False Alarm at AmTrustDirect - e-Money Market Will Remain at 5.30%
Oct 13, 2006 - 12:08 PM by Ken Tumin
It turns out that the big rate drop on the e-Money Market at AmTrustDirect was just an IT issue that caused the wrong rates to be posted on the website. They're still offering 5.30% APY across all tiers. The website has now been fixed to show the proper rate.
Although this mistake was just related to the display of the rates on the website, it does bring up the issue that banks often make mistakes, and they can sometimes adversely affect your account. There are federal regulations that provide some protection to consumers, such as those related to Electronic Funds Transfers. The important thing is to check your accounts at least once a month. If you wait too long before reporting an error, the bank won't be required to correct it.
How significant is this mistake? What are the chances that they'll make mistakes with my account? I've read about some people who have had troubles with their AmTrustDirect accounts. Others have been very pleased, and have also been pleased with AMTrustDirect's customer service. So I wouldn't read too much into this website mistake.
Please refer to my previous post for more info on AmTrustDirect.
Although this mistake was just related to the display of the rates on the website, it does bring up the issue that banks often make mistakes, and they can sometimes adversely affect your account. There are federal regulations that provide some protection to consumers, such as those related to Electronic Funds Transfers. The important thing is to check your accounts at least once a month. If you wait too long before reporting an error, the bank won't be required to correct it.
How significant is this mistake? What are the chances that they'll make mistakes with my account? I've read about some people who have had troubles with their AmTrustDirect accounts. Others have been very pleased, and have also been pleased with AMTrustDirect's customer service. So I wouldn't read too much into this website mistake.
Please refer to my previous post for more info on AmTrustDirect.
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Anonymous - #1, Friday, October 13, 2006 - 12:32 PM
That just shows how crappy their service is.
You mentioned about run on the back. Sure! I pulled all my monies out.
scott (anonymous) - #2, Friday, October 13, 2006 - 12:36 PM
I understand web site screw ups but what I found odd was I called the number for AmTrustdirect and was told by a live person about the new rate tiers, Then when I called the same number back they knew nothing about a decrease or tiers. Guess we can chalk it up to freaky Fri. the 13th
Anonymous - #3, Friday, October 13, 2006 - 2:13 PM
I have been battling AmTrust since the end of August complaining about my account history. Today they finally admitted IT errors on their website. My confidence in AmTrust is at zero. Good thing they provide a good old fashion paper statement to verify your activity. See below email:
Date: 10/13/06
From: AmTrust Bank
Subject: RE: Transaction History
Thank you for bringing to our attention that you cannot access your online history for your account.
We have learned of a technical problem involving to coding of our e-Money Market Accounts. The current coding is preventing updated information from transferring into the website. Our Technical Department is working diligently to resolve this issue.
We have requested that your account history be restored. That action will take 3-5 business days to be completed. We appreciate your patience and apologize for any inconvenience.
We value you as a customer and look forward to assisting you.
Feel free to contact us again if you need further assistance.
Sincerely,
Janet Fort
AmTrust Bank
Anonymous - #4, Friday, October 13, 2006 - 2:44 PM
.
My experience is similar. They make mistakes with transactions all the time.
They also delete their email response immediately after we open the email! I've never seen anything like this in real life. In movies like "Mission Impossible" perhaps it's to delete messages immediately. But here we are talking about normal banking for god's sake.
Amturst is not trustworthy at all. I'm out of there.
shrazzy (anonymous) - #5, Friday, October 13, 2006 - 2:58 PM
ya they do seem to have a poor online software. The interface isn't that great either. I only use them for CD's
shrazzy (anonymous) - #6, Friday, October 13, 2006 - 3:03 PM
I wouldn't be surprise if it did drop when e-loan will drop its rate.
