As you may know, I am in the process of opening a savings account with Emigrant Direct, an on-line bank currently offering an interest rate yielding 3.25 percent.
On March 15 I posted about my experience with a customer service representative at the aforementioned bank. That was three days after I began the process of opening the account.
Very soon after the test deposits hit my linked account, Emigrant Direct withdrew my initial funding amount (only $5). It would have been nice to immediately access my account so I could verify the transaction was completed accurately. Unfortunately, in opening the account, I was required to wait for a letter from the bank including my account number.
I received that letter today. I was immediately able to access the website. However, another registration step was necessary in order to create a login ID. I also noted that users are required to change their password every ninety days — a decent security measure.
I am now able to see my $5 but I do not yet have links to transfer more money over to Emigrant Direct from my linked account. I’ve read conflicting stories about this.
Update 10:00 am, March 24: I sent a message to customer service through the web interface last night, and today I now have links to transfer money between my Emigrant Direct account and the external linked account. All seems to be in order.
Updated February 6, 2012 and originally published March 23, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.