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No. of Recommendations: 1
I've had an account for a while now with EmigrantDirect and have been very happy with them.

Last Thursday (3/15) I found myself with an extra $500 in my checking account that was earmarked for rent, which is due on 4/1. Rather than letting it sit in my checking account for 2 weeks without interest being earned, I thought I'd be smart and transfer it to EmigrantDirect, hold it there, and then get it back a few days before rent was due. Sounds easy, right?

I did the electronic transfer on the 15th via the EmigrantDirect site, transferring $500 from my checking account to my Emigrant savings. A few days later I look and see that it's reflected in my balance, but not in my available balance. That's when I see the notation that it will not be available funds until 3/23 - more than a week after I asked for it to be transferred! Meanwhile, not only am I not being charged interest, but my money is held up in this limbo of not being available to me to use. Thankfully, it will (allegedly) clear and be available to get back in time to pay the rent. Here I was thinking I would do good by earning interest on my money, and instead I end up stressed out about having my money tied up and will ultimately only earn about 2 days worth of interest.

I could understand if I deposited a check, that they'd have to hold onto the money. But this was an electronic transfer - I thought those were relatively instant?

Just thought I'd pass on the warning in case somebody else decided to do the same thing.
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