounds ridiculous.

bankrates gave DSD only 2 stars, are you guys worried at all? or it's pretty much a good bank no worries?

Yeah, I spoke to one of their drones again. Apparently, they mail a form to the other bank to get a signature confirming that it is actually your account. WAMU (my other bank) wants the social security number on this, which DSD will not send in the mail. Therefore, they want the statement (of course, the statement doesn't have the SS number no it, so that doesn't make any sense). I can understand the need for security, but the fact that none of the other online banks do this indicate to me that they're going beyond what is necessary.

DSD does not require the check and the ridiculous 'this is my account' verification form for the account through which you fund your initial deposit. So I am sticking with just one linked account.
Agreed that the process is ridiculously tedious.

Right, it just seems that if it's secure enough for the initial deposit, it should be secure enough for the latter account. I don't understand why they require those checks, forms, AND the trial deposits. You'd think that the check and form would replace the need for the trial deposits.

anyone get this to work with yodlee? They say they're working on it...but figured I'd check here.

Took few minutes to open the account. I have already linked 2 accounts and transferred money. Pretty fast and no issues so far.

I've had 0 issues. They are very risk-adverse like emigrant in adding extra accounts and allowing external withdraws, but I knew that when signing up. Its was extremely painless otherwise - without requiring any paper or phone calls from me. Very fast ACH as well, although with 5-day holds (just like Fidelity actually).

glenatuf said: anyone get this to work with yodlee? They say they're working on it...but figured I'd check here.
Not yet. I get the same respsone "we're working on it!"

Can we confirm that this account is not a hard pull?

I signed up with no issues. So far so good. I like how they tell you your interest so far in the month. You don't have to wait until the next statement to see how much you made.

I also signed up without any issues, waiting for deposits.

FDIC insured?

yaijic said: FDIC insured?
Yes.

DollarSavingsDirect, a division of Emigrant Bank, Member FDIC, Certificate No. 12054

mh83 said: yaijic said: FDIC insured?
Yes.

DollarSavingsDirect, a division of Emigrant Bank, Member FDIC, Certificate No. 12054


however bankrate.com gave them only 2 stars....I wonder why

This account is pretty much not "liquid". No ACH pull, and only one external account (the initial funding account) for ACH push without going through at least a several-week paperwork loop. On top of that you need $1000 average daily balance to get that interest and you forfeit interest if you close the account in the middle of the month. I'm going to have to see it as something of an ultra short-term CD.

I was trying to schedule an inbound ACH tranfer tonite (Fri evening), but the earliest available date is in 3 business days, on Wednsday... wtf? It doesn't make any sense!

USrules said: I was trying to schedule an inbound ACH tranfer tonite (Fri evening), but the earliest available date is in 3 business days, on Wednsday... wtf? It doesn't make any sense!
The deadline to schedule a Monday transfer is 5:00 p.m. on Friday.
After that, normally the earliest you could schedule is for Tuesday.
But Tuesday is Veterans' Day, a national holiday. (How soon they forget.)

They responded through email: Transfers scheduled after 5:00pm ET or on a Saturday, Sunday, or bank Holiday will be sent out for processing on the next business day.
That means the transfer should be processed Monday. I still dont get it...
You;re right about the holiday though For some reason my workplace doesn;t observe it and I overlooked it.



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014