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Frequently Asked Questions (F.A.Q.)

What is EmigrantDirect and who is Emigrant Bank?

Is EmigrantDirect FDIC insured?

How do I open an American Dream Savings Account?

How do I open a "My Way" Certificate of Deposit?

How do I know when my account is open?

Can I fund my account with a check?

Can I open an account with a beneficiary?

How do I access my money?

How do I make deposits into EmigrantDirect?

How do I set up regularly scheduled transfers into my American Dream Savings Account?

When are deposits available for withdrawal?

How long does it take for money I withdraw from my American Dream Savings Account to appear in my linked account?

How do you calculate interest?

How often will I receive a statement?

Can I have more than one checking account linked to my American Dream Savings Account?

How can I add a joint depositor to my individual account?

How can a beneficiary be added to an account?

How can I change or remove a beneficiary on an account?

How do I set up direct deposit?

Can I add money to my CD once it has been opened?

Can I withdraw interest from my CD?

Is there a penalty for early withdrawal?

Will I get notified when my CD is about to mature?

Is there a grace period upon maturity?

 

What is EmigrantDirect and who is Emigrant Bank?

EmigrantDirect is an online banking division of Emigrant Bank. It is for consumer accounts only. The Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920ís it had grown to become the largest savings bank in the nation.

As a traditional savings bank, Emigrant Bank, through its mortgage banking subsidiary, Emigrant Mortgage Company, is licensed to originate home loans and has provided 16,700 home loans. Emigrant Bank's wealth management division, New York Private Bank & Trust, has its own deposit products starting at $2,000,000. Emigrant Bank is regulated by both State and Federal regulators. All deposits are insured by the FDIC up to the legal limit.

Is EmigrantDirect FDIC insured?

Yes, to the maximum allowed by law.

Since each of EmigrantDirect and DollarSavingsDirect is an online banking division of Emigrant Bank, any deposits you have at Emigrant Bank, EmigrantDirect or DollarSavingsDirect are aggregated and FDIC insured up to $250,000 per depositor. Keep in mind that individual and joint accounts are insured separately, so if you have both types of accounts with us, your total deposits can be insured up to $500,000; that’s up to $250,000 in all your individual accounts, and up to an additional $250,000 in your joint accounts.

Plus, you may even be able to extend your FDIC insurance coverage at EmigrantDirect if you establish deposit accounts in different ownership categories. View our handy chart to learn more. For general information about the FDIC, visit their Web site, www.fdic.gov.

How do I open an American Dream Savings Account?

Opening an American Dream Savings Account is quick, easy and convenient. Just click on the Open Now! button on our home page. The only requirements are that you are at least 18 years old, have a valid tax identification number, a legal address and a personal checking account in a US bank. If you still have questions, please call Customer Service at 1-800-836-1997.

How do I open a "My Way" Certificate of Deposit?

It's easy. If you have an American Dream Savings Account, simply log on and click on the Open Account tab. If you do not have an American Dream Savings Account, click on the Open Now! button on our home page and complete an online application. Once your account is opened, you can log on and open your CD through the Open Account function.

How do I know when my account is open?

After you submit your online application, you will see a confirmation page with instructions on the status of your account. If your application is approved, you will be able to log on and see your account information immediately. If we need to take some additional steps to complete the application process, we will contact you in two to three business days with our decision.

Can I fund my account with a check?

Absolutely.  There is an option available in the online application process to make your initial deposit by mailing in a check. If you select this option, the site will give you instructions as to where to mail the check and how it should be written. Please note: The check must be from the same bank account you established as your linked funding account on the online application. EmigrantDirect will only accept checks for your initial deposit. Your external checking account will be linked to your EmigrantDirect account and you will process future transfers (deposits and withdrawals) electronically.

Can I open an account with a beneficiary?

Yes.  Accounts, either individual or joint, with a single beneficiary can be opened using the online application. You will need the address, social security number and the phone number of the beneficiary to complete the application.

How do I access my money?

The personal checking account that you use to make your initial deposit becomes your linked (or “External Funding”) account. You can logon to our site to access your account information and transfer funds electronically between your American Dream Savings Account and your linked account. Transfers are made via the Automated Clearing House (ACH) and usually take 2 to 4 business days. You can access your account information at EmigrantDirect.com anytime, 24 hours a day, and seven days a week.

How do I make deposits into EmigrantDirect?

