AmTrust Direct Bank Reviews & Ratings
Posted On: 6/11/2008I opened a e-savings account in Jan. They took months to open the account in their system for me to fund it.
I lost 2 months of interest at a great rate.
Junk!
Now I transferred my balance into another bank and leave them with 1 dollar.
Posted On: 6/04/2008I switched out of this account rate of: 2.50% to HSBC.com there current savings account rate is: 3.50% much better rate!
Posted On: 5/29/2008Wow signed up at the first of the year at 5.11% less than 6 months later it is at 2.50%. While other banks still offering decent rates these days amtrust keeps dropping their rates.
Besides the rates faliing so fast I never really had any complaints about the bank. I never had a problem withdrawing/depositing funds. Their customer service was easy to use, but I’m in it for the money, so I’m looking for another bank who wants my money.
Besides the rates faliing so fast I never really had any complaints about the bank. I never had a problem withdrawing/depositing funds. Their customer service was easy to use, but I’m in it for the money, so I’m looking for another bank who wants my money.
Posted On: 5/20/2008Initial interest rates were rather enticing at a little over 5.3% APY. By April(08) they had dropped to 3.25%APY. Then in May of 08, they dropped again to 2.96%APY. Conversely, the FED, has held rates constant over the last month. AmTrust is lowering rates now faster and deeper than the FEDS. IMO, banking elsewhere is advisable.
Posted On: 5/19/2008This is my second time with Amtrust Direct. They always offer a great percentage rate to start but quickly drop that rate as time progresses. I started off with a 5.36% APY and am currently at 1.98% APY. I know the central bank has dropped rates but Amtrust is dropping the rate faster than the Fed.
Posted On: 4/28/2008Amtrust seems to be fine for me so far but I think they offer a high interest rate just to sign you up. I’m looking for a better deal.
Posted On: 4/21/2008Customer serive is good. I like that they tell you their name and extention if you need to get ahold of them again. Website is difficult to navigate, but once you’ve got it figured out it is no problem. I find that the intrest rates remain slightly higher than the average. I’ve been able to transfer funds to my “brick and mortar” bank very quickly and easily.
Posted On: 4/13/2008Like they had good rates before.
There web site is terrible.
They still have not credit me funds they took from my account they say a third party has to credit it what kind of bank is this? they can’t credit it would not recommend
There web site is terrible.
They still have not credit me funds they took from my account they say a third party has to credit it what kind of bank is this? they can’t credit it would not recommend
Posted On: 4/04/2008When I initially opened this account about 8 months ago, I was locked in at 5.5% and I haven’t had any problems with them to date. I found the customer service to be prompt and helpful at addressing my questions/needs and fortunately I always got someone on the phone who was proficient in speaking fluent English. This is important to me because when I had an account with Bank of America, they always routed me to someone in India who I couldn’t even understand and I would be waiting on hold for at least 15 minutes. With the whole sub-prime lending crisis and the market doing a free fall, my rate has dropped to 2.6%, which obviously isn’t the banks fault. I would recommend the E-money Market Savings account because transfers always happened within 24 hours, as long as it was made during normal business hours and it is very easy to withdraw funds, which in many cases happens immediately.
Posted On: 3/15/2008Locked in to 5.11 for 90 days and have acouple days left. transfer go fast and collect interet the next day but not available to withdrawal for 5 days which is to be expected. Customer service was fast, friendly and efficient when I locked myself out of my account twice. the only reason I would leave is for a better rate if offered elsewhere. Rates are dropping all over and they are still competitive. Ihave faith they are a great bank.
Posted On: 3/13/2008I am glad I found this site, but sorry it was not before I made the mistake of using Amtrust. I agree with some other posters that the falling interest rates are not their fault. However, they clearly open up new account types with bait and switch teaser rates. Amtrust requires your money be tied up for 180 days or they hit you with a 25$ fee. The balance on my account would fluctuate hundreds of dollars when I would check on it. Thank god for paper statements because their website is a joke. Unethical company, lousy customer support and the worst banking experience I have had outside of some third world countries. Stay away from Amtrust.
Posted On: 3/06/2008Have had the account for a month and am sorry I opened it. Went online Feb 6 & completed application, they took money on Feb 8 to fund my e-savings. On Feb 13 I tried to log on to my account for first time; per customer service it hadn’t been activated. They were supposed to log & correct this yet when I finally tried again on Feb 22 still no activation. Another phone call and finally it’s set up on the 25th. Haven’t tried to link my bank account, which from another posting that sounds like it could be another problem. Worse, found out after opening they have a security glitch reported 6 months ago and not corrected; google: security glitch amtrust to read about.
