Dollar Savings Direct: 2.05% APY Emigrant Clone

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Dollar Savings Direct Logo

FDIC Update: There were some concerns as to whether Dollar Savings Direct was actually a division of Emigrant Bank and whether it was FDIC insured, those have been laid to rest thanks to the work of some dutiful readers. Dollar Savings Direct is FDIC insured under the certificate of Emigrant Bank and shares limits with any assets you may have at Emigrant Direct. This was confirmed by Jeff who was in correspondence with the FDIC.



Sometime in the last month or so, (or longer, I have no idea honestly) a new high yield savings bank appeared with little fanfare or press: Dollar Savings Direct. It’s a division of Emigrant Bank, FDIC Certificate #12054, which is the same parent company of Emigrant Direct. On the face of it, it appears there’s little difference besides interest rate and minimums. Dollar Savings Direct has a higher APY at 2.05% but has a minimum balance of $1,000 but no fees (if your balance falls under the minimum, you earn only 1%). If you go to their respective homepages, they’re designed with nearly the same elements (layout is the same except on Dollar Savings you have a picture of Benjamin Franklin versus a patriotic top hat, the buttons are basically the same, color-schemes, etc).

What’s the deal? Well, I called Dollar Savings Direct and chatted with a very nice CSR who explained the whole story. She confirmed that there was no difference other than APY and minimums, that was interesting. She also explained that Dollar Savings Direct was merely Banco Fortuna, Emigrant Bank’s foray into the Spanish-speaking banking market, rebranded in English. I suppose Emigrant’s foray wasn’t as productive as they had hoped. If you visit the Banco Fortuna homepage, it redirects you to Dollar Savings Direct, confirming the CSR’s explanation.

So, from someone who didn’t know about Banco Fortuna (or that it was going away), it appeared as though Emigrant Bank was trying to get more deposits without having to pay their existing Emigrant Direct customers. It now appears that isn’t the case.

The last question I had for the CSR was whether I could transfer between the two accounts and she said no. They were two separate banks, despite having the same FDIC certificate, so to transfer funds you’d need a checking account intermediary.


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160 Responses to “Dollar Savings Direct: 2.05% APY Emigrant Clone”

  1. John C says:

    They do place a hold on deposits for a week and it does not show up on balance available for a week. I have seen no problem with withdrawals , 2 business days max.

  2. Adam P says:

    I recently came across a difference between Dollar Savings Direct (DSD) and Emigrant Direct (ED) (I opened a DSD account a little over a month ago). ED allows you to initiate transfers from another institution, but DSD does not. This means that I can, for example, pay my credit card bills from ED (though I have to stay under the 6 outgoing transactions per month limit) using the routing and account numbers, but this is not possible with DSD. I tried setting it up, and DSD rejected the transfer, and when I called them, they said that they do not allow such transfers. What I used to do was have my paycheck directly deposited into ED, and then have my credit cards draw from ED, so that I could maximize the time that my money was earning interest, and I was hoping to continue this scheme with DSD, but it doesn’t seem to be possible. If anyone has a work-around, please share.

    On a separate note, I think those of you who are upset with ED are missing part of the picture. What you are not realizing is that ED would not be offering such a high rate if they had to pay it to all existing customers. You should be glad that they are offering such a high yield, given the current rate climate. Also, claims of “customer loyalty” are suspicious, because the only reason that anyone opened an ED account was because they used to offer the highest rates.

  3. saver says:

    What you are not realizing is that ED would not be offering such a high rate if they had to pay it to all existing customers. >

    If they had instead established the higher rate for $1000+ balances in existing ED accounts then what is the difference? That would be more expensive than setting up a new site, a new routing mechanism, and losing deposits from so many customers turned off by the move?

    I moved several tens of thousands out because they did this. Banks need capital coming in now, not going out. Dumb move.

    • Adam P says:

      The difference is that if they automatically gave all customers the higher rate it would cost them more than having only some customers switch. Also, the DSD site is identical to ED, so they couldn’t have spent much developing it.

