Dedicated to Deposits: Deals, Data, and Discussion

High Yield CDs at New AmTrustDirect

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Ohio Savings Bank, the parent of AmTrust, just launched a new internet division called AmTrustDirect which offers CDs that can be opened online. All the certificates of deposit have a minimum of $1K. The current 6-month, 9-month and 12-month APYs are 5.00%, 5.10% and 5.20%.

AmTrustDirect's FAQ does a good job of providing the details. Some of the important details regarding the CDs include:
  • Online application allows for funding by ACH transfer or check
  • IRA CDs are not available online
  • The early withdrawal penalty is 3 months of interest for terms 11 months or less, 6 months for terms of 12 to 23 months, 9 months for terms 24 to 47 months and 12 months for terms of 48 months or more
  • Accounts can be opened with up to two beneficiaries
  • Instructions to close a CD at maturity must be mailed. A check will be mailed to you in the amount of the closed CD.

Ohio Savings Bank is rated 4 out of 5 stars at Bankrate.com (sound). The bank has over $16 billion in assets.


Comments
40 Comments.
Comment #1 by scottjm61 (anonymous) posted on
scottjm61
I did a CD last year with AmTrust and was not that happy with them. First they did hard pull and then to close I had to mail a notarized letter

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Looks like our complaints about a hard pull have finally paid off. My AmTrustDirect contact just informed me that they've done away with the hard pull and now just do a soft pull. Refer to this post for more info.

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Comment #3 by Bob (anonymous) posted on
Bob
FDIC site states that AMTRUST Bank status is "inactive class" What does this mean?

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
I believe an inactive status is usually caused by changes in the bank, like if it changes its name. Since AmTrust is a division of Ohio Savings Bank, I think it's the only one that is FDIC insured. Those Amtrust banks listed at FDIC were in Florida. I'm not sure if these were associated with this AmTrust.

I would like to see a link to AmTrustDirect either at the FDIC or at Ohio Savings Bank. But with AmTrustDirect being a division of Ohio Savings, its web address isn't listed at FDIC. I have to admit that I can't prove AmTrustDirect.com is a division of Ohio Savings Bank. However, they have been around for awhile and are listed at Bankrate.com.

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Comment #5 by Justin (anonymous) posted on
Justin
I just checked my Equifax credit report. AmTrust (Ohio Saving Bank) DID make a hard credit pull on my records (on Aug. 2, 2006) at the time I open the CD.

They lied to you.
It sucks~~

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Comment #6 by Anonymous posted on
Anonymous
5.60% APY for 6,9,12months!
woah
and of course I signed up a week ago w/ 5.50
lol

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Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Rate drops did look more likely than a rate rise. They must be trying to compete with E-LOAN.

Regarding the hard credit pull, I have confirmed that their policy is to no longer do these pulls for opening a CD. Mistakes have been made in the past, and AmTrustDirect is working to correct these.

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Comment #8 by shraz (anonymous) posted on
shraz
hopefully they didn't do one to me for last week :)

I am wondering how long do they take to transfer the money to Amtrust from my original bank.

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Comment #9 by shraz (anonymous) posted on
shraz
turns out I made some mistake on the account # lol

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Comment #10 by shraz (anonymous) posted on
shraz
5.61% now
I believe they want to be on top for the 6months term

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Comment #11 by Banking Guy (anonymous) posted on
Banking Guy
I think you're right. That extra one basis point puts them ahead of E-LOAN's 6-month CD.

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Comment #12 by Anonymous posted on
Anonymous
Does anyone know if they're doing hard pulls when opening an e-money market account? I know there was some discrepency a little while back as to if they were or not. Some where getting hard pulls and some weren't and I was wondering if anyone has opened one recently?

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Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
The last word I got from them is that they may do a hard pull for the savings account (but not for a CD). I'm not sure if this is always the case.

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Comment #14 by shraz (anonymous) posted on
shraz
AMTRUST 1 YEAR 5.71% WOW!!
now they gonna make me open another account

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Comment #15 by shrazzy (anonymous) posted on
shrazzy
Hike increased for longer terms. It is better than when they first dropped the rate of 5.50% on all 18M+ last week

18 Month Promo CD 5.402% 5.55%
24 Month Promo CD 5.421% 5.57%
30 Month Promo CD 5.374% 5.52%
36 Month Promo CD 5.364% 5.51%
60 Month Promo CD 5.364% 5.51%

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Comment #16 by melech (anonymous) posted on
melech
I have a high yield CD with Amtrust; opened it on-line, ACH, state-of-the art, etc. Now, to close it and get my money back,I had to send in a letter --fax or email not acceptable. The bank claims not to have received it, although I sent it certified, and it was signed for.
The customer service rep says it will take up to 5 days to trace the letter, meanwhile I can't get my money.

Anyone have an email address or phone # of a higher up I can complain to? First line supervisor
not helpful.

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Comment #17 by shrazzy (anonymous) posted on
shrazzy
That kinda sux.


