In Strange Move, Emigrant Bank Launches DollarSavingsDirect

Is no one simply upset that they abandon the better rate for their long time customers ate Emigrant Direct and make them jump through some hoops to get the better rate they are obviously willing to offer? Thats if the new rate is even found by the old customers. Sort of makes me want to take all the money out from any division of theirs.

It seems to just be expected that any move by a bank that gets them a little more money is fine even if its underhanded.

To ck and others:

No, I could frankly care less that they are 'Aren't giving this to their old customers without jumping thru hoops'..

what I care about is ING gave me the shaft. 4 days after my account with ING got to $7500 the rate dropped to 2.5%. They gave a 3% teaser floor last summer and got me in! Then it dropped to 2.75.... now I fund it more and they drop it again? That is crap!
DSD looks good. Fact is my $ is earning $.513/day with ING and will bring $.821/day at DSD.

I spoke w/Ken by phone at FDIC RE: DSD. He said it's FDIC insured $250,000/ acct. holder under Emmigrant Bk. DSD is a subsidiary of Emigrant. Subsidiarys are not listed on the FDIC web page. Subsidiarys are considered part of the parent bank. I told him I was concerned about the Bank Rate rating of 1 star. He said no problem. It's FDIC insured. Also, I was told by Ken and 4 other FDIC reps that the longest wait for depositors to get their money these past two years was 2 business days and that was Indy Mac. I'm going with DSD.Maybe they're keeping the apy at 4.00% cuz they think they'll be able to pull themselves up with deposit money coming in.

lucy,

what number did you call FDIC? I want to call them myself too.

intersting their C.D. dropped to 3.5% Makes me wonder if the savings is going to drop too.

otherwise I have been very satisfied. a friend told me about them and have not found a better rate any where else.

Hey MF in GA,

ING gave you the shaft YEARS ago when they became non-competitive with their LOW interest rates. Other competitors have beaten ING's rates for years now.

Come to think of it, you shafted yourself by even associating with ING for the last few years!

You can link more than one account. If your OTHER bank allows more than one, link it from there. I did.

For those still unsure as to whether the asserted relationship betweeen Emigrant and DollarSavings is legit, you need to visit Emigrant's website (emigrant.com). On the Emigrant site is a link to its Privacy Policy. This policy (on the Emigrant site) notes the following regarding the official Emigrant Family (you’ll note that a DollarSavingsDirect relationship is indeed cited):

This Consumer Privacy Policy is provided on behalf of the Emigrant Family of companies that offer consumer-related financial services: Emigrant Bank (providing a full range of banking products); its retail banking affiliates: Emigrant Savings Bank – Bronx/Westchester, Emigrant Savings Bank – Brooklyn/Queens, Emigrant Savings Bank – Long Island, and Emigrant Savings Bank – Manhattan; Emigrant Mortgage Company, Inc. (offering residential mortgage loans), Emigrant 1031 Direct (an affiliate of Emigrant Bank offering qualified 1031 intermediary services), Emigrant Agency, Inc. doing business as Emigrant Financial Services (featuring insurance, annuity, and mutual fund products), Personal Risk Management Solutions (a division of Emigrant Bank providing insurance advisory services), EmigrantDirect (a division of Emigrant Bank offering certain banking products and services via the Internet), New York Private Bank & Trust (a division of Emigrant Bank, offering private banking services), New York Private Bank & Trust, FSB, (an affiliate of Emigrant Bank offering trust services), and DollarSavingsDirect (a division of Emigrant Bank offering certain banking products and services via the Internet).

So unless Dollar hacked into the Emigrant website (not likely) and revised Emigrant's Privacy Policy Notice (even less likely), I think this should confirm the relationship for those still not convinced.

I have both DSD and WTDirect accounts. Love them both-thinkWTdirect will be higher than DSD in near future as i don't see DSD holding 4% much longer. hope they prove me wrong!