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ACH Problems at EmigrantDirect?


It looks like there may have been some problems for people who scheduled external transfers from their EmigrantDirect accounts before last New Years weekend. According to this fatwallet thread, most transfers scheduled before the weekend did not occur. Apparently the company that handles the ACH transfers was having some problems and still doesn't know as of today if the transfers will take place.

This is probably a good reason to leave enough in your checking accounts to cover bills that may come up. You may not always be able to transfer money from your online savings account as fast as you expect.

This may also be a good reason to go with a high-yield money market account (which has limited check writing capabilities) over a high-yield savings account like EmigrantDirect. The other possibility would be to open a checking account at the same bank that has the high-yield savings account. This can be done at banks like HSBC and Presidential. Internal transfers usually can be done with no delays.
  |     |   Comment #1
On the other hand. I scheduled a transaction (to have money sent from my Emigrant account to my checking account) on Tuesday of this year/week and it cleared the next day!
  |     |   Comment #2
That is weird. I noticed EmigrantDirect's Metavante interface down which is used by a few other banks as well and those banks went down too. I did not know about the ACH issues however.

Sounds like its harder now for rate chasers cause you will lose interest due to every bank having a different ACH policy so unless the rate is significantly changed, it wont pay to switch.
Banking Guy
  |     |   Comment #3
It has been reported on that fatwallet thread that EmigrantDirect is in the process of fixing the problem with the transactions that didn't go through last weekend.

Yea, I noticed the Metavante system down also last week. I wonder if there's any connection with this ACH problem.

About rate chasing, ACH transfer slowness is something to consider. Four days of no interest during a transfer equals 64 days of interest difference between ED and HSBC.

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