Emigrant Direct Review
Online banks have lower costs because the automation of the internet allows them to hire very few account representatives. Emigrant Direct is based in New York and competes with VirtualBank, NetBank, Ing Direct, Everbank, and other online banks. Below you will find a little background information on Emigrant Direct.
Emigrant Direct Profile
EmigrantDirect is the online banking division of Emigrant Savings Bank. It is for consumer accounts only. Emigrant Savings Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920’s it had grown to become the largest savings bank in the nation. Today, Emigrant has $10 billion in assets and more than $1 billion in net worth. It operates as a full service bank through 36 branches in the New York metropolitan area, and through EmigrantDirect.com on the internet. As a traditional savings bank, Emigrant originates home loans in New York and 19 other states. Last year, Emigrant provided 5,000 home loans totaling $1.62 billion. As of year-end 2004, Emigrant has 250,000 depositors and 22,000 home loans. In addition to its own substantial loan portfolio, Emigrant has a loan-servicing portfolio of more than $7 billion for third parties. Emigrant’s wealth management division, New York Private Bank & Trust, has its own deposit products starting at $1,000,000. Emigrant Savings Bank is regulated by both State and Federal regulators. All deposits are insured by the FDIC up to the legal limit.
How to Open a Money Market Account with Emigrant Direct
Opening an American Dream Savings Account is quick, easy and convenient. The only requirements are that you have a valid tax identification number, US address and a personal checking account in a US Bank. In a few easy steps, you can open your account online by clicking on www.EmigrantDirect.com. You do not need any special software or hardware. However, because we utilize the highest security technology available, the browser you are using must support 128-bit encryption. We support the latest versions of Netscape and MS Internet Explorer browsers as well as older versions that still enjoy a significant market share. In addition to 128 bit-encryption, your browser must also have Javascript support enabled in order to view pages and process transactions correctly.If you still have questions, please call Customer Service at 1-800-836-1997.
Three Steps to Opening a Money Market Account
1. Completing the online money market application and selecting an initial funding option (ACH Debit or Mail a Check).
2. Once your application is completed and approved, EmigrantDirect must then receive funds (initial funding amount on the application) from your external linked checking account (if you funded via ACH debit), or when we complete the processing of the check you have mailed to us.
3. EmigrantDirect then sends you a letter, via U.S. mail, containing your account number, and instructions for completing the account opening process. This step, deliberately outside of the online environment, provides an added level of security for you.
You cannot view your EmigrantDirect account information or process additional transactions until you complete the instructions in this letter, and register your account number and other information that identifies you in the appropriate fields on EmigrantDirect.com.
