Dedicated to Deposits: Deals, Data, and Discussion

AmTrustDirect Raises e-Money Market Account Rate to 5.30%

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AmTrustDirect just did a small rate bump on its e-Money Market account to 5.30% APY (from 5.26%). The APY applies to balances of $1 and higher. There are no minimum balance requirements, however, there is a minimum initial deposit requirement of $1,000. This is a new savings account that I first reported on in an August.

Currently, E-LOAN's new savings account has a big lead on yield (see post). However, AmTrustDirect has some better features such as the ability to link up to 6 additional accounts, the ability to fund the account by check and full phone access for account opening and service.

One of the downsides with AmTrustDirect's e-Money Market Account is a potential hard credit pull. However, a few who have opened this account have reported no hard pulls. Also, I have received definite confirmation that they no longer do hard credit pulls for opening a CD.

For more information on AmTrustDirect, please refer to this August post. Also, many commenters have provided their experiences with this e-Money Market account in this post.


Comments
38 Comments.
Comment #1 by Anonymous posted on
Anonymous
AmTrust has the worst on-line banking site and their secured mail and phone customer service is dismal at best.

I have had nothing but troubles with their Account History function showing incomplete information since I opened my e-Money Market account in August.

Today my account balance lost $2000 and the rep said the funds were on hold until Oct 1. The funds were transferred on Oct 12 and Oct 19 and were in the available balance yesterday. Then the funds reappeared this afternoon. A question by secured email said external transfers are immediately available. I got two different answers in one day.

I would be very cautious with AmTrust, they seem to have glitches in their computer systems and poor training for their customer service reps.

Also the customer service phone rep said you could not close the account for 6 months without a penalty.

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Comment #2 by Anonymous posted on
Anonymous
Since opening my AmTrust eMoneyMarket account on Aug. 29 it has been a complete nightmare. I made a total of three deposits, (including the initial funding) over a two week period. Every Monday morning since, a depost has disappeared from the account history section. I became concerned so I pulled all the funds out except for $50.00 (The available balance section showed the correct balance). The kicker came this week when the account showed a negative balance one morning of over $1300. How's that for a shocker?
I called their customer service each time I saw a new problem/error (total of 9 times). The CSRs were sympathetic, but had no authority to make corrections. When given the extension to speak with a "higher authority", in this case "Tony" (who is supposed to be the "Lead Deposit Operations Specialist"), the person who can get these account errors corrected once and for all, you have to leave a voice mail message as he never answers his phone. Of course, he never returns the calls. Great customer service, right?
I am going to close this account as soon as the six months are over, and hope the name "AmTrustDirect", "AmTrustBank" or "Ohio Savings Bank" never darken my doorstep again. I don't need anymore sleepless nights.
Warning....excersise extreme caution with this outfit!

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Comment #3 by Anonymous posted on
Anonymous
I have had no problems with AmTrustDirect whatsoever. The bank is a 100% legitimate outfit as I know people who use the physical bank branches for Amtrust and it is a VERY SOLID AND REPUTABLE bank and very highly regarded in the community. AmtrustDirect is NOT a shady outfit in any means, and has a huge asset base and its financials are excellent. It is actually one the more stable banks out there. The banking site uses the ORCC product which is actually one of the better online banking interfaces for an online bank and is used by other banks. Compared to Emigrant's system, it is like night and day.

The account history DOES NOT include the opening balance, but the FULL Balance on the account is shown in account details which is how the system works.

The postings on here are not detailed enough to determine what has happened. One must WAIT TILL the account shows it as AVAILABLE balance before one can pull the funds out of the bank. I have not experienced any problems with missing deposits from the account history section nor have had any issues with this account.

Firms like this are usually overworked which is why a call was not returned as the lead operations officers are not positions which are front line customer service representatives.

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Comment #4 by Anonymous posted on
Anonymous
I just opened a CD with them. How do I make sure they haven't done a hard pull?

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Comment #5 by Anonymous posted on
Anonymous
will they do a hard pull for each CD account I open?!

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Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
To check if they did a hard credit pull, you'll have to check with the 3 credit bureaus. This can be done free at here (note, only one free check per year).

But I expect mistaken hard credit pulls for opening CDs at AmTrustDirect to be very rare now.

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Comment #7 by Anonymous posted on
Anonymous
thanks for answering my Q. What if you open another CD, can they do another hardpull?

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Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
You should not expect any hard credit pulls for CDs at AmTrustDirect.

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Comment #9 by Anonymous posted on
Anonymous
What about a hard pull when opening an e-money market account?

