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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 type of precious metals do you offer?

Why would I purchase precious metals through EmigrantDirect?

Are precious metals FDIC insured?

Can I lose money on my precious metals purchase?

What does "fineness" or "purity" mean?

How can I be sure of the purity of the products I purchase?

Do you sell mint-condition or proof coins, or limited editions?

Why are the product prices different from the “Current Market Pricing” shown on your website?

How do I purchase precious metals through EmigrantDirect?

Do I need an account to purchase precious metals through EmigrantDirect?

Do you accept other forms of payment for precious metals purchases?

Is there a minimum purchase requirement?

Is there a limit on how much I can purchase?

How is the pricing of purchases and sales determined?

When can I purchase precious metals?

Can I place my order over the telephone?

Do you charge sales tax?

When will I have to pay for my purchase?

Can I cancel my order or return my purchase?

If I elect to have my purchase delivered, how long will it take for me to receive my order?

How much does it cost for delivery of my precious metals?

What happens if the precious metals shipment is lost, stolen or otherwise compromised during shipment? Does shipping cost include insurance?

How are large orders shipped?

Can I store my products now and get delivery later?

Why can't I ship to a different address?

How long from the time I buy until the bars or coins are stored in the secured vault?

What is the cost of storage?

What happens to my stored metal if I close my American Dream Savings Account?

Are the contents of the vault secure and insured?

When will I receive the funds from my sale of precious metals?

Will I receive monthly statements?

Is this an IRS reportable transaction? Do I have to pay capital gains taxes on sales of precious metals?

 

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 1920’s 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.

What type of precious metals do you offer?

Currently, customers may purchase gold bullion bars and coins and may choose to store their holdings in our secured vault or take delivery. Current offerings are subject to change and additional metals (silver, platinum) may be available from time to time.

Why would I purchase precious metals through EmigrantDirect?

When you purchase precious metals with EmigrantDirect, you purchase with the confidence that comes with dealing with a trusted organization.

Our pricing is very competitive. You have the choice to store your bullion bars and coins in a guarded Brinks vault. Should you choose to store your products with us, we offer the ability to sell your bullion holdings. Upon settlement of your sale of precious metals, we will deposit your cash directly into your American Dream Savings Account.

Using our site could not be easier. It is reliable and simple to use, and our trained customer service team will be ready to provide assistance should you need it.

Are precious metals FDIC insured?

Precious metals are not FDIC insured. Precious metals are not a credit or deposit account. Your purchases will not earn interest and are not insured by the FDIC or any other government agency.

Can I lose money on my precious metals purchase?

Precious metals may lose value. Precious metals markets are volatile and unpredictable. This means that the value of precious metals may fluctuate widely and that your purchases could lose significant value. You should carefully consider the suitability of purchasing precious metals before making any decisions. EmigrantDirect does not provide legal, tax, or investment advice or opinions regarding precious metals products. You should consult your own legal, tax, or investment advisor.

What does "fineness" or "purity" mean?

The purity of a precious metal is measured in 1,000 parts. For instance, a gold bar of .995 fineness contains 995 parts gold and 5 parts of another metal. The American Gold Eagle is .9167 fine which means it is 91.67% gold.

How can I be sure of the purity of the products I purchase?

Client orders to purchase bullion bars and coins are executed through the industry’s largest bullion dealers. Additionally, the bullion coins we offer are provided by the United States Mint. Founded in 1792, the United States Mint is a bureau of the Department of the Treasury. The official mint of the U.S. government, it makes the Nation’s circulating legal-tender coinage, and it is regarded worldwide for its meticulous craftsmanship. American Eagle Bullion Coins are one of the United States’ only official investment-grade gold bullion coins. Their weight, content, and purity are guaranteed by the U.S. government. American Eagle Gold Bullion Coins are welcome in major investment markets worldwide.

Do you sell mint-condition or proof coins, or limited editions?

No. We only offer bullion bars and coins. A bullion coin is a coin that is valued by its weight in a specific precious metal. Unlike commemorative or numismatic coins valued by limited mintage, rarity, condition and age, bullion coins are purchased by investors seeking a simple and tangible means to own and invest in the precious metals markets.

Why are the product prices different from the “Current Market Pricing” shown on your website?

Current market pricing fluctuates with the market and other factors and does not reflect transaction and other costs charged when buying and selling through Precious Metals Direct.

How do I purchase precious metals through EmigrantDirect?

The ability to purchase and sell precious metals is provided as an added benefit for our American Dream Savings Account customers. Funds for the purchase of precious metals will be taken from your EmigrantDirect American Dream Savings Account. Proceeds of sales of precious metals will be deposited to your American Dream Savings Account.

Do I need an account to purchase precious metals through EmigrantDirect?

Yes. All customers must have an active American Dream Savings Account and must have available funds for purchases.

Do you accept other forms of payment for precious metals purchases?

No. Precious metals purchases may only be completed by payment directly from available funds on deposit in your active American Dream Savings Account at EmigrantDirect.

Is there a minimum purchase requirement?

If you are taking delivery of your precious metals purchase, you may be required to make a minimum purchase depending upon the state where you reside and the delivery will be sent. Please contact customer service for further information.

Is there a limit on how much I can purchase?

You may purchase as much precious metal as you desire as long as you have sufficient funds to complete your purchase. However, for security purposes we do impose limitations on individual transactions. Please contact Customer Service for more information.

How is the pricing of purchases and sales determined?