      It’s of course hard to say how much they may have lost from alienated customers, but as I said before, I think customer loyalty for high-yield online savings accounts can’t be worth that much, since it’s so easy to transfer money around, and there’s a limited customer relationship.

  4. Richard says:

    The discussion regarding FDIC insurance and the relationship of DSD to Emigrant is addressed on the DSD web site. At the top of the DSD home page is the heading entitled “Account Highlights”. The last bullet under that heading says “Have a question? Visit our FAQ page.” Click on that FAQ bullet and then read the first two questions and the answers to those questions.

  5. Jeff says:

    I recently put to the FDIC, at its online site, the question of whether money placed with Dollar Savings Direct “is or is not protected by FDIC”. This morning, I received the FDIC’s somewhat equivocal answer, which, after noting Dollar Savings Direct’s stated assertion that it is a “division of Emigrant Bank” (which is FDIC-insured), includes the response:

    “[W]e cannot confirm that Dollar Savings Direct is Emigrant Bank’s affiliate.”

    I set out below the entirety of the FDIC’s response, which opens by restating my question in full. By all means, read it for yourselves. I welcome comments on the significance of the FDIC’s answer.

    Jeff

    Date: January 2, 2009
    Ref No: SCC2008W-* * * * * *-0

    Dear [Jeff]:

    Thank you for contacting the FDIC. In your email you asked the question:

    “I have recently opened an ONLINE account with an institution that calls itself ‘Dollar Savings Direct, A Division of Emigrant Bank, since 1850′. The institution’s website, found here,

    says ‘all accounts are FDIC insured, as applicable.’ I am trying to ascertain whether the money I have put into this institution is or is not protected by FDIC. Using your Bankfind feature, I see that there is no institution called ‘Dollar Savings Direct’.

    (There is, I see, an institution called ‘Emigrant Bank’, which evidently does have an FDIC certificate, but that certificate may or may not be protecting the money I have invested; I simply cannot tell.)

    (Note that your computer insists that I enter a City and State for the institution in question. I have accordingly entered ‘New York, NY.’ But please bear in mind that it is precisely because I have NOT entered a brick and mortar building but rather invested online with Dollar Savings Direct that the ambiguity, and hence my inquiry, presents itself.)

    In any event, there is enough ambiguity to concern me deeply. I point out that Dollar Savings Direct is currently offering one of the highest APY rates (4.00%) in the entire country and surely many; many others have similarly invested large sums with this same institution. Surely, these many others are raising — or, at least should be raising — the same inquiry that I am. Thank you in advance for your response to my inquiry.

    Because the matter is, clearly, a profoundly important one, I am sure you will understand how much the matter concerns me — as, again, it concerns, or certainly should concern, many other investors.”

    [Here begins the substantive portion of the FDIC's answer:]

    The FDIC requires all banks to provide the FDIC with their reported (or primary) website. Dollar Savings Direct has not reported a website to the FDIC. Emigrant Bank has reported their primary website as . In reviewing Emigrant Bank’s and Dollar Savings Direct’s websites, there are no direct links to one another’s site. On Dollar Savings Direct’s website,

    ,

    it does state

    “DollarSavingsDirect, a division of Emigrant Bank, Member FDIC, Certificate No. 12054”.

    The FDIC has not been told specifically by either Emigrant Bank or Dollar Savings Direct that

    is its primary website; therefore we cannot confirm that Dollar Savings Direct is Emigrant Bank’s affiliate.

    If you have any further questions regarding deposit insurance coverage, please contact the FDIC Call Center at 1-877-275-3342, Monday through Friday, 8 AM to 8 PM Eastern Time.

    If you wish to learn more about FDIC deposit insurance coverage, please see our brochure “Your Insured Deposits,” which provides answers to the most frequently asked questions about FDIC deposit insurance. This document can be found on our web page at: .

