Comments on: Emigrant Launches Dollar Savings Direct

By: AliceZ

AliceZ — Fri, 29 May 2009 21:47:24 +0000

HSBC online savings dropped rate o 1.55%. What else is new?

By: John Z

John Z — Tue, 12 May 2009 15:23:13 +0000

Just opened an account with Heartland (2.30) and must say it was the most confusing and drawn-out process I’ve ever experienced in opening an online account. So many confirming emails, etc. secure emails, phone calls, etc.
If I had to do it again, I would certainly think twice.
Just a word to the wise.

By: melita schneider-dever

melita schneider-dever — Sun, 26 Apr 2009 17:16:39 +0000

I used to have a savings account with emigrant direct. I was very ha[[y with them. I had great service and easy online access to my account and easy transfer of funds both in/out. No muss/no fuss savings! Loved it and would still like to have been able to own one of their savings accounts!

By: John O

John O — Sun, 15 Mar 2009 14:38:27 +0000

If anybody wants to experience a nightmare then try contacting GMAC Bank to open an account prior to funding a CD! Although it really shouldn’t come as a surprise, given their connection to General Motors…

By: Don K

Don K — Wed, 11 Mar 2009 17:23:58 +0000

Dang, I moved money there 3 months ago when it was at 3.75 and already, it is down to 2.25.
How low can it go…..

By: AliceZ

AliceZ — Tue, 03 Mar 2009 22:21:04 +0000

I tried to open an account with Doral Bank Direct. One of the most frustrating experiences I have ever had with any bank and trying to open an account. They have a Customer Service telephone number that no one ever answers. I held on for over 30 minutes the other day. Their mail box is always full. You ask to be called back; no one bothers to call back (including officers of the bank). The people who do answer the telephone know nothing about the procedure to open an account.

Simply put, it is the worst bank I have ever dealt with. Miserable experience! No professionalism at all. What ever happened to “the customer is always right?”

By: Anthony

Anthony — Fri, 27 Feb 2009 06:07:43 +0000

Sounds like someone overdrafted his accounts at Chase and wouldnt get fees refunded. Usually the culprit for customer dissatisfaction.
By the way, I have an account at Dollar Savings Direct and am very leery of the 1 star that Bankrate gives them. The only solace I can take is that it is FDIC insured. I never understood why they would be a “division” of Emigrant Bank instead of just being Emigrant in the first place. My guess is for all legal purposes if this online division goes under, then less of a chance of going after the assets for the rest of the company.Typically speaking, the higher the interest rate a bank offers, the more desperate they are for cash. As of right now, there are only a couple banks offering a better rate than DSD (currently 2.65%APY). I pray to God that they keep staying afloat because pretty soon there will be no need for banks if the rate gets closer and closer to zero!

By: David

David — Sat, 21 Feb 2009 21:23:35 +0000

I have become totally disillusioned with Emigrant/DSD because they REPEATEDLY start with a TEASER rate & then quickly DROP their rates! I THOUGHT that since it was described as a non-brick savings place that they would keep their rates higher for longer…but alas, JUST as they did dirty to me with a previous ED acct, they have DROPPED their rates from weeks to even days. I am transfering ALL of my $ back to my bank that has consistently offerd 2.7! So much for me chasing rates & good bye ED/DSD & whatever else they come up with FOREVER! Now known as the “BAD LUCK OF THE IRISH!”

By: BillR

BillR — Fri, 13 Feb 2009 15:19:53 +0000

When will rates stop dropping? It seems as soon as I find a bank with a fairly good rate of interest, a few days later the rate drops. I then have to start a new search for another online bank with a fairly good rate of interest.
Wonder when this ever will stop?

By: Mike

Mike — Tue, 03 Feb 2009 06:44:48 +0000

I had horrible experiences with CHASE. When WAMU became CHASE I closed my account from WAMU.

By: MaxineS

MaxineS — Fri, 30 Jan 2009 15:22:50 +0000

Does anyone have an account with CNB Bank Direct? Or any comments?

By: Alice Z

Alice Z — Thu, 29 Jan 2009 04:57:22 +0000

Has anyone heard of Clear Sky Accounts with 3.75%?
Or, Bank of Internet High Yield Savings at 3.51%

Any comments?

By: Chad

Chad — Thu, 29 Jan 2009 01:13:14 +0000

Ha good one Dave. You might want to check your firewall. There is no problem with DSD.

By: Dave

Dave — Wed, 28 Jan 2009 20:33:47 +0000

Is Dollar Direct still open?

My web site SBCGLOBAL aka ATT will not allow me to access their site due to possible fraud

By: JAT

JAT — Tue, 27 Jan 2009 15:19:25 +0000

Steve said:
on January 17th at 04:57 am
I called and talked to customer service …. she said currently the DSD has over 1 billion dollar fund since they started the DSD. She confirmed it was very popular.
***************************************

It would be interesting to know how much of that $1B was transferred OUT of Emigrant Direct over to DSD. I’m sure many customers like myself have done that. Looks like DSD is down to 3.5% and Emigrant Direct is at 2.4%. Was a little put off by the seemingly sneaky way they introduced this new online bank, but have overall been pleased with my relationship with them.

By: JohnZ

JohnZ — Mon, 26 Jan 2009 22:34:33 +0000

If I am not mistaken, Dollar Savings dropped it’s 4% rate to 3.50% and Venture dropped from 3.50% to 3.30%. Guess we will see more to follow…

By: New Yorker

New Yorker — Mon, 26 Jan 2009 17:26:17 +0000

Though I respect the comments by RICO, it may be a tad reckless to state “there is a better than average possibility that Emigrant Bank will fail”. In these difficult times, I agree that we need to be mindful of the challenges our finacial institutions face, however we should also be careful not to exacerbate the problem by relying on speculative representations.

By: Rico

Rico — Mon, 26 Jan 2009 01:51:42 +0000

Emigrant Bank has a 1 star rating as well as DSD. Look at the financial report on Bankrate as well so you can get a sense of how profitable or not so profitable they are. Bottom line is a bank will offer very good rates to get money so they can keep afloat in tough times. There is a better than average possibility that Emigrant Bank will fail. 1st Centennial Bank in CA failed on 1/23 and they also had a 1 star rating with a poor financial rating. I have used Emigrant for a long time but now I am re-considering in light of the recent environment. Caveat Emptor!

By: New Yorker

New Yorker — Fri, 23 Jan 2009 18:09:37 +0000

I haven’t heard of the Parent Bank and a Division of the Parent being rated as separate entities.

If possible, I hope CINDY can share where she saw Emigrant Bank with 4 Stars.

By: Tim

Tim — Thu, 22 Jan 2009 21:40:08 +0000

All banks are having trouble these days, just look at B of A which was once considered the stalwart US consumer bank. It boils down to is the account covered by FDIC insurance? The Dollar Savings Direct deposits are so follow FDIC limits and don’t worry!