When you place an order, we communicate electronically with our supplier network to get real-time pricing for the metal, quantity and selection you have chosen. The offers we receive from these dealers are compared against each other to provide you with the best price available at that time. Your actual purchase price is determined upon execution of your order, which typically happens shortly after you place your order so it is common for your transaction price and final confirmed price to differ slightly due to market fluctuation from the time your order is placed and the time it is filled. For this reason, EmigrantDirect holds up to 4% more than your total transaction price from you available funds on deposit to ensure that you have sufficient funds to pay for your purchase. In some instances, additional funds are held to satisfy state and local taxes if you are taking delivery in New Jersey or Ohio. Customers are notified during the transaction process if state and local taxes apply.

When can I purchase precious metals?

Precious metals are available for purchase, and you may sell your stored precious metals, Monday through Friday from 9:30 AM to 4:00 PM ET. Specific to your ability to affect precious metals transactions only, we observe holidays as per the New York Stock Exchange (NYSE). Visit https://www.nyse.com/markets/hours-calendars for more information.

Can I place my order over the telephone?

No. For your security, you must login to your active American Dream Savings Account to place your order.

Do you charge sales tax?

State and local sales taxes are applied to the purchase of precious metals delivered to New Jersey and Ohio as there are no sales tax exemptions for precious metals purchases in those states. However, sales tax is applied only to delivery of precious metals in New Jersey and Ohio. If you choose to store your purchase at our secure Brinks facility, your purchase will not be subject to state and local sales tax. A number of other states assess sales tax on certain purchases however; our system will impose a minimum purchase amount for transactions by customers residing in those states. All purchases that are stored at our secure Brinks facility will not be subject to sales tax. We strongly advise that you consult your tax professional to better understand your specific tax situation.

When will I have to pay for my purchase?

Your estimated transaction amount will be posted to your account immediately upon your confirmation of purchase. These funds may be on hold for up to two days before being deducted from your American Dream Savings Account but they will not be available to you during that time. All transactions are final and there are no cancellations. In most cases, orders are settled within two business days.

Can I cancel my order or return my purchase?

No. Transactions are final and cannot be canceled. You may elect to sell back your stored purchase once that purchase has been paid for and stored.

If I elect to have my purchase delivered, how long will it take for me to receive my order?

Please allow 7 to 10 business days from the date of purchase to receive your order. You will receive tracking information once your order ships.

How much does it cost for delivery of my precious metals?

Shipping costs vary depending upon the value and weight of the requested delivery, delivery method and destination. Delivery costs are stated during your transaction.

What happens if the precious metals shipment is lost, stolen or otherwise compromised during shipment? Does shipping cost include insurance?

All shipments are insured for their full transactional value (shipping and insurance is included in the price if you selected delivery at the time of purchase). Please contact Customer Service immediately if your shipment is damaged or does not arrive.

How are large orders shipped?

Special arrangements may be made for armored delivery for large or high-value shipments. Please contact customer service to inquire about custom delivery options.

Can I store my products now and get delivery later?

Yes. You may request that any or all of your stored holdings be shipped to you at any time. You will be responsible for all shipping costs and must have sufficient funds in your American Dream Savings Account at the time of delivery request.

Why can't I ship to a different address?

For your security, we deliver only to the address of record on your account. Your address of record is thoroughly verified and cross-referenced at the time your American Dream Savings Account is opened and anytime you make a change to your profile address. The security of your holdings is something we take very seriously, so when delivery is requested to an address that has been recently changed in your profile, additional security measures must be taken. Precious metals purchases must be stored in our secure Brinks facility until such time that we can verify your change of address. This could take up to 90 days and you will be required to pay storage fees during that time. Contact Customer Service for further details.

How long from the time I buy until the bars or coins are stored in the secured vault?

Typically, purchases will be delivered to our secured Brinks vault within three business days from the date of purchase.

What is the cost of storage?

Storage fees are calculated daily based on the value of your holdings. Storage fees are billed monthly and will be automatically deducted from your American Dream Savings Account. Currently, storage fees are calculated at .80% (of the daily value of your holdings) per annum. If you do not have sufficient funds to pay your monthly storage fees, you will be notified. If you do not have sufficient funds to satisfy storage fees, you will not be able to take delivery of your stored precious metals at any time until such fees are paid in full. If you fail to pay your storage fees in a timely matter then we retain the right to sell a portion or all of your holdings in order to satisfy storage fees in arrears.

What happens to my stored metal if I close my American Dream Savings Account?

You may take delivery of your vaulted precious metals prior to closing your American Dream Savings Account or contact Customer Service for alternate arrangements.

Are the contents of the vault secure and insured?

Our Brinks secure vault is operated by the world's most highly respected security professionals. The vault houses gold for international banks, governments, and others who require absolute security and complete auditability, as we do. It has round-the-clock armed physical security and state-of-the-art electronic protection. Your bullion stored in the vault is insured by Lloyd’s of London for 100% full replacement value.

When will I receive the funds from my sale of precious metals?

Funds from the sale of your precious metals will be posted to your account within three business days from the date of sale. Any fees related to the storage of those metals will be deducted from the proceeds of your sale prior to deposit to your American Dream Savings Account.

Will I receive monthly statements?

Your precious metals transactions are available for viewing in the “Order History” section located in the “Precious Metals” tab in your American Dream Savings Account online. Withdrawals and deposits related to precious metals transactions will appear on your American Dream Savings Account monthly statement as do all deposits and withdrawals made during the statement period. Invoices are issued monthly for storage fees and are also available in the “Precious Metals” tab under the “Vault” section.

Is this an IRS reportable transaction? Do I have to pay capital gains taxes on sales of precious metals?

Please consult with your tax advisor for specific details regarding your personal tax situation.

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.