6month cd dropped to 5.46%

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Comment #18 by Banking Guy (anonymous) posted on
Banking Guy
Melech, I can understand how frustrating that can be, especially after you even got the letter certified. Not having an automated CD closing procedure is a significant issue in my opinion. I'll see if my AmTrustDirect contact may be able to help. If you could email me at bankdeals@gmail.com, I may be able to help.


Shrazzy, Thanks for the update on the 6-month CD rate. At least the 9-month and 12-month rate remains the same.

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Comment #19 by shrazzy (anonymous) posted on
shrazzy
well you spoke 2 fast ;)

RATE - APY
6 Month Promo CD 5.317% 5.46%
9 Month Promo CD 5.317% 5.46%
12 Month Promo CD 5.450% 5.60%
18 Month Promo CD 5.194% 5.33%
24 Month Promo CD 5.118% 5.25%
30 Month Promo CD 5.137% 5.27%
36 Month Promo CD 5.080% 5.21%
60 Month Promo CD 5.137% 5.27%

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Comment #20 by Anonymous posted on
Anonymous
Any more word on whether they do a hard pull when opening a cd or money market account?

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Comment #21 by Banking Guy (anonymous) posted on
Banking Guy
Shrazzy, thanks for another rate update. That's not a good sign.

Anonymous, about the hard pull. I've received very convincing info that they don't do hard pulls for CDs. They have mistakenly done hard pulls since they came out with this new policy. But they will offer to correct the pull for those situations.

For the money market, I believe the official policy is that a hard pull may be done. However, I've seen a few reports saying they didn't have one done. So your miles may vary on this.

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Comment #22 by melech (anonymous) posted on
melech
Banking Guy; Thanks for your offer to use your contact at AmTrust to check on the status of my withdrawal check. However, I can across (in the WSJ) the name of the VP for internet marketing for AmTrust and called him. He was actually quite helpful in getting me my check. But he did take a rather "official" corporate line about the reason that withdrawals require a letter request, check sent in the mail, etc. The reason, of course, is security. So don't look forthis policy to change soon.

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Comment #23 by Anonymous posted on
Anonymous
Since I opened a CD the website AmTrustDirect is unavailable. Is that site a scam? Please let me know if you experience the same problem.

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Comment #24 by Anonymous posted on
Anonymous
When you sign up, your initial userid is your social security number. To login the first time, you type your SSN at their website, which is NOT encrypted.

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Comment #25 by Anonymous posted on
Anonymous
Has anyone else been billed for MoneyHQ service and noticed that they changed the website AFTER we had signed up for the service?

Was charged $4.95 fee, have cache page showing initial website without fee being mentioned. Customer representatives lied to me and said promotional rates are subject to change. I did NOT SIGN UP FOR THESE TERMS AND AGREEMENTS. Also bank said credit would be received in 48 hours and it was not.

I have had multiple issues since signing up for this account and have to call every month multiple times. Money has been doubledipped from my account with an ACH transfer, I have been charged a $5.00 undeliverable mail fee, I was then charged a $4.95 fee and Ive only had this account for a very short period of time.

I now am believing this bank is FRADULENT. I am surprised noone has contacted the Office of Thrift Supervision and the respective state AG's and federal authorities on this bank.

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Comment #26 by Banking Guy (anonymous) posted on
Banking Guy
Sorry to read about your problems. I don't have an account with AmTrustDirect so I don't have experience with their MoneyHQ service. Is that the only way that you can do ACH transfers to your other bank accounts?

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Comment #27 by Anonymous posted on
Anonymous
I spoke with someone and threatened LEGAL action against AmtrustDirect if I have any more issues and if my funds werent credited back. Turned out they were going to charge me not 1 but 2 fees. Bank is a bait and switch type and you have to be very careful with them. These activities I believe are fradulent. I threatened I will contact the OTS and AG and federal authorities if I have any more issues and I took most of my funds out of the bank.

AmTrustDirect = Dont Trust. I would NOT use any banks in states which have crappy regulation structures. I moved all my banking over to HSBC which is located in my own state as per the HQ (Buffalo, New York). Also we had a Governor switchover with Spitzer becoming governor so I trust doing banking in New York state alot more than I do with Ohio Savings Bank.

The lady is like this wasn't fraud but thats what all criminals say. I didn't believe her one bit and I meant everything I said. The physical branches apparently honor their policies but with the online banking unit, they appear to play with a different set of rules.

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Comment #28 by Anonymous posted on
Anonymous
I spoke with someone and threatened LEGAL action against AmtrustDirect if I have any more issues and if my funds werent credited back. Turned out they were going to charge me not 1 but 2 fees. Bank is a bait and switch type and you have to be very careful with them. These activities I believe are fradulent. I threatened I will contact the OTS and AG and federal authorities if I have any more issues and I took most of my funds out of the bank.

AmTrustDirect = Dont Trust. I would NOT use any banks in states which have crappy regulation structures. I moved all my banking over to HSBC which is located in my own state as per the HQ (Buffalo, New York). Also we had a Governor switchover with Spitzer becoming governor so I trust doing banking in New York state alot more than I do with Ohio Savings Bank.

