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.
Updated February 6, 2012 and originally published April 25, 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.