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Online bank DollarSavingsDirect.com - 2.05% APY savings account

16 of 44
s3riously
1/6/09 12:17 PM
That's awesome! Here I am waiting for a snail mail confirmation with my acct # LOL
ctrain
1/6/09 12:28 PM
RightPatriot said:

Opening the account isn't the problem. The problem comes when you want to add a second linked account.



BINGO !!
I had no problem openning the account.
Linking the first was painless because they use the trail deposits to verify.
The 2nd will be a pain though wanting cancelled checks, etc...
Needless to say, I never linked my second.
MikeRT
1/6/09 12:42 PM
.....
MikeRT
1/6/09 12:57 PM
ctrain said:

RightPatriot said:

Opening the account isn't the problem. The problem comes when you want to add a second linked account.



BINGO !!
I had no problem openning the account.
Linking the first was painless because they use the trail deposits to verify.
The 2nd will be a pain though wanting cancelled checks, etc...
Needless to say, I never linked my second.



Thats what I thought too, but I mailed in the form and canceled check on Monday 12/29 and on Monday 1/5 the trial deposits were in my linked account. No problems. Obviously not the preferred method to link an account, but it wasn't a big deal.
drjofis
1/6/09 1:50 PM
The time it takes to link a 2nd account is highly variable. DSD will contact the other bank and request verification that the account you are trying to link is yours. If the bank responds to DSD quickly, then it will all happen in about a week. If the bank is slow to respond, this causes delays. If this is the case, there are other solutions that DSD will offer (when you call them) to complete the process. In one case they accepted an emailed copy of a bank statement as verification and initiated the trial deposits the same day.

If the process seems to be taking too long, just call DSD. In my case they were very helpful in getting it completed.
dejanu
1/6/09 7:18 PM
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.



Almost all banks work that way, and for a logical reason. Funds which are pushed in are considered collected at the time of the deposit because the debited bank has already verified the debited account can cover the deposit. But with a pull, they are actually only "expecting" to get the funds a few days later, and thus add an availability hold to allow sufficient time to make sure they don't get a "sorry, that account has insufficient funds" kind of response from the supplying institution. At least that's how I understand it.

EDIT: Oops, I somehow missed that this was already answered, much more succinctly. Sorry.
matthewgs
1/7/09 10:35 AM
mapen said:

noANANDforme said:

Rate is still 4.00% APY, with new option for 16 month CD also at 4.00% APY

I feel the rate drop coming....16 mo CD is down to 3.50%. How low will the savings account go.



just noticed the cd rate drop too. my guess is the rate for the savings will also drop to 3.5
noANANDforme
1/7/09 1:23 PM
That kind of sucks...I was about to close out Emigrant Direct and move it here...but with rate drop, not so sure.
hellyea81
1/8/09 1:35 PM
So how do people get their money out of the account if they don't respond to ACH pulls?
gldpurd
1/8/09 1:40 PM
hellyea81 said:

So how do people get their money out of the account if they don't respond to ACH pulls?


With an ACH push.
Just log into the your account at the DSD web site by 5:00pm on a business day and schedule a push into your linked external account. The money will be there the next day.
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