The lady is like this wasn't fraud but thats what all criminals say. I didn't believe her one bit and I meant everything I said. The physical branches apparently honor their policies but with the online banking unit, they appear to play with a different set of rules.

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Comment #29 by Anonymous posted on
Anonymous
AMTrust can NOT be trusted at all.

I had A CD account with them. Before the mature date, I asked at least 3 times if I can withdraw the CD with ACH transfer to my bank account, they all answered Yes, I even got a printed e-mail from them saying that I can do ACH transfer for CD withdrawal.

I trusted them and mailed a letter asking to transfer the money to my bank account using ACH (This process is so stupid, you have to send a mail to request the withdrawal of CDs, they don't even accept fax).

However, they wire transferred the amount and charged me 20$ on that regardless what I asked in the letter. My bank charged me another 10$ for the wire transfer.

I asked them again what is going on, the customer service then told me they don't have the procedure of ACH transfer for CD withdraw.

What a bunch of liars? I will never work with AMTrust anymore.

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Comment #30 by Anonymous posted on
Anonymous
Where is a good place to get a 6 month CD now? Small or no fees...

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Comment #31 by ShraZZy (anonymous) posted on
ShraZZy
no problem w/ amtrustdirect here. At the maturity, I used their online renewal to chose a different term. For another CD, I called and transfered the funds to my Amtrust Direct e-Money Market. So far so good =]

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Comment #32 by Antony (anonymous) posted on
Antony
I opened a cd 6.5 months ago online for $10,000 at a rate that was high for the time I opened it. This was absolutely the worst bank experience I have ever had! I have worked for banks as a branch manager for the last 6 years, so I know how banks operate, and AmTrust (I dealt with Ohio Savings before they changed their name) has the worst customer service and the most antiquated systems of any bank I've dealt with. As another person mentioned, in order to close the cd and get your money out, you have to mail a certified letter to a PO Box (no overnight requests accepted). They then take 4 to 5 days to process your closing request, and they then charge you $12.00 to have the money sent expedited. Otherwise, they mail you a cashiers check. Every single interaction with their bank personelle was met with employees who seemed not to care about their clients, and who were unpleasant to speak with. If I were you, I would not do business with this bank.

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Comment #33 by ShraZZy (anonymous) posted on
ShraZZy
Anthony, open a e-money market account with them and it will solve the closing and mail delay. Once your CD matures they send you an email asking you if you want to transfer the funds to your MMA by just calling. Amtrust Direct is getting better every year.

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Comment #34 by Anonymous posted on
Anonymous
Banking Guy --- Look again at Bankrate.com's ratings. This is not a four star out of five. It's a two star out of five (with five the best) with the CAEL rating of four (with one the best).

http://www.bankrate.com/brm/safesound/thrftmm.asp?fedid=1000304072

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Comment #35 by Dan (anonymous) posted on
Dan
I opened 2 CD's this year and then checked my credit report. No hard or soft pull from AmTrust. The FAQ's does state that ya have to request by mail in writing to close the CD.Just talked to a CRS and she states,"Both of your CD's were opened online, you are albe to send us a secure e-mail telling us how to send the funds back to you.""There is no cost for us to send you an official check but there is a $20 fee if you want it wired"

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Comment #36 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad they allow sending instructions via their secure email service. That makes it much easier. I've done this with both GMAC and VirtualBank. In those cases I just requested them to transfer into my savings account that I had with them.

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Comment #37 by Dan (anonymous) posted on
Dan
More good news at AmTrustDirect. I think there making some changes since they are under one name. Ohio Savings Bank no longer exists. All accounts are now under AmTrust. I'm a customer and got notice of this about 2 months ago.
When your CD matures, not only can you transfer the funds to another account at there bank, you can set up an automatic transfer to an another bank you have. This can be done by way of ACH (electronic transfer)and there is no charge!
Also, there is a $2.50 processing fee for interest check disbursements. But if you use ACH, there's no charge.

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Comment #38 by Anonymous posted on
Anonymous
I just closed my account today -- their web site security gives me cause for concern. As of this date, 7-22-2007 @ 8:18pm PT, I have access over the Internet to one of their internal systems running Microsoft Sharepoint. This is totally unacceptable. Their webmaster should be fired on Monday morning first thing.

http://img133.imagevenue.com/img.php?image=60778_amtrustbankerror1_122_447lo.JPG

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Comment #39 by Anonymous posted on
Anonymous
In my opinion, their security is not sound. Here's a snapshot of their MS Sharepoint website which I'm accessing right at this moment:

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Comment #40 by Anonymous posted on
Anonymous
I wish I had seen this blog before i signed up on line. I decided to open a savings account. I did the deed a few weeks ago. Today I get an email with "oops we gave you the wrong disclosure statements". The orignal statements for Gold accounts were no fees, no minimum balance, monthly interest. The new docs have $500 daily min to avoid maint.fees or to earn interest. Yeah ... no interest on balances less than $500.00 and to boot it all over my a#$S% the interest is accrued / paid quarterly. Should I sue?

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