Update on the E-LOAN 5.50% Savings Account - 2nd Account, Xfer Speed and Other Reviews
Oct 9, 2006 - 9:13 AM by Ken Tumin
I tried opening another E-LOAN savings account so I could link to another external account. As I mentioned in this previous post, this does allow you to get around the single ACH link limitation. Both accounts will be shown on your account page. However, E-LOAN currently does not allow internal transfers between multiple savings accounts.
I was hoping that the process of opening another savings account would be quicker than the first. Unfortunately, it's the same exact process, even if you use the "open another savings account" link on your account page. To ensure the new account gets grouped with your existing savings account, it states that you must use the same user name and password in the application.
During the application for my second account, I noticed a few things I missed in the first application. In step 2 where you fill in your personal info, there's a link under the username/password field for beneficiaries. Click this link and additional fields open where you can add optional beneficiaries. Note the social security number field for the beneficiary is optional. Also in step 2, there's a privacy opt-out link under the security code verification box near the bottom. Clicking on this will open a new window. Filling out this info should prevent E-LOAN from giving out your info to its partners.
After the application was done, I logged back in and saw the new account showing up in my account page. I now have to verify the trial deposits just like the first account.
Last week I was able to withdraw money out of the E-LOAN account just one day after I verified the trial deposits (probably could have done the withdrawal on that day). The transfer was quick. I made the request on Wednesday and the deposit showed up at my GMAC account on Thursday.
You may also be interested in reviews of this E-LOAN savings account from other sites. My Money Blog provides an image of the account page. He also notes that there is no download link for Quicken or MS Money. Punny Money has a 3-part series on the opening process. A good point is made about why the initial deposit is debited from your linked account before trial deposit verification. Seems like the debit should only be done after the verification of the trial deposits. And of course FatWallet has a E-LOAN savings account thread. Several have confirmed that there are no hard credit inquiries for opening this account. Also, it's mentioned that although E-LOAN does not allow withdrawals to be done from outside accounts, it does allow ACH deposits. The routing number is 111925359. Since the first 5 digits of your account number are hidden in the account page, you'll have to contact them for this information.
For more information on E-LOAN, please refer to my previous posts:
I was hoping that the process of opening another savings account would be quicker than the first. Unfortunately, it's the same exact process, even if you use the "open another savings account" link on your account page. To ensure the new account gets grouped with your existing savings account, it states that you must use the same user name and password in the application.
During the application for my second account, I noticed a few things I missed in the first application. In step 2 where you fill in your personal info, there's a link under the username/password field for beneficiaries. Click this link and additional fields open where you can add optional beneficiaries. Note the social security number field for the beneficiary is optional. Also in step 2, there's a privacy opt-out link under the security code verification box near the bottom. Clicking on this will open a new window. Filling out this info should prevent E-LOAN from giving out your info to its partners.
After the application was done, I logged back in and saw the new account showing up in my account page. I now have to verify the trial deposits just like the first account.
Last week I was able to withdraw money out of the E-LOAN account just one day after I verified the trial deposits (probably could have done the withdrawal on that day). The transfer was quick. I made the request on Wednesday and the deposit showed up at my GMAC account on Thursday.
You may also be interested in reviews of this E-LOAN savings account from other sites. My Money Blog provides an image of the account page. He also notes that there is no download link for Quicken or MS Money. Punny Money has a 3-part series on the opening process. A good point is made about why the initial deposit is debited from your linked account before trial deposit verification. Seems like the debit should only be done after the verification of the trial deposits. And of course FatWallet has a E-LOAN savings account thread. Several have confirmed that there are no hard credit inquiries for opening this account. Also, it's mentioned that although E-LOAN does not allow withdrawals to be done from outside accounts, it does allow ACH deposits. The routing number is 111925359. Since the first 5 digits of your account number are hidden in the account page, you'll have to contact them for this information.
For more information on E-LOAN, please refer to my previous posts:
Featured Accounts
Useful Resources
Nationwide Savings Accounts
Anonymous - #1, Monday, October 9, 2006 - 11:14 AM
What does it mean by ACH deposit? Is it direct deposit?
rub1232000 (anonymous) - #2, Monday, October 9, 2006 - 12:51 PM
has anyone else been getting this message when logging into your E-Loan account for the past couple of days:
"This page is temporarily unavailable while we perform regular system maintenance. We apologize for the inconvenience. "
Anonymous - #3, Monday, October 9, 2006 - 1:09 PM
Does Eloan require a hard pull?
Srikanth (anonymous) - #4, Monday, October 9, 2006 - 3:17 PM
Yeah, I get the same message and cannot log on. Also, I had setup a transfer before the maintenance out of my account which has apparently disappeared.
Anonymous - #5, Monday, October 9, 2006 - 3:38 PM
yes, I think they do maintenance between 10 pm -12 am (Pacific time). I could not do any transfer during this time.
Banking Guy (anonymous) - #6, Monday, October 9, 2006 - 7:09 PM
A direct deposit is one type of an ACH deposit. For online banks, they allow you to initiate an electronic funds transfer across to transfer money between your different bank accounts.
So far, it appears E-LOAN does not do a hard pull.
About that maintenance message, I also noticed that over the last couple of days on my account page. Not sure what it means. It didn't seem to affect my opening of another account.
Srikanth (anonymous) - #7, Monday, October 9, 2006 - 11:22 PM
IS there some way you can see the interest accumulated till date on E-Loan, as ING/Emigrant show you?
Anonymous - #8, Tuesday, October 10, 2006 - 11:57 AM
"S there some way you can see the interest accumulated till date on E-Loan, as ING/Emigrant show you?"
yep...get out your calculator every day :)
Anonymous - #9, Wednesday, October 11, 2006 - 4:01 PM
I initiated a transfer today.
Does anyone know if we can see history of transfer requested like ING?
Anonymous - #10, Saturday, November 11, 2006 - 1:41 PM
"Since the first 5 digits of your account number are hidden in the account page, you'll have to contact them for this information."
-- The account number is available on the monthly statement.
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