    As part of our ongoing efforts to improve our service to the public, we would appreciate it if you would complete a short questionnaire on the level of service you received from this office. The questionnaire can be accessed at .

    We hope this information is helpful to you.

    Sincerely,
    Federal Deposit Insurance Corporation
    Division of Supervision and Consumer Protection
    550 17th Street, N.W.
    Washington, DC 20429

  6. Jeff says:

    I thought I would post additionally the follow-up inquiry I have just put to the FDIC. If I receive a substantive response, I will post that, too.

    Jeff

    My follow-up inquiry to the FDIC, e-mailed a few moments ago:

    Dear Sir or Madam:

    Thank you for your initial response to my recent question.

    The substance of your reply — that because

    1) in apparent violation of FDIC requirements, Dollar Savings Direct has yet to inform you of its primary website and

    2) Emigrant Bank has reported to you a primary website different than that maintained (though evidently not reported) by Dollar Savings Direct,

    you “cannot confirm that Dollar Savings Direct is Emigrant Bank’s affiliate” — leaves me with a modicum of disconcerting ambiguity.

    More particularly, and since Dollar Savings Direct is openly proclaiming that it is an affiliate (“division”) of Emigrant Bank and therefore that it is FDIC insured (“Yes, to the maximum allowed by law”),

    https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/en/common/information/FAQ.jsp#2

    and since you have stated that you are not satisfied that it is either (for the reason you cite above),

    is it the FDIC’s intention to insist either that Dollar Savings Direct satisfy you that it is an affiliate of Emigrant Bank (and therefore covered by FDIC) or that Dollar Savings Direct cease proclaiming to the public that it is FDIC insured?

    Again, I assure you that there is a great deal of public interest — in every sense of the phrase — in the FDIC’s position on this issue. I thank you for the response that you have initially made, and I look forward to your considered response to this important, follow-up question.

    Jeffrey * * * * * *

    • New Jersian says:

      Thanks Jeff.
      I called FDIC today and had spoken to a FDIC deposit insurance specialist. She first asked me to call Dollar Savings Direct for the legitimacy of the relationship between the parent company and its division. After I asked if it is FDIC’s responsibility to enforce the requirement. She said that she would get back to me on Monday. I will share her response to other investors.

      I visited Emigrant Direct website, http://www.emigrant.com. I did not see the link of DSD as its division on the website and they suppose to proclaim DSD is their online division and was also insured by FDIC in their primary website – http://www.emigrant.com. I called DSD, they said because it is so new, they did not have time to update their website yet.

  7. jim says:

    These developments are really scary… when I look at the 1099 I’ll be getting, the Payer ID (tax id) is 13-5052245, or Emigrant Direct’s ID number.

    • New Jersian says:

      Does anyone know if Emigrant Bank (the parent company of Dollar Savings Direct) use the same tax ID 13-5052245? If DSD shared the same tax ID with Emigrant Bank, then I believe they are the same business entity and FDIC insurance applies.

  8. John C says:

    These developments are scary, what I am concerned is that if DSD goes belly up the FDIC won’t even react and they don’t know where our money is.I am considering moving to a brick and morter CD or at least a more reliable on-line account if we cannot get re-assuring answers soon.

  9. Adam says:

    Just one more thing I noticed in the FAQ’s on the dollar site the routing (ABA) # is 226070403. https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/en/common/information/FAQ.jsp#15

    If you look that up, it is registered to Emigrant Bank.

    http://www.routingnumbers.org/bank_routing_number_226070403.html

    It’s strange the FDIC has no info on them, but so far with the tax ID # and ABA matching Emigrant, it sounds like they are legitimate. Curious to see the outcome of the FDIC rep getting back to “New Jersian” on Monday.

    • New Jersian says:

      Thanks Adam to provide the information. I called DSD and wanted to establish second ACH link for another bank and was told the same routing (ABA) number. If it is the same ABA number with Emigrant Bank, it makes me feel better that DSD may be covered under FDIC. I am going to ask FDIC when they get back to me on Monday if parent company and the different divisions suppose to share the same ABA number.

