Straightforward account, caring professional staff. Website for account users could be better but it works. There are always people to help.
I've had a savings account with SFGI Direct (Summit) for years. They have always been easy to work with. However, their savings interest rates are no longer competitive, changing your one external linked account (only one is permitted) is cumbersome and today, April 26, 2022, I received my 2021 1099-INT from them. (The USPS stamped the enveloped "4/22/2022" during its whopping 25-mile trip to my address.)
Rejected external ACH to transfer out, even the link was confirmed via 2 small deposits and ACH out.
SFGI claimed it's for security reason
only ACH out can be done via SFGI external linked account.
But, you can have just 1 external linked account on SFGI side, this makes any external transfers across my Banks and Brokerage as nightmare.
Yes, you can link new external account, while you drop existing, but this takes 5 business days.
Then if you want to get back original external link it will take 5 business days again.
Worst case scenario Customer Bank has the same policy that doesn't allow ACH out request by SFGI, the same way as SFGI does and that's it!!! You can't transfer money at all via ACH.
I think this is done to limit SFGI customers to pull money out from SFGI as SFGI rates are not competitive for this year by 25% or higher, my interpretation only.
Current Saving rate is above 4% and SFGI just has 3% , so SFGI customers are at 25% interest loss.
Spoke with a customer service rep today; they had asked me to contact them to confirm an external ACH and while they will allow it to go through, advised that future externally-initiated ACH will be denied. This policy change is due to fraudulent activity, but I think not the best solution since I'm not the only person who wants to autopay my credit card out of my savings account or other reasonable activity. Disappointed there's no way for me to approve certain institutions for external ACH.
As of July 6th, this so-called joke of a credit union has begun to enforce a weird, limiting policy: They allow ACH money to be transferred IN even from other financial institution than the one that is linked against your account at SFGIdirect, but the do not allow the same for ACH money OUT.
And since this credit union allows you to create one and one only account linking with an external institution, this newly-enforced, asymmetrical, and stupid policy, becomes very inflexible and limiting. Because it forces you to coordinate all of your ACH withdrawal transactions ONLY via one external financial institution, namely the one that you have linked at SFGIdirect. But how come they allow money transfers IN from EVERYWHERE!? How convenient to you, SFGI.
Because of this suddenly-enforced, new policy, they simply canceled an ACH OUT transaction that was scheduled, WHILE IN PROGRESS, and with the final outcome being that the transaction was reversed i.e. money being transferred back in, automatically.
SFGIdirect, your are a STUPID credit union. Go to hell! I will close my Savings Account with you and go with a credit union that is more capable, and less communist, than you! Shame on you for disrespecting your customers!
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APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.26% | $1 | - | SFGI Direct Savings Account |
SFGI Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 300 North Main Street - Moorefield, WV 26836