Watch Out for Emigrant Direct Bank

Beware of unfair interest payment practices. When a customer closes a savings or money market account at most on line banks, one receives interest accrued through the date that the account is closed. EmigrantDirect is unusual in that any accrued but unpaid interest is forfeited as of the date that the account is closed. This practice is buried on page 5 of the 9 page Account Disclosure Statement provided to depositors, but it definitely works to the customers' disadvantage. Based on my 30 year career in the banking industry, its a rare and customer unfriendly practice. I forfeited approximately $75 in interest for closing my account on the 29th of July instead of the 31st of July.

DEPOSITORS BEWARE!