You may remember that I opened an account at Emigrant Direct to take advantage of their 3.25% APY. I received a letter today from the bank explaining that they are limiting one of their features.
The letter states: As of Monday, May 23, 2005, EmigrantDirect.com will no longer accept additional deposits to the American Dream Savings Account by mail and checks received by mail on or after this date will be returned to the sender.
The letter goes on to explain the new requirement for online-only transfers. The changes won’t affect me, even if I were to use Emigrant Direct as my primary savings account. However, there may be some people who find this an inconvenience.
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Doing it completely online is the only way to go. If you had to wait for the mail to be delivered and the check to clear before the deposit hit, you’d be losing quite a large percentage of your interest (in transport).
Emigrant Direct and Capital One Savings are one in the same. I opened an account with both compainies at the same time, my user name for one auto-populates the other. I stored my info for Capital One and then went to log into Emigrant Direct for the first time and all of my login info was there. The login urls are the same too.
I do not believe they emigrant and Cap one are the same. I think they are using the same 3rd party onliner banking interface that has the same url. They have different FDIC certificates, and based in different states etc. And you may be using mozilla that autofills some fields like these. It is true that a lot of $ has not gone into having a fancy orange ball bounce around on the screen in this interface, but is a rather bare bones, get the job done , web interface (wouldn’t you rather get that cash back in your interest rate??) then let it go into all that marketing, programming and other gimicks like $25 signon bonus. I am amazed how much “loyalty” this $25 buys….
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