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Comment #10 by Anonymous posted on
Anonymous
I have had good luck with Am Trust Direct. I opened a savings and cd on line. No problems so far

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Comment #11 by Anonymous posted on
Anonymous
i opened a mma and they did not conduct a hard pull

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Comment #12 by Anonymous posted on
Anonymous
Since I a opened a CD, the site of Amtrust and Amtrustdirect is unavailable. I will withdraw all the money I have in that bank if it exists because this situation is unacceptable for an online banking. Pleae tell me if you experience the same problem. In the meantime I hope the website of Amtrust direct was not a scam.
Dec 8 2006.

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Comment #13 by Anonymous posted on
Anonymous
In response to the above poster, yes, the AmTrustDirect sign-in is not working. But I was able to get account info by signing into the AmTrustBank website. You might want to try that.
Good luck with this.
Bill R.

http://www.amtrust.com/

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Comment #14 by Anonymous posted on
Anonymous
Directed by customer service to login at amtrust.com, and it did work properly.

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Comment #15 by Andy (anonymous) posted on
Andy
AmTrust is a train wreck. Service fees, confusing system, rude people, fuzzy math. I'm out! You may THINK your making high interest but remember, if it looks too good to be true...

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Comment #16 by Anonymous posted on
Anonymous
I noticed a security flaw in the way Amtrust works. After you sign up, your initial userid is your SSN. Amtrust's website is NOT encrypted for the userid entry. Your SSN can be intercepted.

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Comment #17 by James (anonymous) posted on
James
I opened a MM account at AmTrustDirect six weeks ago. I've had no problems with the web page at all. Interest amounts are calculated and posted correctly and on time. Happy with them so far.

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Comment #18 by Anonymous posted on
Anonymous
As one previous poster said, "the account history DOES NOT include the opening balance, but the FULL Balance on the account is shown in account details which is how the system works." Although I find this to be not very intuitive, I'll gladly accept this given the bank's high interest rates. It takes a bit more navigating on their web site than most other banks, but not a deal breaker to me.

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Comment #19 by Anonymous posted on
Anonymous
I have had some trouble with Amtrust's external transfer features, which are linked to a separate site. It returns errors from time to time when I try to make transfers online. It is very frustrating. It has been not working properly for the last 6 days!

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Comment #20 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 withdraw.

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 withdraw of CDs, they don't even accept fax).

However, they wire transferred 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 what is going on, the customer service 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 #21 by yus9 (anonymous) posted on
yus9
Just checked the FDIC website at

http://www2.fdic.gov/idasp/main_bankfind.asp

Shows 2 AmTrust listings with "Headquarters located in FL, Currently inactive"

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Comment #22 by Banking Guy (anonymous) posted on
Banking Guy
yus9, AmTrustDirect is a division of Ohio Savings Bank. Here's the FDIC page on this page.

AmTrustDirect should do a better job of proving that it's connected to Ohio Savings Bank. For example, Emigrant Bank (the parent of EmigrantDirect) has a link on its home page to EmigrantDirect. Emigrant Bank along with its URL is listed in the FDIC database.

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Comment #23 by Anonymous posted on
Anonymous
I have had nothing but problems with Amtrust since I opened a savings account with them. The bank has made a total of six large dollar amount unathorized transfers from my external account. I reported the problem two weeks ago and it still is not resolved. I have been trying to close my account and I am having troubles with getting assistance in closing the account. There is no guidance online and supervisors will not return calls.
Stay away. There are so many other options.

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Comment #24 by Anonymous posted on
Anonymous
I have had an account with Amtrust now for about 3 months. I have had no major problems until now. I just learned that Amtrust treats ACH pulls into a non-Amtrust account from Amtrust as subject to the "3" transaction per month limit. But if you push the funds from Amtrust to another bank using Amtrust's external transfer service, that does not count against the 3 limit - only against the "6" limit. This is an erroneous reading of the federal banking regulations. Under those regs, ACHs (set up at either bank) are considered "preauthorized transfers" and are subject only to the 6 limit. So something else to consider when evaluating Amtrust if you prefer to pull money rather than push it. (I prefer pulling funds because it minimizes the lost interest.)

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Comment #25 by Banking Guy (anonymous) posted on
Banking Guy
Seems like AmTrustDirect is even contradicting their own FAQ on the 3-per-month ACH out limitation.

