Opening an Emigrant-Direct account takes a long time
10-15-2005, 02:22 PM
#1
Team Owner
Thread Starter
Opening an Emigrant-Direct account takes a long time
Why is this so complicated?
The first thing they do is run a credit check. (I'm not even sure if they told me they were going to do this or not). They then asked me to verify some info on my credit report. Then they stick two small amounts in the checking account I want to link. Now they tell me they are going to mail something to my house and I can't access my account until I get this letter.
Why is this so drawn out? I didn't even go through all of this to open up a trading account. Does ING take this long?
The first thing they do is run a credit check. (I'm not even sure if they told me they were going to do this or not). They then asked me to verify some info on my credit report. Then they stick two small amounts in the checking account I want to link. Now they tell me they are going to mail something to my house and I can't access my account until I get this letter.
Why is this so drawn out? I didn't even go through all of this to open up a trading account. Does ING take this long?
10-15-2005, 08:42 PM
#2
Suzuka Master
Join Date: Jan 2001
Location: Santa Clarita, CA
Posts: 8,546
Likes: 0
Received 0 Likes
on
0 Posts
ING does require verifying two small deposit amounts, no credit checks (which I think sounds reFRIGGINdiculous to open a savings account!). Pretty much painless.
These other wanabe online savings houses like emigrant and HSBC are trying to lure customers with their slightly higher rates or promotional account bonuses, but there's always some catch like longer waiting time for withdrawals, silly account termination fees in 6 months, etc.
Stick with ING, gimmick free, fast and hassle free.
These other wanabe online savings houses like emigrant and HSBC are trying to lure customers with their slightly higher rates or promotional account bonuses, but there's always some catch like longer waiting time for withdrawals, silly account termination fees in 6 months, etc.
Stick with ING, gimmick free, fast and hassle free.
10-15-2005, 10:34 PM
#3
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
i just opened an emigrant and am completely turned off by the process. i'm going to end up just opening a bunch of 9 month CDs at ING which yield 4.0%. fuck emigrant....their interface sucks balls too.
10-17-2005, 09:20 AM
#4
My Work is Done Here
Join Date: Jun 2004
Location: Still too far from the beach
Posts: 11,134
Likes: 0
Received 2 Likes
on
1 Post
Oh great, I just tried to switch to emigrant, and am currently waiting for the dumbass letter in the mail. WTF?
I'm going to be pissed if their interface sucks balls compared to ING.
I'm going to be pissed if their interface sucks balls compared to ING.
10-20-2005, 09:24 AM
#5
Team Owner
Thread Starter
Emigrant performed the bank transfer before I received the letter in the mail with my account information. So basically I have money sitting in an account at Emigrant that I can't get to yet. I'm pretty annoyed. 
10-20-2005, 11:28 AM
#6
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by ccannizz11
Oh great, I just tried to switch to emigrant, and am currently waiting for the dumbass letter in the mail. WTF?
I'm going to be pissed if their interface sucks balls compared to ING.
I'm going to be pissed if their interface sucks balls compared to ING.
it does
once i get my interest paid, i'm going to transfer everything back to ING and just open a bunch of 6 mo and 9 mo CDs.
10-20-2005, 11:30 AM
#7
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by doopstr
Emigrant performed the bank transfer before I received the letter in the mail with my account information. So basically I have money sitting in an account at Emigrant that I can't get to yet. I'm pretty annoyed.
Trending Topics
10-23-2005, 06:08 PM
#8
Burning Brakes
Join Date: Jul 2005
Age: 47
Posts: 1,202
Likes: 0
Received 0 Likes
on
0 Posts
They take forever. They eventually do send out the letters. Expect anywhere from 3 weeks to a month. Just wait. Calling them does no good. Pretty hard to reach. Interface is stupid too....but
Once it's up, it works, you get your money, the interface is stupid but does what you need. Deposit and withdrawl. That's it.
Once it's up, it works, you get your money, the interface is stupid but does what you need. Deposit and withdrawl. That's it.
10-24-2005, 12:32 PM
#9
Team Owner
Thread Starter
Well I got the letter in the mail today and did the account activation. It shows that my money is in there but it says the amount available is $0. Maybe it takes 24 hours after account activation? 
10-24-2005, 01:04 PM
#10
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by doopstr
Well I got the letter in the mail today and did the account activation. It shows that my money is in there but it says the amount available is $0. Maybe it takes 24 hours after account activation?
i can't wait till i get paid this month's interest, and the i'm outta there. no more emigrant direct for me...unless they have a huge discrepancy in savings rate % versus ING.
10-25-2005, 08:52 AM
#11
My Work is Done Here
Join Date: Jun 2004
Location: Still too far from the beach
Posts: 11,134
Likes: 0
Received 2 Likes
on
1 Post
Just got my Emigrantdirect mail so I can open my account. Their interface sucks ass compared to ING.And why does it say my interest rate is 3.92% when I click on the "i" icon on the account summary page???
Isn't supposed to be 4%??Pop quiz for the financial minds.... If I have $10,000 in my account at 4.0%, and $10,000 in another account at 3.4%, what is the difference (in dollar amount) that they will collect in interest each month?
10-25-2005, 09:02 AM
#12
Team Owner
Thread Starter
Well my balance is available today.