Only your initial deposit may be made by check. All other deposits and withdrawals are done online through the external transfer function associated with your secure account information. Deposits and withdrawals pass between your linked funding (checking) account and EmigrantDirect via the Automated Clearing House (ACH) and usually take 2 to 4 days to process.

How do I set up regularly scheduled transfers into my American Dream Savings account?

Once you are logged on, just click on the Transfer tab. You can choose to make a one-time transfer, or schedule a recurring transfer between your savings account and your linked checking account. If you have more than one American Dream Savings Account, you can schedule those as well.

When are deposits available for withdrawal?

For security reasons, initial ACH deposits have a five business day hold before they can be withdrawn. Initial deposits by check have a 10 business day hold. Future deposits may also be withdrawn after five business days.

How long does it take for money I withdraw from my American Dream Savings Account to appear in my linked account?

Funds transferred via the Automated Clearing House (ACH) usually take from 2 to 4 business days, depending upon what time of day you initiated your transfer request. This is true for all external transfers into or out of the American Dream Savings Account.

How do you calculate the interest?

Interest on the American Dream Savings Account is compounded daily and credited monthly. For more details, see our Account Disclosure.

How often will I receive a statement?

You can see all your current transactions and balance information at any time. To view past statements, just click on the Accounts tab and then on the Statements link. You will be able to view and print up to 24 months of statements. All statements are issued monthly.

Can I have more than one checking account linked to my American Dream Savings Account?

At the present time, an individual may have up to two checking accounts linked to EmigrantDirect, including the checking account you used for your initial funding deposit. The name on the accounts must be the same as your EmigrantDirect account. We can only accept your personal checking accounts as linked accounts. Add the new funding account information in the Funding section under the Accounts section. Once completed, mail the voided check with your EmigrantDirect account number written in the memo portion of the check and a signed Account Verification Authorization Form to EmigrantDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562. The Account Verification Authorization Form must accompany the voided check in order for us to process your request. Faxes will not be accepted. Upon receipt of the voided check and verification authorization form and successful confirmation of account ownership, two small deposits will be transmitted to the new linked account. You will need to verify these amounts as you did for your initial funding account in order for the new link to be activated.

How can I add a joint depositor to my individual account?

Simply log on, go to the Customer Service tab and click on the Title Change link. You will see the option to add a joint depositor or a joint depositor with a beneficiary. For joint accounts on EmigrantDirect, the external linked funding (checking) account must also be a joint account and both names must appear on the check. You will need to send a voided check from the joint checking account, the amendment form and all required documentation to: EmigrantDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562.

How can a beneficiary be added to an account?

For individual accounts, simply use the beneficiary tab under the account view. This will allow you to add a beneficiary, and you can also update the address of a current beneficiary.

For joint accounts, both depositors will need to sign a form that is available in the Title Change link under the Customer Service tab. You may mail the completed form and any required documentation to EmigrantDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562.

How can I change or remove a beneficiary on an account?

Simply go to the Title Change link under the Customer Service tab. You may mail the completed form and any required documentation to EmigrantDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562.

How do I set up direct deposit?

You can set up direct deposits into your American Dream Savings Account by providing EmigrantDirect’s routing number (our routing number is 226070319) and your American Dream account number to the company that will be sending the funds to your American Dream Account.

Can I add money to my CD once it has been opened?

We cannot accept additional deposits to a CD account except at maturity.

Can I withdraw interest from my CD?

Yes. You may withdraw your posted interest at any time by transferring the money back to your linked funding account.

Is there a penalty for early withdrawal?

A penalty will be imposed if you make a withdrawal of principal prior to the maturity date. Please refer to the Account Disclosure for more details.

Will I get notified when my CD is about to mature?

Yes. We will mail you a written notice 14 to 30 days prior to maturity that your CD Account will be maturing. You will be provided with instructions that enable you to renew your account for a different term, make an additional deposit, a partial withdrawal or close the CD.

Is there a grace period upon maturity?

The entire balance in your CD Account will automatically renew at maturity. You have a 10 calendar day grace period from the date your CD Account automatically renews, in which you can close your CD Account without being assessed a penalty. If you choose to close your CD Account, no interest will be earned during this grace period.

If you need additional assistance, you can call 1-800-836-1997, seven days a week,
8:00 AM - 11:30 PM ET to speak with a Customer Service Representative.