| 5 star: | (8) | |
| 4 star: | (2) | |
| 3 star: | (1) | |
| 2 star: | (3) | |
| 1 star: | (6) |
Really bad experience trying to opening an account (yeah, deposit your hard-earn money) with aggressive and rude customer "service". Bank is from last century. Apparently they do not want more customers, so do them a favor and deposit your money elsewhere (where you will get more respect). Total waste of time dealing with these jokers.
Really bad experience trying to opening an account (yeah, deposit your hard-earn money) with aggressive and rude customer "service". Bank is from last century. Apparently they do not want more customers, so do them a favor and deposit your money elsewhere (where you will get more respect). Total waste of time dealing with these jokers.
For over a week I have been sending messages regarding opening a CD for my IRA. Each time I got a boilerplate response and no one answered my question directly. After applying for the account and sending all the required documents to get approved I called to ask where I'd find the option to specify my CD is an IRA only to find out they don't offer IRAs. Don't waste your time with these people. If they don't understand the term IRA the how can you trust them to handle your money. I spoke with the supervisor who was equally apathetic. I now understand what others are saying about the difficulties and frustration dealing with these people.
I opened a CD the other day and found the process to be easy. When you open an account it's automatically a 'savings' account which you can use to fund CD's. That part wasn't clear. Once I saw the deposit was under 'savings' I called and the released the hold on the account so I could open the CD. I'm not sure how long the hold would have been active if I hadn't called. The CD was easily opened from their website. The savings account can have a zero balance. The link to my external account went through without a hitch. You can do one linked account and then after 60 days you can add another. They actually transferred the money from my external account before I did the 'two deposit' verification. The representative I spoke to was excellent and I was only on hold for a couple of meetings. I saw someone else said you needed a cancelled check to open which was not the case for me.
I've had this account with Dollar Savings Direct for years. Originally, authorizing my funding account was easy, with 2 small deposits. NOW, they want me to send them a voided physical check in the mail. What in the heck? How stupid is that! I don't have an account with my original funding account anymore. So now, I can't deposit ANYTHING into my Dollar Savings Direct account until I mail them a voided check from my new account! This is 2024, DSD! Get it together!
Tried to transfer money from DSD account to external savings account. ACH was initiated from the external savings account. DSD charged the money back to DSD account. Called DSD, then found out they do NOT allow transfer out initiated from external account.
Another limitation is that they only allow linking 2 external CHECKING accounts. can NOT link external SAVINGS account.
With their 3.5%APY now, this bank is not for me.
I opened an account with DSD back in October 2022 and quickly learned how restrictive they are about funds transfers. They flat out refuse to accept any transfers made from outside of their own website, so you are basically locked in to moving money in or out to your original external account used in the initial funding process. You are granted a total of (1) external account be attached to your DSD account. The same external account you would have used in the application/funding process.
Couple this odd policy with the fact that their once competitive 3.50% APY rate has not budged since it was posted months ago, despite dozens of other banks raising their rates well beyond the mid 3s in November, December and soon January.
I was left feeling much too limited with my DSD account to continue actively using it, so I went out searching for a more satisfying online bank. I found several including Customers Bank and UFB Direct.
Needless to say, I pulled all my cash out of my DSD account back on December 1st and have not looked back. Just too many more attractive and flexible options out there right now to settle for second best.
*Great Rate at 3.5% * Excellent Capitalization Ratio at 26%, That's more than double than the average bank. *Great user friendly website with a lot of useful account information details. Includes message center, add/edit beneficiary, shows current interest rate.
I have had accounts over the years at various high interest banks. Opening the account with DSD was very simple and straight forward. Zero complaints. The website is simple but just fine for setting aside emergency funds and getting reasonable interest. I jumped through hoops opening a brio direct account earlier this summer. But they were paying good interest. I closed my account as soon as I realized they never updated the interest to the current rate. Shameful act on their part.
My UFB account offers 3.16 which is the highest of any on line bank so far so the DollarSavings rate of 3.5 was attractive. But I have a centralized account for all cash transactions (plus I dont like banks dictating how I need to withdraw my own funds) .
In short I have a Chase account where all my transactions are done from chase. I prefer all cash exchanges to funnel through one website especially since I conduct many transactions per month and also large transactions. So it makes sense to centralize a cash in/out flow from 1 source.
The problem is Dollarsavings will not allow me to withdraw DollarSavings funds from my Chase website. They will allow me to push a deposit into the Dollarsavings account from the Chase website but I must go on to the Dollarsavings website to make a withdrawl. I verified this before I went through any kind of application hassle (they answered quickly so 5 stars for that)
Thats too bad. Ive done business with many banks and 5 online banks (Ally, Bask, Sofi, Synchrony, CIT and UFB) and none of the banks do business like this.
The other concern is some on line banks take 2 weeks to process withdrawals. I had this problem with CIT which resulted in account closure.
So Im passing on what seems to be a rather atypical withdrawal rule in the banking industry. If they changed this rule they would get more customers as Im sure Im not the only one who prefers 1 centralized source for cash flows
I usually shy aware from banks that limit my external accounts to just the funding account, but in the case of Dollar, they have high transfer limits and move funds very quickly. Opening a new account is quick and easy. And, unlike some banks, they pass along interest rate increases without having to either ask or open a different account.
"At the present time, no sooner than 60 days after the establishment of your DollarSavingsDirect savings account, a second external account can be added. We can only accept your personal checking accounts as linked accounts." (End of quote)
Initial funding must be done by mailing a personal check. Adding an additional external account must also be done by mailing a personal check.
ALL ACH WITHDRAWALS MUST BE TO A PERSONAL CHECKING ACCOUNT ON FILE ! No savings or brokerage accounts permitted.
You may add a second checking account after a 60 day period, from the time of opening your account.
My experience with customer service has been better than average.
DSD rates are always at or near the top.
DSD does SUPER FAST TRANSFERS, withdrawals complete the very NEXT day to your external bank.
They were around online since at least 2005 and the bank is around forever. It is a part of Emigrant Bank. This is no flyby night.
Application was straightforward, yes they have their rules (seems transfers must happen from their site, seems a push into the bank failed for me) but the rate is high and they seem very reliable. Also, they only allow one account at startup, and you have to fill out forms to add another.
Easy to add Joint or Beneficiary.
The rates now are the highest you can get, if you need more interest and don't want to deal with individual banks, look into Brokered CDs at a Brokerage like TD Ameritrade.
Just as an fyi, there was apparently a court order prohibiting the opening of an account with Dollarsavingsdirect by anyone living in various counties in Ohio or Pennsylvania containing the brick and mortar bank Dollar Bank (not the same as Dollarsavingsdirect).
Yes, they have a few quirks but the rate rules right now. Transfers in and out are fast.
I opened an account many years ago and:
Trust account - no problem
Personal - no problem
Joint account - no problem
Deposit/Withdrawal - no problem
Beneficiary - ONE ONLY per account
Customer service - pretty good
"You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on to our Web site. You may not withdraw funds by any other means."
This and other unusual terms & conditions are disclosed by the bank only upon your reaching the last page of the online application, after providing all your personal information and initial funding the account.