Lost Patience And Trust- A Far Cry From A Banking Bulls Eye!

I was eager with opening the money market for 1.15% knowing that I was locked in for 6 months so if the rates when  down, I was still on the hook for 6 months regardless.

My other bank reduced my money market rate to .75 from 1.10% a big drop.

Opened my account online, since no paper  application could be mailed out. I did not even receive an e-mail confirming my online application, they take a hard credit check inquiry so I thought some e-mail welcome note, none. I screen all my junk mail so this was not an issue lost in a spam automatic deletion.

I called 3 separate times in three weeks, to inquiry how my account would be transferred over since I provided routing and account numbers. I was told my application was received, Second call the rep said a letter was going out requiring a copy of a utility bill and driver’s license.  No letter after another 1.5 weeks, called again and third rep said the letter should arrive very soon and mail back those two pieces of information, he also asked if I made a copy of the online application, I said no, I applied and hit the submit  button when finished thinking a confirmation e-mail would alleviate this. He said they would need this application copy in addition to the copy of my utility bill and driver’s license. Never told this when I initially called.

I called AmTrust Direct and cancelled my application process and mailed a stop payment to my existing bank so any ACH’s would  NOT occur from AmTrust Direct.

My account was $140K, I tried to stress the seriousness of purpose, all I got was inconsistent CSR’s and being  transferred to another group. 

Word to the wise, you may get a competitive rate for a very short period of time, but once you factor in the 6 months of staying with them, ordering your checks, no starter checks and the poor service, you’ll regret your decision. I am VERY glad I walked away unscathed.