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The transfer request will be effectively placed on Monday, and will go through (credited to your account) on the next business day, which is Wednesday.

I know that it could take couple days for the transfer to actually occur but their website doesn;t let me SCHEDULE the transfer before 10/12 which is Wednsday. I guess I have to get used to this peculiarity

They keep changing my date for my funds to be available for withdrawl. First it was the 12, then the 13 and now the 14. Plus my interest earn to month has not increased in a couple of days. Has anyone experience the same issues?

I scheduled a transfer for Monday, November 10, and the money was debited that day and available in my bank account that same day too. I'm very impressed with their transfer system. Nothing but fantastic.

Any word on how long DSD takes to pull initial funding and open the account assuming you get the "easy path"? Then I presume one is free to make add'l fundings straight away?

MaddHatter said: Any word on how long DSD takes to pull initial funding and open the account assuming you get the "easy path"? Then I presume one is free to make add'l fundings straight away?
IIRC, they pulled my initial funding next business day. At worst it was 2 days later. You can't do additional funding until you verify the trial deposits, but those came in the same day the initial funding was pulled.

Just a heads up. They finally got this site working in Yodlee, for those of you who use it.

-G

This is just for information to those interested. I opened an account with DSD recently and have noticed that when I push money into this account from Countrywide it is available the next day without any hold. However, If DSD pulls money from my checking account, which is with a different bank, it will show a 5 business day hold. This is not an issue with me but it seems strange.

dan239 said: when I push money ... it is available the next day without any hold. However, If DSD pulls money from my checking account, ... it will show a 5 business day hold.

Appears to be common practice. Pushed money is trusted more than pulled one. No problem really, since it starts earning interest right away.

I applied today. It said the processing will take 2 days. Is this normal? My money now is sitting at a super-low-interest account. I really want to move it asap.

dan239 said: This is just for information to those interested. I opened an account with DSD recently and have noticed that when I push money into this account from Countrywide it is available the next day without any hold. However, If DSD pulls money from my checking account, which is with a different bank, it will show a 5 business day hold. This is not an issue with me but it seems strange.

Wait a sec, you can PUSH money into the DSD account from outside? Isn't that something that supposedly cannot be done? I would like to know this because DSD is giving me sh** for trying to link with other online accounts.

Edit: Got it, can push in, not pull out.

Treffen said: jdopple said: Withdrawing Funds and Limitations
You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on to our Web site. You may not withdraw funds by any other means. Amounts withdrawn from an Account will be deducted from the Account balance and cease accruing interest on the business day of the withdrawal. Saturdays, Sundays, and Legal Holidays are not considered business days. Under certain limited circumstances, DollarSavingsDirect, in its sole discretion, may allow non-ACH outgoing domestic wire transfers to the External Account.

-----------------------------------------------------------
This seems odd. Does that preclude an ACH pull from another account??


Yep.

To me it's a pain in the butt. To them it's a 'security feature.'

Emigrant started this practice on the original Emigrant Direct account, contrary to the written account disclosure in place at the time and without warning, causing peoples ACH transfers to bounce.

Their response to the outcries was: "Sorry for any inconvenience."

PS. E-loan savings doesn't allow ACH pulls either, although that was clear and properly disclosed from the beginning


Security feature my a$$. Along with choking restrictions on linked external accounts, it's clearly a method to reduce outbound liquidity to any competitor.



Security feature my a$$. Along with choking restrictions on linked external accounts, it's clearly a method to reduce outbound liquidity to any competitor.

Hey, with 4% interest in a FDIC insured account, I'll take the slightly reduced liquidity

Cash is King!

What are the alternate banks that offer 4.00% or around 4.00% APY on savings account apart from DollarSavingsDirect

jimshopping said: What are the alternate banks that offer 4.00% or around 4.00% APY on savings account apart from DollarSavingsDirectBest Nationally Available High APY Liquid Accounts

When I opened an account at DSD, I got an email asking me to call their Account Review department. When I called they asked me to email/fax a copy of my Social Security card to them. I told him I had an Emigrant Direct account already, and asked if the SS card was really necessary. He put me on hold and then said my account was now approved.

