E-LOAN 5.50% Savings Account Opened and Verified in 3 Days
Oct 3, 2006 - 8:59 AM by Ken Tumin
On Sunday I applied for the new E-LOAN savings account. I used my GMAC money market account as the source of the funds. This Tuesday morning, the initial deposit was debited at GMAC and was credited at E-LOAN. The date of both was 10/03. So there should be no loss of interest. The trial deposits were also made at my GMAC account. I was able to log into my new E-LOAN savings account and verify the trial deposits. I'm now all set up earning 5.50% APY. The account opening process was easy and quick. The next thing to test is the speed of transfers to and from this account.
Unfortunately, the two trial deposits were followed by debits of those amounts. The loss of those trial deposits was no big deal, but what's more of a concern is that those debits will count against my 6 withdrawal per month limit at GMAC. This is important point for all those using a savings account to fund this new E-LOAN account. You'll get 3 debits from this process. The first is the initial deposit and the second and third are the debits from the trial deposits. Federal regulation limits the maximum allowed debits (excluding ATM withdrawals) to 6 per month for savings and money market accounts. At GMAC if you go over 6, there's a $10 fee for each additional debit. So keep this in mind if you're using a savings account as the link to your new E-LOAN account.
For more information on this new E-LOAN savings account, please refer to my previous post.
Unfortunately, the two trial deposits were followed by debits of those amounts. The loss of those trial deposits was no big deal, but what's more of a concern is that those debits will count against my 6 withdrawal per month limit at GMAC. This is important point for all those using a savings account to fund this new E-LOAN account. You'll get 3 debits from this process. The first is the initial deposit and the second and third are the debits from the trial deposits. Federal regulation limits the maximum allowed debits (excluding ATM withdrawals) to 6 per month for savings and money market accounts. At GMAC if you go over 6, there's a $10 fee for each additional debit. So keep this in mind if you're using a savings account as the link to your new E-LOAN account.
For more information on this new E-LOAN savings account, please refer to my previous post.
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scott (anonymous) - #1, Tuesday, October 3, 2006 - 9:06 AM
I did my first pull into my open account yesterday and money was in this morning. So it looks like one day to pull funds in. Will push some out today to see if that's also one day
scott (anonymous) - #2, Tuesday, October 3, 2006 - 9:13 AM
I just did the push and got an E-Mail instantly, Seems they still have the wording wrong, States 3 business day minimum, I think they mean maximum, Since that's a Federal Reg
Dear Scott,
We are processing your request to transfer funds.
Transfers generally take a minimum of three business days. You can check the status of your request by logging into your account at www.eloan.com/savings and clicking on the "Account Details" link in the left-hand sidebar. You will be able to view your Transaction History there.
If you did not make a request to transfer funds, please contact us immediately by sending a secure message or calling 866-576-7283.
Sincerely,
E-Loan, Inc.
6230 Stoneridge Mall Road
Pleasanton, California 94588
Banking Guy (anonymous) - #3, Tuesday, October 3, 2006 - 9:28 AM
Thanks Scott. Perhaps they play on the safe side by stating the 3 day min.
Srikanth (anonymous) - #4, Tuesday, October 3, 2006 - 10:04 AM
I also set up a transfer and it credied on the same day. The only question I have is does E-Loan show everyday interest as ING/Emigrant?
rub1232000 (anonymous) - #5, Tuesday, October 3, 2006 - 10:05 AM
I sent in another deposit yesterday and the funds were in the account this morning when I checked. Looks like deposits are made very quickly. I am very happy with the E-Loan account so far. I have not tried pulling money from the account.
Anonymous - #6, Tuesday, October 3, 2006 - 12:33 PM
Does anyone have the ABA routing number for the E-Loan savings account?
Anonymous - #7, Tuesday, October 3, 2006 - 2:38 PM
E-Loan Routing Number: 111925359
Anonymous - #8, Tuesday, October 3, 2006 - 6:00 PM
I called e-loan to get more info & was told that even though they're offering 5.50% across all tiers now, it won't necessarily stay that way. Apparently, they update rates weekly, every Wednesday.
Banking Guy (anonymous) - #9, Tuesday, October 3, 2006 - 6:27 PM
A reader had a good comment regarding the one-link limitation at E-LOAN:
E Loan Catch
You can not transfer money between one or more E-Loan accounts. This becomes important because E-Loan only allows one external account link per account. So, if your pulling your money out YOU MUST SEND IT BACK TO THE SAME SOURCE THE MONEY CAME FROM. For me, bringing in big chunks fromm Emigrant Direct and other sources would be a big mistake because I have to withdraw the money to the those same banks just to get the money out. If you are just trying to get the money back to your regular traditional checking account you might have to to do two transfers to just get it there. If you move it from an online savings account to your regular checking first before moving it into E-Loan then you've lost he benefit of the 5.50 apy waiting for all the transfers to take place. The E-Loan looked like a good deal until I realized they have it set up like the roach motel, "you can check in but you'll have a hell of a time checking out."
My suggestion would be to try to link to a high yield money market account with check writing (like GMAC Bank). That would give you quicker access to your money and would reduce loss of interest when transfering.
DS (anonymous) - #10, Tuesday, October 3, 2006 - 11:29 PM
so banking guy do you reccomend this eloan account or not and how transfer time anyone now
scott (anonymous) - #11, Wednesday, October 4, 2006 - 6:18 AM
Did my first push out of E-Loan and money was in linked account today. So looks like 1 day either way. Anyone who linked Emigrant to pull funds from should just change linked account after the initial pull. Best way to play this game is to have some sort of high yield checking account. My Salem Five checking account now at 5.43% has made for the perfect account to link to all my online accounts
Anonymous - #12, Wednesday, October 4, 2006 - 8:51 AM
Thanks for the ELoan post. I applied on Sunday night and today my ELoan account was funded. I switched from Emigrant which recently lowered their savings rate. ..