Posted On: 2/20/2008I went rounds with these people for three months trying to open a savings account. At first they said I didn’t clear check systems, then they said I cleared checks and my account would be opened no problem. They never opened, never took the money and never gave a reason. I called back and had to open it again, they said no problem, they had to send papers to sign but sent a note instead claiming “Inconsistancies on my credit report. Upon my final call to them they said I pose a risk to them because I could be a “MONEY LAUNDERER” or “A TERRORIST”??? ARe you serious? These people are a freaking joke, they denied me a bank account with them called me a terrorist or money lauderer because I have an ambulance bill on my credit report.
Bank at your own risk, I’m suing this bank.
Posted On: 2/17/2008Amtrust is subject to the same market forces as everyone else – seems like everyone wants to take it out on them instead of Bernacke.. bailing out the mortgage idiots means that we investors are suffering the consequences.. Dont call it bait and switch when the account has NO MINIMUM BALANCE… just move your money elsewhere if u are not satisfied
Posted On: 2/15/2008Took two weeks for me to get their paperwork and access my online acct. Then had to do trial deposits to link external acct to utilize money I had set up acct with i.e. longer delay still. I started acct by clicking on lik which promised 5.11% but they said rate changed next day and I applied after 8pm and so didn’t get it . . but reading other reviews rate changed to 4.60% next day and they only gave me 4.1%. I asked them about it and they quoted the 8pm rule (but didn’t mention rate had changed to 4.6% not 4.1%). Lots of game with this bank . . . save yourself the frustration and stay away.
Posted On: 2/11/2008Rates are going down fast.
Posted On: 2/08/2008Just wanted to point out that the current AmTrust Direct APY as of 02/08/08 is 4.1%.
Posted On: 2/08/2008I’ve had an account here for about two years. Have never had a problem with anything.
Posted On: 2/08/2008I too was turned down by these jokers and I signed up right before the 90 day promo rate dropped.Who ever heard of being turned down for a savings account???Guess they didn’t want me to get that fabulous rate they were boasting.I’m thinking of trying again this weekend just to see what happens.
Posted On: 2/07/2008I’ve used AmTrust Direct for a year and after a short delay on setup they have been very good to deal with.
Deposits show available in 3-4 days but pays interest from 1st day. Withdrawals are processed next business day and in my external checking account that day.
Deposits show available in 3-4 days but pays interest from 1st day. Withdrawals are processed next business day and in my external checking account that day.
Posted On: 2/04/2008Terrible.
Took over a week to finally send me an email saying they denied opening the account because of “inconsistancies”.
I called, and it turns out that their service provider couldn’t get my credit record from Equifax (I have it locked down to prevent theft), and didn’t care to try and get access. And apparently they don’t care what lack of service their service provider does…or business it costs them. They really don’t care about much it seems. Now why they need to run a credit report for me to give them money…through an electronic transfer linked to my other account…lord knows. And to deny it (for because they would have to do what they have imposed on themselves to do)….and then, write a letter simply lieing and giving an entirely different reason….and not care the slightest when I called to find out…not even enough to try and get my business…..well that tells you a lot. With an attitude the whole time.
Rude.
Posted On: 2/02/2008I’m thankful they rejected me (after a full week delay). I was thus able to get a 5.30% 3-month CD with Ameritrade:-)I think they scammed a lot of people-just lucky I wasn’t sucked into their 4.6 rate like others.
Posted On: 1/30/2008As Talie just mentioned, you cannot assume that when you go to open one of these accounts, that everything is done that day. As I have read from many different people, many of these online banks have delays in processing certain parts of the setup or transfer processes.
As far as the rate dropping, anyone who has been watching a TV lately should have been able to tell you that the FED was going to hack the rate another 50 basis points today. That would cost a financial institution a ton of profits to NOT react immediately to this news. Therefore, the intro rate disappearing today from Amtrust’s E-savings is no suprise to me. They ditched the intro rate on their E-money market account a while back, and frankly I am suprised they didn’t hack that rate down today as well – they lowered their CD rates too if you didn’t notice.
Posted On: 1/30/2008I opened an acct with them yesterdaymorning, went ahead and did the e-acct over the phone to speed it up as I have done with others in the past. Transfered money via rounting and acct #’s over the phone. $$ was transfered. 5.11% is promotional for 90 days – I knew this and was fine with it. Today promo rate is 4.6% I still did not have an acct number to enroll on line, it should come in my packet in a few weeks. I got logged on throgh contacting CustomerNoService to find out that it really takes about 2 days to open acct so even though I opened at begining of bussiness day and money was taken from my funding acct same day I will not be recieving the 5.11% for 90 days but the 4.6%. To top it off, even though I still do not offically have an account for at least another day I can not close my nonexistant account and go somewhere else with out a penalty – DO NOT USE – NOT HONEST – NO CUSTOMER SERVICE OR RESPECT
Posted On: 1/23/2008they dropped my rate as well, to 4.5 without notice. I just cancelled my account.
plus, the customer service is mediocre. DO NOT USE AMTRUST.
trust me.
plus, the customer service is mediocre. DO NOT USE AMTRUST.
trust me.