      FDIC has verified that Emigrant Direct is the online division of the Emigrant Bank but they can not identify DSD. They said that a bank does not have to notify FDIC about their online division. Some banks do and some don’t. In my call to FDIC on Friday, one person asked me to find out the legitimacy of the DSD with Emigrant Bank. I was wondering how can we obtain the legal documentation from Emigrant Bank about the relationship? I had asked Emigrant Bank but only obtained verbal verification that DSD is a division of Emigrant Bank.

  10. Dave says:

    Firstly, I am not sure about whether or not comments to this site must be approved before posting or not, but the same comment was very long with a lot of technical details (yes this adds to the discussion!) so I’m not sure if it got rejected for a posting limit or not. No error message or confirmation was given with the previous submission, and nothing was displayed after posting. Feel free to delete the previous post (with the same content as below) if it did go through.

    I did whois queries for dollar savings, emigrant, and emigrant direct websites. This proves, at best, who is the legal registrant of the domain names in question (dollarsavingsdirect.com, emigrant.com, etc.) as well as where the DNS servers are, which would indicate where the websites are hosted. At the link below are all the technical details of what I found, but here is what it actually means:

    Keep in mind that the definition of a domain name is the first part of a website address. Domain names, for example, would be google.com, odu.edu, dollarsavingsdirect.com, emigrant.com, and so forth.

    This is what it means: dollarsavingsdirect.com, emigrant.com, and emigrantdirect.com All use Network Solutions and don’t provide their real physical address but instead a proxy service by Network Solutions (quite common for domain owners to use this service). All 3 have DNS services at Worldnic.

    Since Network Solutions will provide said services to anyone (And I suppose worldnic as well) there is the POSSIBILITY that IF dollar savings is a “rogue bank” and lying about emigrant affiliation, they simply registered the domain in the same way and have DNS services at the same place (entirely likely)

    Now, here is the scariest part: emigrant.com and emigrantdirect.com expire in 2013 but dollarsavingsdirect.com expires on MARCH 29, 2009. If dollar savings does not renew their domain name by that time, they will lose control of that domain name and it is highly likely some other entity will take control of dollarsavingsdirect.com and extort lots of money from the previous owners. (This scenario applies to the domain name ONLY and does not actually extend to any deposits or money put in the bank.)

    Hope this helps, and thanks for reading so far. All the details on everything the whois queries said are at the following link: http://pastebin.com/f7cf6ebce

    –Dave

  11. Jaundiced eye says:

    Is it worth all of this worry for an extra ~1% (at best) from an online account?

    I had an account with Dollar Savings Direct. It dropped to a one star rating after I opened the account.

    It says it is The Emigrant Bank of New York, NY. If you do a search on this bank, you’ll that it too has the one star safe and sound rating from bankrate.com; the lowest rating in its peer group. This is because they lost money in the quarter ending Sept. 30, 2008 and were (are still I assume) apparently holding a lot of commercial real estate and construction loans

    The worry about losing my money prompted me to close out this account which went along without incident luckily.

    EMIGRANT BANK
    NEW YORK, New York
    Bankrate.com Star Rating: one star

    more here: http://www.bankrate.com/brm/safesound/thrftmm.asp?fedid=137915

    I personally do not believe that it worth the risk, especially considering that its FDIC certificate maybe be expiring fairly soon as is noted above by another poster.

    Thanks but no thanks.

    • New Jersian says:

      I believe the domain name is not the same as the bank server. It is unlikely that people can take money out of bank server even they did not renew the domain name. The previous poster (Dave) did not say that the FDIC certificate will expire fairly soon, but the domain name. We may be a little paranoid, if DSD shared the same tax ID with Emigrant Bank, then I believe they are the same business entity thus the FDIC insurance applies. I am not concerned if DSD is FDIC insured even the bank has one star rating.