But doing tiers for accounts is lame, especially when the spread is so great - $1.00 - $24,999.99
Anonymous - #7, Friday, October 13, 2006 - 3:21 PM
You'd think that after being in the banking business for 117yrs (Ohio Savings, AmTrust parent), they would know what they're doing. This isn't rocket science, it's really pretty simple. Money goes in, and money comes out. This is just another indication of the sub-standard operation they really are. They have a lot more problems then just listing the wrong APYs. Good luck (to the previous poster) getting your account history corrected in 3-5 days. Mine has been screwed-up for over a month, and still is. Their promises mean nothing....their lies just keep compounding. They are a disgrace to the banking industry!
Anonymous - #8, Friday, October 13, 2006 - 3:42 PM
>>This isn't rocket science, it's really pretty simple. Money goes in, and money comes out. This is just another indication of the sub-standard operation they really are.<<
Agreed!
>>Our Technical Department is working diligently to resolve this issue.<<
Resolve the issue? How the bleep did it happen in the first place? Don't they have any "QA" department besides Technical department?
Anonymous - #9, Friday, October 13, 2006 - 5:00 PM
I am closing my account as soon as I get my next interest payment. Ditto to what everyone else has said about one screwed up bank and customer experience.
Sould change their name from AmTrust to Don'tTrust.
Anonymous - #10, Friday, October 13, 2006 - 8:45 PM
This is true with all on line banks. Even Bank of America does not accept any promises made if account was opened on line. I have had several problems with my account and they just keep telling me that I may not have used proper promotion code.
Anonymous - #11, Saturday, October 14, 2006 - 9:40 AM
I'm closing AmTrust account. This is third time in one month that they lost my history.
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original reply from Amtrust....
-------------------
Dear Bob,
Thank you for bringing to our attention that you cannot access your online history for your account. We have learned of a technical problem involving the coding of our e-Money Market Accounts. This coding problem has resulted in updated information not being properly transferred over into the website. Our Technical Department is working diligently to resolve this issue.
We have requested that your account history be restored. That action will take 3-5 business days to be completed. We appreciate your patience and apologize for any inconvenience.
A statement was sent to you by regular mail on 9/24/06. Your next statement will be sent 10/23/06. In the meantime if you would like confirmation of your account activity, please call 1-888-696-4444 to speak with a Personal Banking Consultant. Representatives are available 24 hours a day for your convenience and will gladly assist you.
We value you as a customer and look forward to assisting you.
Feel free to contact us again if you need further assistance.
Sincerely,
Janet Fort
AmTrust Bank
Anonymous - #12, Saturday, December 9, 2006 - 4:35 PM
Since I opened a CD the website of AmTrustDirect is unavailable. Was this website a scam? Please let me know if somebody else has the same problem.
Banking Guy (anonymous) - #13, Saturday, December 9, 2006 - 5:50 PM
Sorry to read about your problems. Have you been able to reach their phone support? They have 24/7 phone support. Please refer to the top right of their home page.
It is not a scam. Many people have opened accounts with AmTrustDirect and have been happy with the service. They do make mistakes, but they do try hard to resolve issues.
AmTrustDirect is part of Ohio Savings Bank which is rated 3 out of 5 stars at Bankrate.com (performing). The bank has over $16 billion in assets. Here is their FDIC page. The FDIC pages often has the bank's web address included. But this page only lists Ohio Savings website. However, I am confident that AmTrustDirect is part of Ohio Savings Bank.
Banking Guy (anonymous) - #14, Saturday, December 9, 2006 - 6:03 PM
One other note, I've been able to access AmTrustDirect's website without problems. If you still can't access it, here's their support phone number: 1-888-228-8146
Anonymous - #15, Thursday, March 13, 2008 - 4:37 PM
STAY AWAY FROM AMTRUST
When I log in to check my account it changes on a daily basis by hundreds of dollars. This bank is a damn cartoon, and it would be funny if it were not my money in there. My funds will be out of their clutches in 14 more hours.
Then I noticed today’s rates on a “e-savings account” is 3.75% APY. In the meantime my “E-money market” has been reduced to 3.00% APY. I called to inquire about it and was advised I could move my cash over to a new account. Why in the hell would I do that if you guys cant keep my balance straight?
If it quacks like a bait and switch then it... I am thinking of moving my cash to Amegy Bank. Does anyone have experience with them?
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