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After sixteen months of sitting in carbonite, the funds in my Emigrant Direct MyWay CD matured and I withdraw the last of my funds from Emigrant Direct. Ever since I discovered that Dollar Savings Direct was the same as Emigrant Direct ^[3], except with a much higher interest rate, I’ve been putting all my funds there. Fortunately, the Emigrant Direct MyWay CD was yielding me a fat 4.50% APY for the last sixteen months so I wasn’t complaining too loudly. Now that it had matured, I was ready to close the account because it had outlived its usefulness.

One minor bit of advice, Emigrant Direct compounds interest daily but credits your account monthly, so I would wait until the start of a new month before transferring out assets and requesting closure.

1. Transfer all of your assets to your external bank account.
2. Click “Customer Service” and send customer service a message that you’d like to close your account. My message was a succinct “I would like to close all of my accounts.”
3. Wait.
4. The next business day, they’ll send you a message within their internal system notifying you that they’ll be closing your account.

Here’s the message I received one day later:

Dear JIM, Thank you for contacting Emigrant Direct. While we are disappointed that you will be closing your account with us, it is our pleasure to assist you. We have received your request to close your account. Please allow 1 to 2 business days for your request to be processed. If you have any questions, please do not hesitate to contact us at 1-800-836-1997. We are here to assist our customers seven days a week from 8:00am to 11:30pm Eastern Time. Once again, thank you for contacting us and we are sorry to lose you as a valued customer. Sincerely, Kim P.

And just like that, account closed!