Update 5/24/10: The promotion has expired. Please refer to this post for more details.
Late Friday afternoon, I called WTDirect to clarify some details about WTDirect's new savings account promo in which you can earn up to $500 on top of WTDirect's regular interest. The promo came out on Thursday. Here's my initial review of the promo.
The CSR answered the phone quickly and was quite knowledgeable about the savings account and the promo. If you have any concerns or questions about the promo, call WTDirect at 1-800-983-4732.
According to the CSR, the initial deposit can be a small amount. You just have to make sure the amount that you want to qualify for the bonus is in your account by 6/15/2010. The CSR recommended that you initiate the electronic transfer no later than 6/10/2010 to ensure it reaches the account by the 15th. I was told transfers typically take 3 business days to complete. When the bonus period ends, you can withdraw money on 9/16/2010 without it affecting the bonus. This information from the CSR corroborates what the fine print appears to state. [ Update: Readers have reported in the comments of being told by CSRs that the bonus will be based on the initial deposit. I'll check with WTDirect again about this issue. Update 5/24/10: I've confirmed that the initial deposit does not matter. Please refer to this post for more details. ]
Here are some notes the CSR mentioned regarding the application:
- There's no hard credit pull. It's just a soft pull via Equifax (for ID verification purposes). They also use ChexSystem.
- When you submit your application, you should be approved immediately if everything goes right. There will be nothing required to be mailed. You should receive a welcome kit in the mail within 5 to 7 business days.
- There's a possibility that your application won't be immediately approved. It may be given the status of "under review". In that case you may be requested to mail or fax in some documentation such as proof of residence.
- Online application only allows for one beneficiary designation (see update below). However, you can add two more. This requires that you download the form from WTDirect's website. The form needs to be mailed or faxed. [ Update: A reader reported the following: "I completed my application yesterday online and it allowed me to have two beneficiaries. I didn't try but one can probably add more than two." ]
- The promo could end early. If you apply when the promo page is still active, you should qualify for the bonus.
One other thing to note that was mentioned by the reader glxpass is that the regular interest rate (currently 1.16% APY for balances of $10K+) is variable and could go down during the promo period. This could bring the effective yield to under 5%.
Several account details are listed in the WTDirect account disclosure.
As I mentioned in the previous post, WTDirect offers free standard bank-to-bank ACH transfers. The transfer limits are large: inbound limit = $500K per transaction and per month, outbound limit = $200K. According to WTDirect's website, standard transfers may take up to 4 business days to complete.
WTDirect does offer next-day transfers, but there are some fees and limits on the transfer amounts. Here are the details described at WTDirect:
Next-Day Transfers are available to qualified clients. There is a $10 charge for each outgoing transfer, a $2 charge for each incoming transfer. Next-Day Transfers must be set up no later than 3:00PM ET to be processed in time for next-business day delivery.
Next-Day Transfers can be made only to an external account to which a previous transfer has been made. Inbound limit per transfer = $2,500. Inbound daily limit = $5,000. Inbound Outstanding Limit = $10,000. Inbound limit per 30-day period = $20,000. Outbound limit per transfer = $2,500. Outbound daily limit = $2,500. Outbound Outstanding Limit = $5,000. Outbound limit per 30-day period = $20,000.
WTDirect is a division of Wilmington Trust FSB which has been a FDIC member since 1994 (FDIC Certificate # 33911). Deposits at WTDirect are FDIC-insured with Wilmington Trust FSB.
For more details about WTDirect and this promo, please refer to my WTDirect savings account and bonus review.
Update 2:35pm CDT 5/22/10: Updates were made based on readers' comments. See [Update] notes above.