Just opened online, but I provided a saving account as my funding account. Is that OK?

My experience has been it's easy to tranfer money into my DSD account but a REAL pain to get it out. No ACH pull makes it even more of a pain but I knew this going in. Anyway I've tried to link several external checking accounts by registering them online and sending in the voided check along with the "release" form. It's been over 2 weeks now and customer service keeps telling me it could take 3+ weeks to contact my other bank to make sure I own the account I want to link!

My question is has anyone been able to get their money out of this place? If so...how long did it take to get your external account "verified"? I would think they could verify it via trial desposits but I've had no such luck.

Just opened my DSD acct this morning. Pulling initial deposit from countrywide savingslink.

DSD is supposedly doing two trial deposits in my CSL acct before pulling the $1000. Anybody else have this experience? How long did it take for the trial deposits to show up? How long after verifying deposits did it take for your initial deposit to show up in your DSD acct?

I opened my account about a month ago. They took the $1000 the next day after I verified the deposits. It takes about 1-2 days to withdrawl my money (most of the time its 1 day). No problems so far.

Verifying transfer accounts is a pain! I had to mail the form along with a canceled check. I am not sure why they do not allow you to fax in this information. It's been a couple of weeks and my account has not been approved yet.

I did a bank search on the FDIC website, but found no listing for Dollar Savings Direct. I also looked under Emigrant Bank, but saw no listing for Emigrant bank doing businses as Dollar Savings Bank. What is up with that?

slinkydooky said: Verifying transfer accounts is a pain! I had to mail the form along with a canceled check. I am not sure why they do not allow you to fax in this information. It's been a couple of weeks and my account has not been approved yet.

Good luck because I'm having the same problem! It's been almost a month now since I've sent that stuff in and I still don't have access to my money. They keep coming up with reasons to deny my external accounts. Just today they denied my GMAC account on the grounds that it's a savings account even though I sent them a check. I'm going to wait until Friday and if they still don't have my main checking account linked (sent voided check in a month ago and they even acknowledge they received it) then I think it's time for me to file a complaint.

Does anyone know which regulatory agency would handle such a complaint or how would you handle this situation?

slynn said: I did a bank search on the FDIC website, but found no listing for Dollar Savings Direct. I also looked under Emigrant Bank, but saw no listing for Emigrant bank doing businses as Dollar Savings Bank. What is up with that?

Sometimes I wonder about new member (trolls?) that they don't read the thread. Also, do you think FW would have a Saving Bank in a long running thread that was not FDIC insured?

This is standard operating procedure for them. They make it impossible to link external accounts and come up with ridiculous security reasons that no other bank seems to need.

My experience:

Opened a DSD account funded by GMAC Bank. Then linked a BofA checking account as my 2nd linked account by mailing form and check. The trial deposits showed up about a week later and I verified the account. No problems, very smooth.


Opened a 2nd DSD account and got a scare. DSD reported that my funding deposit transfer failed BUT the money was debited from my funding account (again GMAC) and the trial deposits/debits came through same day. I even verified the funding account. Called DSD that morning, they investigated and called me back by noon, informing me that they credited my account. They fed me some story about having to push the funds manually (I don't know exactly what that means), but I was happy that it was resolved quickly.

So overall, I had a hiccup, but a good experience so far.

IamN41 said: Just opened my DSD acct this morning. Pulling initial deposit from countrywide savingslink.

DSD is supposedly doing two trial deposits in my CSL acct before pulling the $1000. Anybody else have this experience? How long did it take for the trial deposits to show up? How long after verifying deposits did it take for your initial deposit to show up in your DSD acct?


Took 2-3 days to see the trial deposits in my CWB account. They pulled them out immediately after depositing them. Cheapskates.

can someone tell me ..........

can I link my countrywide savings bank account to DSD, and keep it linked after initial deposit?

