UmbrellaBank.com paying 4.6% Now Archived From: Finance |
Anyone have an account with them? Are they same idea as ED and ING? Thinking of opening an account with them but was wondering how you move money in and out of them. Do they support ACH transfers in and out?
I called up Superior Savings Bank they do not offer ACH transfer at all. So even tho they pay 4.50% seem to be a pain to get money in and out of them.
Thank you
Apparent advantages over EmigrantDirect:
- 5.10% APY (vs. 5.0% for Emigrant) as of 07/14/06
- ATM card ($1.00 per ATM transaction)
- Checkwriting (still falls under the limitation of 6 non-ATM withdrawals a month)
Disadvantages vs. EmigrantDirect:
- (from user reports) no Umbrella-initiated ACH
- Minimum balance of $1000 to avoid fees and receive advertised APY
I've had an account with them for several years with no major problems. Their rates used to be great, then slowly became terrible, and now are good again since they were recently acquired by New South Federal Savings Bank.
Unfortunately, they do not offer ACH -- it's not like ED or ING. You have to initiate the transfer from another bank, e.g., link it to ED. (Or mail them a check.) To get money out, you can transfer it to your UmbrellaBank checking account and write a check, or use ACH, again initiated externally.
Thank you for fast response too bad they also dont offer ACH transfers.
Wow, this is the hightest APY among the accounts that don't require more than $10k minimus.
Unlike ED they also offer checkwriting and ATM access ($1.00 per ATM transaction, and the standard 6 non-ATM withdrawals a month)
I have the pot o' gold account with them and am attempting to add a third account owner. A bit of a chore but when it gets done will be somthing that I can't have with ED or ING I think.
The drawback is the three paper check limit that they all must have but also they do not initiate ACH transfers. Think I can solve that by linking to ED and initiate the transfers from ED.
I'd appreciate any comments from current or former UmbrellaBank account holders.
-Don
Update with a new rate of 4.40% as of Dec 15, 2005.
Only 0.60% for the first $1000.
Clocks said:Only 0.60% for the first $1000.
Pretty sure that is 0.60% if the balance is below $1000.
Clocks said:Only 0.60% for the first $1000.
No it's for a balance BELOW $1000. You don't ever want your balance to fall below $10 anyway because you'll be charged a $10 monthly service fee...
i know i'm gonna get 'red' for this, but their website is so....childish! makes me wary of putting my money there...can't they hire a better-than-poor website designer?! eek. lol...
Actually, it's the same web engine as EmigrantDirect. In fact, if you try to log into both accounts at once, it'll get screwed up.
do they have an account closing fee?
I've heard good words about these guys. I don't have an account with them, but if they start being the 'new' leader of the pack, I'll definitely consider it.
Reminds me too much of Umbrella Corp in Resident Evil. Those guys are baddies.
They seem to be good except for the potential to get hit with fees:
http://www.umbrellabank.com/disclosures/fee_schedule.php
FEE SCHEDULE
- Account closing fee imposed for all accounts except Certificates of Deposit if closed within 90 days of opening - $30.00
- IRA account closing fee imposed on the closing and transfer to another institution of an Individual Retirement Account (IRA) - $35.00
- NSF item - $35.00
- Stop payment - Paper check or e-pay sent, but not cleared - $25.00
- Deposited items returned unpaid - $20.00
- Items sent for collection - $40.00 per item
- Transfer for overdraft protection - $5.00 per transfer. Transfer in $100.00 increments. Minimum payment auto-debited monthly from checking account.
- Statements: If account is accessible via the Internet, $5.00 per month fee to receive paper statements and online statements available with no fee. Online statements are available 24 hours a day, 7 days a week and include up to 12 months of account activity. For CD accounts, online account access will allow you to review your principal balance and interest posted to your account. CD maturity notices will be mailed prior to maturity.
- Copies of statements - $10.00 per statement (12 months of FREE archival available online, if account is accessible via the Internet)
- Fax statement request (over the telephone) - $1.50
- Photocopy (of checks, etc.) - $10.00 per check (60 days of FREE revolving check archival available online, if account is accessible via the Internet)
- On-line Check Images - FREE. Available only if account is accessible via the Internet.
- Online images available for revolving 60 days.
- Checks available online within 48 hours after check is posted.
- Inactivity fee (after 6 months) - $5.00 per month
- Dormant account fees (after 12 months) - $5.00 per month
- Mail deposits - FREE, except $2.00 fee for mail-in deposit without a deposit slip.
- Direct deposit - FREE
- ATM deposits - FREE
- Internet banking - FREE. Must specify at time of account opening.
- Debit card/POS transactions - FREE
- Online transfers - FREE - Available only if account is accessible via the Internet.
- Check writing capability - FREE (unlimited)
- Check orders - First box FREE; then prices vary. We have the capability for on-line check re-orders.
- Telephone transfers and inquiries - FREE (subject to limitations set forth in account disclosures)
- ACH Items
Incoming deposits - FREE
Outgoing withdrawals - FREE
- Quicken and MSMoney - FREE - unlimited monthly downloads if account is accessible via the Internet
- Online Bill Payment Services - FREE - Available only if account is accessible via the Internet.
- Incoming wire transfers - FREE
- Outgoing wire transfers
Domestic - $25.00
International - $40.00
- Cashier's (Bank) check $5.00
- Replacement (Lost) ATM Card - First one free, then $5.00 each
- Verification of deposit - $5.00
- Garnishment, Attachments and Levies - Minimum fee is $75.00 per garnishment, attachment or levy. Customer is responsible for any charges Bank incurs in complying with such legal service.
- Account research - $50.00 per hour
- Overnight delivery (e.g. Federal Express) - $25.00
^^^ I don't see any of those fees applying to a typical FWer parking their money there in their MM account. (Except it's good to know that you shouldn't close your account in less than 90 days to avoid the $30 closing fee.)
do they do a hard credit pull?
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