  12. John C says:

    So any suggestions on a safer on-line bank right now, looks like nobody comes close to 4% APY but I am willing to give up some returns for safety.I don’t like the idea of being locked into a CD for 6 to 12 months and looks like the rates on 6 months is pretty bad right now.

    • Jaundiced Eye says:

      John,

      I just opened a savings account with GMAC. The rate is at 3.2% for now. They are also selling 1-year CDs at 3.75% which is pretty good rate given the way things are right now.

      I do have a friend that has accounts with GMAC and he told me that they are professional in the way they operate and that he is satisfied with their service.

      GMAC is rated four stars (sound rating) by bankrate.com which makes me personally feel a lot better about having my money in an online account.

      Here is a link to other possible online banks that have money market and/or savings accounts with their rating shown by bankrate.com.

      http://www.bankrate.com/brm/rate/mmmf_highratehome.asp?params=US,416&product=33

      I hope this helps.

      The Jaundiced Eye

  13. Steve says:

    I believe DSD is in fact a division of Emigrant and therefore covered by the FDIC. But let’s consider a worst-case scenario: DSD is a “rogue” bank, it goes belly-up, and it turns out that it wasn’t FDIC insured, despite claiming that it was. I’d be willing to wager that the FDIC would still bail out the depositors. Why? Because people today have no confidence in the banking system. Everybody’s scared. If a bank falsely advertised itself as FDIC-insured and then depositors lost their money, the publicity would cause everyone else to question whether their own banks were lying about FDIC coverage. It might cause a panic. The Feds wouldn’t allow that to happen.

  14. Jeff says:

    As recently as this past Friday morning (January 2nd), as I reported later that day on this site, the FDIC wrote me (in response to my earlier inquiry), noting that 1) it could not confirm that Dollar Savings Direct is, in fact, a division of Emigrant Bank and, therefore, 2) could not confirm that funds placed with DSD are protected by FDIC.

    A few moments ago, the FDIC wrote back, replying to my follow-up inquiry (also posted on this site), stating that since Friday morning, “we have been able to ascertain that DollarSavingsDirect is a division of Emigrant Bank,” and that funds placed with either DSD or Emigrant Bank are protected under the same FDIC Certificate (No. 12054). I set out below the whole of the FDIC’s response to this key question.

    Note that according to the FDIC, deposits in both DSD and Emigrant Bank will “will be added together to determine your maximum allowable FDIC insurance coverage.”

    Note also that the legal “boilerplate” at the bottom of the FDIC’s reply states “The opinions expressed herein should only be considered advisory in nature. Such opinions are not binding upon the FDIC or its Board of Directors.” That said, the FDIC’s e-mailed reply nonetheless seems reassuring in a “real world” way. I hope this most recent information proves useful for those who read this site — and for all other prospective investors.

    Jeff

    Date: January 5, 2009

    Ref No: SCC2009F-00****-0

    Dear Mr. Jeffrey ******:

    Thank you for contacting the FDIC. In your email you asked the following:

    “Thank you for your initial response to my recent question. The substance of your reply – that because 1) in apparent violation of FDIC requirements, Dollar Savings Direct has yet to inform you of its primary website and 2) Emigrant Bank has reported to you a primary website different than that maintained (though evidently not reported) by Dollar Savings Direct, you “cannot confirm that Dollar Savings Direct is Emigrant Bank’s affiliate” – leaves me with a modicum of disconcerting ambiguity.

    “More particularly, and since Dollar Savings Direct is openly proclaiming that it is an affiliate (“division”) of Emigrant Bank and therefore that it is FDIC insured (“Yes, to the maximum allowed by law”),

    ,

    “and since you have state that you are not satisfied that it is either (for the reason you cite above), is it the FDIC’s intention to insist either that Dollar Savings Direct satisfy you that it is an affiliate of Emigrant Bank (and therefore covered by FDIC) or that Dollar Savings cease proclaiming to the public that it is FDIC insured?”