I believe the 3.92 is the APR while 4.0 is the APY.
http://www.investopedia.com/articles.../04/102904.asp
Defining APR and APY
APR is the annual rate of interest without taking into account the compounding of interest within that year. Alternatively, APY does take into account the effects of intra-year compounding. This seemingly subtle difference can have important implications for investors and borrowers. Here is a look at the formulas for each method:
For example, a credit card company might charge 1% interest each month; therefore the APR would equal 12% (1% x 12 months = 12%). This differs from APY, which takes into account compound interest. The APY for a 1% rate of interest compounded monthly would be [(1 + 0.01)^12 – 1= 12.68%] 12.68% a year. If you only carry a balance on your credit card for one month's period you will be charged the equivalent yearly rate of 12%. However if you carry that balance for the year, your effective interest rate becomes 12.68% as a result of the compounding each month.
I believe the 3.92 is the APR while 4.0 is the APY.
http://www.investopedia.com/articles.../04/102904.asp
Defining APR and APY
APR is the annual rate of interest without taking into account the compounding of interest within that year. Alternatively, APY does take into account the effects of intra-year compounding. This seemingly subtle difference can have important implications for investors and borrowers. Here is a look at the formulas for each method:
For example, a credit card company might charge 1% interest each month; therefore the APR would equal 12% (1% x 12 months = 12%). This differs from APY, which takes into account compound interest. The APY for a 1% rate of interest compounded monthly would be [(1 + 0.01)^12 – 1= 12.68%] 12.68% a year. If you only carry a balance on your credit card for one month's period you will be charged the equivalent yearly rate of 12%. However if you carry that balance for the year, your effective interest rate becomes 12.68% as a result of the compounding each month.
Last edited by doopstr; 10-25-2005 at 09:04 AM.
10-25-2005, 11:14 AM
#14
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by ccannizz11
Just got my Emigrantdirect mail so I can open my account. Their interface sucks ass compared to ING.And why does it say my interest rate is 3.92% when I click on the "i" icon on the account summary page???
Isn't supposed to be 4%??Pop quiz for the financial minds.... If I have $10,000 in my account at 4.0%, and $10,000 in another account at 3.4%, what is the difference (in dollar amount) that they will collect in interest each month?
I meant to say "yearly, if compounded monthly".
thanks!
10-25-2005, 02:50 PM
#18
My Work is Done Here
Join Date: Jun 2004
Location: Still too far from the beach
Posts: 11,134
Likes: 0
Received 2 Likes
on
1 Post
How the hell do you make a deposit on emigrant direct???
I'm about two seconds away from sticking with ING no matter how much lower their interest rate is.
I'm about two seconds away from sticking with ING no matter how much lower their interest rate is.
10-25-2005, 03:26 PM
#19
Team Owner
Thread Starter
I just did a 
and found out that the "transfer" buttons don't appear for atleast 24 hours after your first login. These guys really suck. 
Also, the help doesn't work in Firefox
and found out that the "transfer" buttons don't appear for atleast 24 hours after your first login. These guys really suck. Also, the help doesn't work in Firefox
Last edited by doopstr; 10-25-2005 at 03:29 PM.
10-25-2005, 04:09 PM
#20
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by doopstr
I just did a and found out that the "transfer" buttons don't appear for atleast 24 hours after your first login. These guys really suck.
Also, the help doesn't work in Firefox
and found out that the "transfer" buttons don't appear for atleast 24 hours after your first login. These guys really suck. Also, the help doesn't work in Firefox
it takes a good day before your account is officially available to transfer more funds in. be careful of those double transfers. they hit me for the same transfer amount, twice, and overdrew my brick and mortar checking account. luckily, i was able to call my bank and get the transfer reversed and the overdraw fee credited back. another reason i'm moving back to ING ONLY.
10-28-2005, 12:54 PM
#22
Team Owner
Thread Starter
Well I had to call them today to get them to turn on the "External Transfers" link on my account. I had to sit on hold for 20 minutes before someone answered the phone.
So they said to try the account in an hour. So I did. I now have the link but it says "No transfer relationships established'. I guess this means they forgot what my other bank's checking info is. Every other online service I have used since 1997 has offered the setup of this online. Why can't they?
Looks like I'll call them back on monday.
So they said to try the account in an hour. So I did. I now have the link but it says "No transfer relationships established'. I guess this means they forgot what my other bank's checking info is. Every other online service I have used since 1997 has offered the setup of this online. Why can't they?
Looks like I'll call them back on monday.
10-28-2005, 12:56 PM
#23
My Work is Done Here
Join Date: Jun 2004
Location: Still too far from the beach
Posts: 11,134
Likes: 0
Received 2 Likes
on
1 Post
I still haven't transferred the money out of my ING account. Emigrant only has $50 from me, and I'm not so sure that'll be changing anytime soon.
10-28-2005, 12:57 PM
#24
Suzuka Master
Join Date: Jun 2003
Location: SoCal
Age: 49
Posts: 8,333
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by ccannizz11
I still haven't transferred the money out og my ING account. Emigrant only has $50 from me, and I'm not so sure that'll be changing anytime soon.
10-28-2005, 06:08 PM
#25
Team Owner
Thread Starter
Ok, the issue of not knowing about my other bank account resolved itself. So I think it is finally good to go. Of course I won't fully know that until I attempt to put money in or out of the account. Hopefully I get some interest in a few days. End
Thread
Thread Starter
Forum
Replies
Last Post
mada51589
3G TL Problems & Fixes
79
05-03-2022 08:54 PM
justin7779
2G TL Problems & Fixes
8
12-25-2015 10:33 PM