Posted On: 1/13/2008dont be fooled by the interest. It will drops soon. Better switch…
Posted On: 1/13/2008I just read the fine print on their website and it does state that the 5.11% is for introductory purposes for the first 90 days. Now that I read it, I will proceed with something else. I may come back to this bank later in the future.
Posted On: 1/13/2008I tired to open an account with them in the fall of 2007. They goofed up my account information an put me in the wrong type of account. It took awhile resolve the issue. I am stil currently banking with l banking with Emigrant Direct just becasue they have better customer service.
Posted On: 12/29/2007I totally agree. BATE-N-SWITCH
Posted On: 12/20/2007Recently Amtrust has done the bait-and-switch. All the existing accounts e-money market now get a 4.6 rate (that were getting about 5.3 before the rate cut). The 5.11 rate is now called e-savings and it is stated as being introductory. If it wasnt bait and switch my e-money market would be getting 5.11, not 4.6. What do you all think?
Posted On: 12/19/2007Got a couple of long term CDs in 8/06. Made some changes to interest distribution in 2/07. Everything handled promptly, accurately and professionally but friendly.
Posted On: 12/17/2007Id expected more and better services but I was wrong.
Posted On: 12/16/2007its 5.11 now
Posted On: 12/13/2007Quick and easy to use website; good customer service. Among the highest rates offered, BUT no minimum deposit is required (unlike banks that offer comparable rates)!
honestly, the stupidity shown by some of the reviewers simply amazes me. Are you people actually complaining about the fact that your savings rate has dropped? Do you not understand that its based on a rate set by the Fed Reserve? Jesus, people are so stupid. Please dont vote.
Posted On: 12/05/2007This is a great rate. Also, they are running a new promotion for a free checking account. You can earn up to $50.
Posted On: 12/04/2007I think their rate fluctuations are due to the erratic behavior of the Fed. And even though their Bankrate reviews are beginning to worry me, I find their service and website up there with ING and others.
Posted On: 12/02/2007I dont know about these guys anymore every month their rates keep dropping now it like 4.67šit and switch it feels like to me.
Posted On: 11/08/2007Ive had CD accounts with this bank for the past two years. Their rates were very competitive for several renewals, but have recently dipped considerably. I closed one of my accounts about a week ago using the secure messaging service on their website. It was very simple and effective. Overall, my experience with this bank was good and problem-free while it lasted.
Posted On: 11/08/2007To the person below. Nice english… Right now they are the best bank I have. I wish it was a MMA.
Posted On: 11/07/2007It took extremely long to open the account. Nisinformation given at the phone, when discussing with several customer service representants. You may want to go with a different bank
Posted On: 11/06/2007IM OUT
Posted On: 11/04/2007Go ahead and play Chinese checkers with your money if you want to. There is a bad guy in the falling rates being paid by any of the banks listed on Bankahholic and its name is The Federal Reserve Bank and its insane policy of lowering its borrowing rate 75 basis points in recent months in order to rescue mortgage holder institutions from their stupid policy of granting sub-prime loans.
In my book Amtrust is tops in service as I have been with them about 2 years. Their rate has always been among the top 5 if not always #1….to the 1 star whiners I say: Wake up and smell the coffee and read the financial page in your newspaper once in a while.
Posted On: 10/29/2007MY INITIAL RATE BEGAN AT 5.6APY NOW IM DOWN TO 4.88APY TO LOW, IM OUTTA HERE.
Posted On: 10/29/2007I agree with the bait and switch. I got in 3 months ago in the 5.45 range since then it has dropped to 4.93. Also, the last bankrate safe and sound ratings showed them at only a 2 star which is below peer group. Ill be pulling mine out soon
Posted On: 10/27/2007I agree with 10/25/2007 below, its a Bait and switch. They get you in with high rates, then drop their rates and offer high rate for new customers.
Posted On: 10/25/2007amtrust direct bank has bumped their savings account interest rates to 5.36%
Posted On: 10/25/2007Bait and switch. They get you in with high rates, then drop their rates and offer high rate for new customers.
Posted On: 10/22/2007Got all my paperwork last week. I had no problems opening the account. The service was good. The people I spoke with were very pleasant. Unless rates go below 4.00%, I will stay with AmTrust for a while. I have other accounts and the rates are dropping with everyone.