    [Here begins the substantive portion of the FDIC's response today:]

    Since your original correspondence, we have been able to ascertain that DollarSavingsDirect is a division of Emigrant Bank, and as such, they both have the same FDIC Certificate Number of 12054. Please be aware that if you have deposits in both Emigrant Bank and DollarSavingsDirect your funds are in the same FDIC insured institution and we will be added together to determine your maximum allowable FDIC insurance coverage.

    If you have any further questions regarding deposit insurance coverage, please contact the FDIC Call Center at 1-877-275-3342, Monday through Friday, 8 AM to 8 PM Eastern Time.

    If you wish to learn more about FDIC deposit insurance coverage, please see our brochure “Your Insured Deposits,” which provides answers to the most frequently asked questions about FDIC deposit insurance. This document can be found on our web page at: .

    As part of our ongoing efforts to improve our service to the public, we would appreciate it if you would complete a short questionnaire on the level of service you received from this office. The questionnaire can be accessed at .

    We hope this information is helpful to you.

    Sincerely,

    Federal Deposit Insurance Corporation

    Division of Supervision and Consumer Protection

    550 17th Street, N.W.

    Washington, DC 20429

    The opinions expressed herein should only be considered advisory in nature. Such opinions are not binding upon the FDIC or its Board of Directors. In addition, the information provided is not meant to be all inclusive and the opinions expressed herein are based upon the facts presented in the request. Any changes in the facts or circumstances may result in different conclusions.

    • Steve says:

      Very reassuring. Thanks, Jeff.

    • John C says:

      Jeff,

      Thanks for all the research, it is definitly re-assuring. Now the FDIC is aware of who DSD is and has confirmed their relationship to Emigrant. It was scary when somebody calls the FDIC and they could not confirm who DSD is or their relationship to Emigrant..This whole thing has spooked me enough to put money in several different accounts even if I don’t get the top rate.You know the old saying don’t put all your eggs in the same basket.Thanks again for all the help.

      John C

  15. Jim says:

    The bottom line is this is NOT how you treat loyal customers. I took 100k out of emigrant direct and will never return to any emigrant entity again.

  16. fern says:

    From the DSD website FAQs:

    Is DollarSavingsDirect FDIC insured?

    Yes, to the maximum allowed by law.

    Since each of EmigrantDirect and DollarSavingsDirect is an online banking division of Emigrant Bank, any deposits you have at Emigrant Bank, EmigrantDirect or DollarSavingsDirect are aggregated and FDIC insured up to $250,000 per depositor. Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $500,000; that’s up to $250,000 in all your individual accounts, and up to an additional $250,000 in your joint accounts.

  17. Jim says:

    Anyone know the history of gmacbank interest rates? I hate to open another account and get screwed next week with a major interest rate cut.

  18. Bill says:

    Steve,

    FYI…a little more info to support that DSD is indeed a part of Emigrant Bank….I use Quicken to manage my financial accounts. I had am Emigrant account in 2005 and closed it in 2007 when their rates went south. I opened a DSD account in Dec 2008. The routing/ABA number for the DSD account is the same as the old Emigrant. In fact it caused a minor conflict when downloading the DSD account info to my Quicken account for the first time and Quicken prompted me to identify which “Emigrant Bank” account to associate this info with.

    Bill

    • Steve says:

      Bill,

      I never had any real doubt about DSD’s legitimacy, but Jeff’s response earlier today from the FDIC was certainly reassuring. I’m convinced. I just hope the 4.00 percent rate continues for a while. Every time I go to the DSD website, I expect to see a lower rate, but so far so good.

      Steve

      • jim says:

        There were a couple question marks in there and some worrisome items, but everything SEEMED to be in order. I think we all owe Jeff a word of thanks for looking it all up.

        • Jeff says:

          Thanks, Jim. Again, I was happy to elicit, finally, a reasonably definitive reading from the FDIC. It was, surely, for a very good cause.

          Jeff

  19. ron says:

    Thanks for doing all the leg work Jeff. Now if we only knew whether or not you are a DSD operative, that would really give me chills.