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Comment #26 by Eric (anonymous) posted on
Eric
I also have an AMTrust Direct account that I started about 7 weeks ago. Overall I am very pleased w/ both customer service and interest rate. Indeed there are/were small details here and there most recent being the push/pull details for the 6 transfers out. In the AMTRUST ACCOUNT AGREEMENT it specifically says that a max of 3 "3rd Party" initiaited withdrawls are allowed (pulls) but no where on the website FAQ's does it mention these details it only says 6 debits. I recently had 5 of these and I received a notice by postal mail basically saying please keep this in mind going forward. The other possible problem is that withdrawls out are supposed to be a minimum of $50.00. This is possibly a major issue when other financial institutions are verifying this account during initial link up. Prosper for example added $0.53 and pulled $0.41. Again I'm sure this can easily be dealt with by supervisory employees if fees were levied. I endorse AmTrust 100% (so far).

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Comment #27 by Anonymous posted on
Anonymous
Well, at least in my copy of the Account Agreement (which you only receive after opening the account) from February 2007, it states "no more than three of these transfers may be by check, draft or similar order made by the depositor(s) and payable to third parties." This language tracks the federal banking regulations word for word. Unfortunately, Amtrust does not define what they mean by "similar order". And to my knowledge none of their competitors have interpreted "similar order" to include ACH pulls initiated at another bank.
Also, federal officials have already stated that ACH pulls are "preauthorized transfers" and as such are not subject to the 3 limit (only the 6).
The notice that Amtrust mails out specifically refers to the federal regulations. So it seems apparent that they intend to impose only the federal limitations (as opposed to a more restrictive scheme), and have simply misinterpreted those regs.

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Comment #28 by Anonymous posted on
Anonymous
From the company history provided on its site, as well as the info on the FDIC site, I gather this is Ohio Savings Bank FSB out of CLeveland. Based on 2006 bank filings, Bankrate.com lists Ohio Savings Bank as having a rating of 2 stars / 4. That rating is lower than virtually all the major banks.

It pays to always check.

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Comment #29 by Anonymous posted on
Anonymous
It appears that the amount needed to open an Amtrust money market has dropped from $1,000 to $1.

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Comment #30 by Anonymous posted on
Anonymous
I opened a money market account and AmTrust Bank did a hard credit pull through Equifax. Their online website is disappointing.

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Comment #31 by Anonymous posted on
Anonymous
AmTrust does make a hard credit pull through Equifax. It will show as Ohio Savings Bank.

Personally, I really don't care about them requesting my credit file, but some people do, so these are my 2 cents.

I don't mind the website; however, it does take about 5 business days for transfers to show on your account online. It brings some anxiety...

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Comment #32 by Anonymous posted on
Anonymous
I opened an account in early July and I've yet to see any interest calculated on my balance. I also had a bit of angst when I opened the account because it does take about 5 business days for transfers to show on your account online. My other online account did not withdraw any funds until AFTER the credit check had been made.

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Comment #33 by Anonymous posted on
Anonymous
I am having trouble accessing my account online today. The bank homepage works fine, but when I try to log into my account, I get an error message.

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Comment #34 by Anonymous posted on
Anonymous
I have had an account with Amtrust since May and have had no problems. I do have a basic question though- at 5.36% and adding approx. 300 a month, my interest payment has always gone up. This last interest payment was 1 dollar less than last month. I called and they said they were sending me a statement to review and call when I got it. I would think my interest payment must go up, not down as I increase the balance. Any bankers out there that can explain this, or was it an Amtrust error?
Thanks!

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Comment #35 by Anonymous posted on
Anonymous
I've never had an account where the interest rate was not listed on the monthly statement online. I have to do the math each month to see what interest rate I'm being paid on the funds I have in the account. I can see the interest rate displayed each time I sign on, but I feel it should also be reflected on the monthly statements. Why do you think this isn't being done?

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Comment #36 by Anonymous posted on
Anonymous
See my post 2 above. Yes, I'm an idiot. Interest rate went down to 5.21%, hence less interest payment. I suppose it would have been easier for them to tell me that when I called, but since I had not put 2 & 2 together, I can't throw any stones. Overall, I am happy with amtrust direct. Only negative comment would be the 5-7 day delay in posting additional contributions. We live in a digital age, and I aint buying 5-7 days to confirm funds are in my other bank. At 5.21 I'll deal with it though.

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Comment #37 by Anonymous posted on
Anonymous
If you read the terms and conditions or the policy the fine print clearly states you cannot close the acct for 6 mths and they hold your funds etc .... Most banks have this policy- I opened an acct back in May no problems-

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Comment #38 by Poinsetta (anonymous) posted on
Poinsetta
I was about to move my account from EmigrantDirect to AmtrustBank, but all the negative comments gave me a cold feet.

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