Comments on: Emigrant Direct’s 60 Day Freeze Policy

By: Allan

Allan — Tue, 06 Feb 2007 06:37:43 +0000

I’ve never had problem withdrawing money from my EmigrantDirect account. However, Presidential Bank reqires a written letter to withdraw money which caused me to close my account there.

ING Direct is paying 4.5% APR, but they quoted 5.05%. The different between APR and quoted rate is the fee or profit they charge (margin). Normally, lenders spread this fee over the first year on mortgage loans, then the quoted rate kicks in for the rest of the loan’s life.

HSBC has been steadily paying over 5% the past year.

By: jack

jack — Mon, 21 Nov 2005 11:14:38 +0000

The fact that such a clause is not found in other financial institutions is irrelevant if the requirement is in gfact a legal one. those institutions are not required to publish laws in their disclosures, only policies. There are many requirements in the Patriot act that do indeed apply to financial institutions. These, as well as tens of thousands of other laws and banking regulations are not published in the consumer disclosures. If that were to happen your next credit card application would be the size of a phone book. If Emigrant is in fact including an important requirement of the Patriot Act for the consumer’s information, and others do not, then it is a credit to their opporation.

By: thc

thc — Thu, 10 Nov 2005 06:04:09 +0000

Financial institutions need to be very cautious these days about money laundering, especially on-line firms where no one really talks to the client. Money in and then out again in a short period of time is very suspicious.

By: fivecentnickel.com

fivecentnickel.com — Thu, 10 Nov 2005 05:17:01 +0000

Emigrant’s Dirty Little Explanation
The other day I wrote about Emigrant Direct’s dirty little secret… A clause in their terms and conditions that allows them to require 60 days written notice of any withdrawal. Well, it seems that jim over at Blueprint for Financial Prosper…

By: Guest

Guest — Wed, 09 Nov 2005 21:56:07 +0000

ING does not seem to have that policy. I’ve thoroughly read through their agreement. Likewise, Countrywide Bank does not have that policy either. Emigrant is not entirely being truthful.

Someone on FiveCentNickel said it is a New York Regulatory requirement. Perhaps it was put in after 9/11.

By: Scott

Scott — Wed, 09 Nov 2005 20:47:06 +0000

That’s interesting. I bet it would come into effect in a national emergency, when people might want their money most. I wonder if any of the other banks with high interest rates have the same thing?
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