    I am still not sure whether I should close my account or not, I am thinking of closing it! So that I can sleep soundly.

    • jim says:

      A DSD operative? I seriously doubt it.

    • Jeff says:

      A “DSD operative”? Not exactly, as they used to say in the Hertz commercials.

      No, I’m just a concerned investor, like each of you — with enough gumption to press the FDIC to give, finally, a straight answer to a legitimate question that many were asking (and had reason to ask).

      The correspondence that I had with the FDIC and posted here is straight “copy and paste” — that is, a verbatim rendition of what was said (less only my last name and 4 digits of the actual Reference No. assigned by the FDIC to my inquiry).

      These things said, I agree fully with Charlie’s notion that under the circumstances, the FDIC’s (eventual) position on the issue is surely worthy of public dissemination. It was for that reason that I posted that position (again, verbatim) on this site. Finally, it is for that reason that I commend the moderator (Jim) for summarizing the FDIC’s most recent statement on the matter in the “update” atop this page.

      Jeff

  20. Charlie says:

    Suggestion: Either the posters themselves or the admin should remove all the posts about Dollar possibly not being FDIC insured or being a “rogue” bank, for the benefit of those who don’t read through the whole long thread or who conclude that “where there’s smoke there’s fire”. This thread has now been referenced at the WSJ’s Wallet column (That’s how I got here), so the misinformation is being spread around the world.

    Destroying a reputation is a serious matter, ethically if not legally. Now that the accusations have been refuted with actual evidence, it would be helpful to clean out the junk.

    • jim says:

      I kept the comments and did one better, I put in a big notice at the top explaining that Dollar Savings Direct was FDIC insured. It’s a great suggestion, thank you.

  21. mad man says:

    Why in the world DSD / Emigrant keep it separate and no way for us to check?

    They could annouce on Emigrant website that they also own DSD / launched DSD.

    That will make us at an ease.

    • New Yorker says:

      It IS on the Emigrant Website. Go to Emigrant.Com and click the Privacy Policy link. In the Policy is detail on the “Official Emigrant Family”. Included in the family is DollarSavingsDirect. As this Policy resides on the Emigrant site, it should allay your concerns about Dollar’s legitimacy as it relates to an Emigrant Bank relationship.

  22. Ray says:

    Nice work, Jeff…DSD should send you a toaster or a set of steak knives. Thanks for the legwork.

  23. Rick says:

    Thanks. I just opened a Dollar 4% account and I was worried when I started to read all the posts but am glad for the great service you performed in straightening it all out.

    They are FDIC insured (that’s the good news) but today’s 4% customer could be left in the dust in the wake of another promotion, so one will have to “be vigilant” and keep an eye on “specials” offered by any of their affiliates.

    Rick

    • jim says:

      I heard through the grapevine that the 4% rate was going to fall within the next day or two. Not sure where it will go other than down…

  24. Worried says:

    Does anyone else get the feeling this is a Madolf like Ponzi Scheme, but through online banks. I tried to find this bank of the FDIC website and there was no record of it. I don’t trust that this is a legit bank at all. This seems very risky.

    I have a feeling the FDIC will clean their hands of this if the money goes away.

    • Charlie says:

      @Worried: What you should be “worried” about is being sued for libel, along with our (blameless) host. Accusing people or corporations of committing a felony with no evidence is serious stuff, and you are not as anonymous as you may think. If you are uncomfortable, your best course of action is either to contact the FDIC personally, as others have done, or to simply avoid this bank.

    • New Yorker says:

      Go to Emigrant.Com and click the Privacy Policy link. In the Policy is detail on the “Official Emigrant Family”. Included in the family is DollarSavingsDirect. As this Policy resides on the Emigrant site, it should allay your concerns about Dollar’s legitimacy as it relates to an Emigrant Bank relationship.

  25. Menachem says:

    I just called the FDIC and they told me over the phone that this bank is insured as a division of Emigrant.


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