This bank still lives in the 18th century, making us mail in voided checks.

I just want to bail all my money out of countrywide savings into DSD savings.

i just tried to open an account and i got that message that they would contact me. i got an email from them that said to call so i did. they said they were not allowed to access drivers license info in my state. I called BS because i just opened an account for my mother (same state) with them no problem. She said they get an old address for me when they try to verify even though my drivers license and the account i tried to link has my correct address. she said "you need to mail" at which point i cut her off and told her to cancel the application and hung up. I almost forgot how much of a PITA it was to deal with Emigrant Direct.

link626 said: can someone tell me ..........

can I link my countrywide savings bank account to DSD, and keep it linked after initial deposit?

This bank still lives in the 18th century, making us mail in voided checks.

I just want to bail all my money out of countrywide savings into DSD savings.


If its exactly like Emigrant Direct, then I think this isn't an option, but I saw a post mentioning something about being able to link one savings account. This would be great if its true.

link626 said: can someone tell me ..........

can I link my countrywide savings bank account to DSD, and keep it linked after initial deposit?

This bank still lives in the 18th century, making us mail in voided checks.

I just want to bail all my money out of countrywide savings into DSD savings.



I was able to link both emigrant and dsd to my credit union's saving account for the initial deposit. And it's still linked.

buckin said:
I was able to link both emigrant and dsd to my credit union's saving account for the initial deposit. And it's still linked.


Savings account will usually work BUT you will get 3 withdrawals hitting the savings account. 1 & 2 are the TAKE BACK of the trail deposits and 3 is the initial deposit for DSD. Note - Regulation D limits 6 non in-person withdrawals per statement cycle in most savings/MM accounts.

Has anyone gotten dollarsavings to work with mint?

Dollar Savings Direct linked my Chase checking account during initial funding. I recently made a large late-evening ACH push from DSD to Chase. The money was available early the following business day. That's more than liquid enough for me. So far so good these past three months.

yeah. i noticed ach transfers are next-day.

i've only done one transfer so far though. Is it always this fast?

nice

Well I got a response from Dollar Savings about the canceled check I sent them. Apparently Bank of America charges to confirm I have an account so now they're asking me to mail a banking statement to them! No faxes allowed. This is getting ridiculous!

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

i have had at least one bank (maybe amtrust??) where they had the right to withhold withdrawals for a period of time....don't remember if it was as long as 60 days. i think it also limited the amount allowable to take out per day also. when i questioned it, they said it never happens and i decided to go with the bank anyway, albeit nervously and had no problems taking out very large sums whenever i wanted.

link626 said: yeah. i noticed ach transfers are next-day.

i've only done one transfer so far though. Is it always this fast?

nice


I believe if you have the outgoing ACH transfer scheduled more than 2 days in advance, the outgoing funds will hit your destination account on the same day, that the ACH trnsfer is scheduled for. This has been my experience anyway...

-cp

khorne55 said: i just tried to open an account and i got that message that they would contact me. i got an email from them that said to call so i did. they said they were not allowed to access drivers license info in my state. I called BS because i just opened an account for my mother (same state) with them no problem. She said they get an old address for me when they try to verify even though my drivers license and the account i tried to link has my correct address. she said "you need to mail" at which point i cut her off and told her to cancel the application and hung up. I almost forgot how much of a PITA it was to deal with Emigrant Direct.

That's exactly what happened with me. It isn't worth the extra .25% to me to deal with these imbeciles. GMAC has been great for me so far.

slinkydooky said: Well I got a response from Dollar Savings about the canceled check I sent them. Apparently Bank of America charges to confirm I have an account so now they're asking me to mail a banking statement to them! No faxes allowed. This is getting ridiculous!

Right, that happened to me with WAMU. You'd think that the cancelled check AND trial deposits would be enough. For it to be fraudulent, someone would have to steal your checkbook AND have access to your online account for the account you're trying to link.



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