Anonymous - #13, Wednesday, October 4, 2006 - 9:55 AM
Could some confirm this please?
Does E-loan put HOLD on funds (initial and thereafter) like ING?
Banking Guy (anonymous) - #14, Wednesday, October 4, 2006 - 1:18 PM
About hold times, after I verified my account yesterday, it appeared that I was able to transfer out immediately. I just tested this out today with a transfer back to my GMAC account. It went through without a problem.
BTW, they provide an additional security step in transfers. They ask you a security question that you set up with them in the application.
Anonymous - #15, Wednesday, October 4, 2006 - 2:32 PM
I had to secure message them to find out my account number.
Also, they do not post the daily interest accrued like Emigrant- only monthly (from CSR).
Anonymous - #16, Thursday, October 5, 2006 - 4:45 AM
"Also, they do not post the daily interest accrued like Emigrant- only monthly (from CSR)."
What does that mean? Emigrant only credits the interest monthly, but it is calculated daily. If Eloan does not calculate daily, how does the interest earned relate to the balance if adding or subtracting $$$ during the month? Is the interest on the lowest monthly balance or the average monthly balance or what?
Anonymous - #17, Thursday, October 5, 2006 - 11:07 AM
E-loan: calculated daily, posted monthly.
Safecash (anonymous) - #18, Friday, October 6, 2006 - 9:49 AM
I moved from Emigrant and HSBC, yes I had to transfer out to my local linked checking account and then transfer to E-loan. I only lost 3 days of interest which I calculate will be made up in about 33 days. I feel E-loan will stay a leader in savings rates for awhile, while the others slowly drop rates.
Anonymous - #19, Saturday, October 7, 2006 - 4:13 PM
Scott says:
My Salem Five checking account now at 5.43% ...
Is this for real? The salemfive.com site has nothing like that.
Anonymous - #20, Saturday, October 7, 2006 - 8:35 PM
Scott is boasting about an account that he signed up for a long time ago that is no longer available to new customers and requires something like a $200k minimum balance.
Anonymous - #21, Thursday, October 12, 2006 - 4:08 PM
Just laughing about the post from the guy who said the e-loan process was like the roach motel. Easy to check in but hard to check out.
Are you kidding me? Easy as can be. And I have money at HSBC which is easy too. I opened the e-loan acct with 5,000 and once I get paid my interest from HSBC on the 23rd, I'll send it back to my local bank and then onto e-loan bank.
What is so hard?
Honestly... it's a great deal. So what if you have to send the money through your local bank first?
Some people can gripe about anything.
The E-Loan deal BLOWS AWAY every other deal out there. Period.
5.50%? I'm thrilled!
Anonymous - #22, Sunday, November 5, 2006 - 9:56 AM
the big deal is that you lose 1-2 days of interest... while the funds are being transfered from eloan to linked account (which has 1-linked max) to desired account. if you have just two accounts, one checking the other elaon, fine; however, with many different accounts such as checking, cd, money market and brokerages this is a BIG DEAL!
Anonymous - #23, Wednesday, November 8, 2006 - 5:51 PM
Last week I initiated two deposits to e-loan - one Thursday, the other Friday. Both posted on Monday, then they processed them again on Tuesday - for a total of $55,000 in unauthorized transfers. I just spoke to e-loan after a very long hold, and they say that due to a "glitch" all electronic transfers from yesterday and today were repeated. Do not do business with e-loan. They can't keep their systems running properly, I think the banking examiners should shut them down for this.
Anonymous - #24, Wednesday, November 8, 2006 - 5:51 PM
Last week I initiated two deposits to e-loan - one Thursday, the other Friday. Both posted on Monday, then they processed them again on Tuesday - for a total of $55,000 in unauthorized transfers. I just spoke to e-loan after a very long hold, and they say that due to a "glitch" all electronic transfers from yesterday and today were repeated. Do not do business with e-loan. They can't keep their systems running properly, I think the banking examiners should shut them down for this.
Anonymous - #25, Monday, November 13, 2006 - 11:41 AM
Same here--"due to a glitch" two unauthorized transfers by them, we are down by $30,000.00!
Their phone is impossible to get to. Enough of this nightmare. Not worth the rates for this headache.
Anonymous - #26, Saturday, November 25, 2006 - 7:32 PM
I wonder why bankrate.com does not show ELOAN in their ratings comparison now. Did you guys see that?
Thanks.
Banking Guy (anonymous) - #27, Sunday, November 26, 2006 - 2:00 PM
Yes, I've noticed that.
I've read that Bankrate.com charges banks to have a link included in the list. I don't think they charge just to be listed without a link.
I suppose a bank can request to be removed from the list, perhaps if they want to reduce the demand. That's the only reason I can think of why they're not on the list.
boba (anonymous) - #28, Thursday, January 11, 2007 - 10:19 AM
Does anyone have an address for Eloan?
I know they exist in cyberspace, but it would be nice to have a way to find them otherwise.
Banking Guy (anonymous) - #29, Thursday, January 11, 2007 - 6:34 PM
E-LOAN's address wasn't easy to find, but I was able to find it here:
6230 Stoneridge Mall Road
Pleasanton, CA 94588
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