Posted On: 10/22/2007Rates just dropped again for old customers but now they have a new thing — an e-savings account for
ew money only at 5.36%apy for 90 days. Im pulling my money out. I could be
ew money at other banks and get more interest. Rates have been dropping almost once a week recently.
ew money only at 5.36%apy for 90 days. Im pulling my money out. I could be
ew money at other banks and get more interest. Rates have been dropping almost once a week recently.
Posted On: 10/18/2007Now 4.93% APY. But they are attracting new customers with 5.36% APY for 90 days. I am finding way out.
Posted On: 10/18/2007To name a few of errors Amtrust made on my account would take more time than I have.
Spelled my name wrong on checks and account.
Sent my Debit card to another customer. I received my card in a hand written envelope from a person in MI.
When I called to complain, the Customer Service agent said, why does it matter, as long as you received it!
They closed my Money Market Account because they said they never received my paperwork. I sent it twice and faxed it!
They charged me for misc. fees. Turned out they were again sending my mail to wrong address. When it was returned they billed me for their mistake.
Stay Away from this company!
Posted On: 10/17/2007Very good so far.
Posted On: 10/06/2007Great Bank in Every way. They need to be more competitive with rates
Posted On: 10/06/2007in case you have not seen your credit report receintly they did a credit report on us.
Posted On: 10/05/20075.06% as of today. 1% tomorrow? give me a break!
Posted On: 10/01/2007I have tried to log in to this banks web site for three days now and I can not gain access. I think this may portend trouble.
Posted On: 9/21/2007Log in problems. Site seems very unsafe. Rate changed from 5.36% to 5.31% to 5.20% now
Posted On: 8/24/2007Changed their rates too often. It was 5.36% APY and a week later changed to 5.31 APY for the eMoney Market.
Posted On: 8/17/2007Be very cautious! Bankrate Safe and Sound ratings downgraded them to unsatisfactory in May. They are undercapitalized (hence the high rates offered to capture your money) and heavily invested in mortgages and construction loans. I am keeping my fingers crossed until my cds mature in October, at which time I am jumping ship.
Posted On: 7/22/2007I just closed my account today — their web site security gives me cause for concern. As of this date, 7-22-2007 @ 8:18pm PT, I have access over the Internet to one of their internal systems running Microsoft Sharepoint. This is totally unacceptable. Their webmaster should be fired on Monday morning first thing.
http://img133.imagevenue.com/img.php?image=60778_amtrustbankerror1_122_447lo.JPG
Posted On: 7/17/2007Overall, Im satisfied with the account. Good rate for a MM and it can transfer from my other accounts. Web site is hideous and does not have some features one would expect from such a large financial institution. Also, security on the transfers page is less than what I would consider acceptable is making me question if I should have my account there. Due to the lack of security there, I say B .
Posted On: 7/09/2007GREAT BANK, I AM VERY PLEASED WITH MY ACCOUNT.
Posted On: 6/27/2007Been a client since Sep 06, moved funds both ways with no problems. Its been a great experience.
Posted On: 6/25/2007Difficult to open an account since they apparently check fine details in credit report. Why? Youre GIVING THEM your money not asking for a loan.
Posted On: 6/20/2007Been a customer since last September. ZERO problems. Great bank. Great rates. Very safe website. Allows mutiple linked accounts.
Posted On: 5/16/2007I just tried to do business with Amtrust Bank. They appear to be an elitist bank that only opens ANY bank account for those with a credit report that meets their criteria for credit reports to accept money from working class citizens who want to have a bank for their money.
Posted On: 5/14/2007amtrust direct consistently offers top notch cd rates.
a little troublesome to get your money after maturity, but worth it for the high cd rate
Posted On: 5/14/2007i think its really safe.Its offering a good APY and min.deposit is also not bad.
Posted On: 5/12/2007i think this is the best out of all,lower min. deposit as compared to other banks where we can deposit a lot of money,good APypercentage too.
Posted On: 5/11/2007APY % is good. The deposit is low enough as well.
Posted On: 5/11/2007I am not to sure about this at 1000$ min deposit but they have decent rates
Posted On: 5/11/2007Well it does not looks good bank but $1000 Deposite at 5.36% make me crazy.
Posted On: 5/11/2007staid website, but their rates are pretty good
Posted On: 5/11/2007agreed, amtrust direct usually has extremely competitive rates. no problems with them
Posted On: 5/11/2007I think that this is a great bank. I like the $1000 min emarket account. High min deposit but good for those that have it.
Posted On: 5/11/2007Not a great bank, but has good ratings go this bank!
Posted On: 5/11/2007Not a great bank, but has good ratings go this bank!
Posted On: 5/10/2007They are not very much professional but they are still delivering the highest rates..
Posted On: 5/10/2007You will have a tough time finding a better place to bank than Amtrust Direct!
Posted On: 5/10/2007amtrust direct bank delivers some of the highest rates in the online banking industry.
