EmigrantDirect is not an Internet Bank: Why I’m Closing My Account

emigrantdirect

Remember when my checking account got broken into? Well, I had to close down my main checking account at Washington Mutual because of a security issue. This was the account that I had linked with all my online savings, brokerage, etc. accounts. Well, EmigrantDirect happened to be one of them. Now, I really didn’t have too much money there because I can get a much better rate elsewhere, but I kept it open just in case they offered a promo rate.

Since the original linked account with Emigrant was now closed, I had to link a new account to it. So I went to EmigrantDirect online and clicked on “Add Funding Account”. I figured I could enter the details online like every single other online account that I have and then do trial deposits. However, this is not the case. EmigrantDirect is the only “online” bank out of the many online accounts that I have that requires me sending a voided check via “snail mail”. Not only that, I also have to fill out an “Account Verification Form”, then take it to my bank to fill out their section. Then I have to sign it. If that’s not enough, I can’t even fax this information in. I called customer support and emailed and the answer was the same; I can’t fax it or complete it online. It must be mailed. So much for being an “online” bank.

So that’s why I’m closing my account and requesting a check for a whole $2.56 sent to my address. Because if they try to send it to my now closed linked account, it will just be denied and returned to them.

So EmigrantDirect, please stop misinforming your customers by calling yourselves an “online bank”. That is false advertising. I will be moving my money to your many competitors who, by the way, let me add multiple linked accounts without mailing anything anywhere and offer me a better rate. This is the online age. Please get with the program. Thanks.

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