EmigrantDirect's New Website
POSTED
ON BY Ken Tumin
It appears EmigrantDirect's launch of its new website has not gone too well. The new site has been inaccessible for many (including myself) throughout the day. It was suppose to be ready at 9:00am EDT this morning. The problem appears to be that too many Emigrant customers are trying to log in and this is overloading the servers. Seems like Emigrant should have planned better. An unplanned day of not being able to access your account can be a problem for those who need to transfer money.
Better Security
Some have reported being able to log in using the new access code that had been mailed to customers. You have to come up with a new password of at least 10 characters. Then you have to select 5 new security questions. Just like ING Direct's login, you'll be asked one of these questions in addition to your password in future logins. I don't have a problem with this extra login step, however, I don't know how much it will help security. I suppose it'll make it a little harder for key logger programs and hackers to access your account.
New Account Numbers
One important change that has been noted are new account numbers. I'm surprised Emigrant didn't mention this. If you had created a link at another bank account (like at HSBC) to your Emigrant account, this will likely no longer work. It's not clear if you will be able to re-establish a new link from an external account. Perhaps it's going to follow ING Direct in this regards. With ING Direct you can't create a link from an outside account to your ING savings account. You have to send in a check and create the link inside ING Direct. I can see how this can improve security. It should reduce the chance that someone could do a fraudulent ACH withdrawal from your account. However, it makes transferring money to other high yield accounts more time consuming.
I'll report on more once I'm able to log in. Feel free to leave a comment on your opinions or observations on the new site.
Better Security
Some have reported being able to log in using the new access code that had been mailed to customers. You have to come up with a new password of at least 10 characters. Then you have to select 5 new security questions. Just like ING Direct's login, you'll be asked one of these questions in addition to your password in future logins. I don't have a problem with this extra login step, however, I don't know how much it will help security. I suppose it'll make it a little harder for key logger programs and hackers to access your account.
New Account Numbers
One important change that has been noted are new account numbers. I'm surprised Emigrant didn't mention this. If you had created a link at another bank account (like at HSBC) to your Emigrant account, this will likely no longer work. It's not clear if you will be able to re-establish a new link from an external account. Perhaps it's going to follow ING Direct in this regards. With ING Direct you can't create a link from an outside account to your ING savings account. You have to send in a check and create the link inside ING Direct. I can see how this can improve security. It should reduce the chance that someone could do a fraudulent ACH withdrawal from your account. However, it makes transferring money to other high yield accounts more time consuming.
I'll report on more once I'm able to log in. Feel free to leave a comment on your opinions or observations on the new site.
Not sure if the additional 4 numbers after the ***s in the account number constitute an entirely new account number or not. I'm trying to get hold of a CSR on the phone right now.
Guess I'll have to find another bank. This is not acceptable.
There are just too many "red flags" right now, especially with EmigrantDirect falling to only a 2 star rating. The fact that their website has been inaccessible since last week is the straw that broke the camel's back. We are looking for another place to put our money.
Any good suggestions?
The site works fine.
If you change the beneficiary you will be issued a new account number. Where does it end?
The old site was just fine.
Yes. Open a Treasury Direct account and link it to your checking account. U.S. Treasuries are safer than "money in the bank".
FW link
it seems you can link Multiple outside accounts now (previously it was only 2)
I am not seeing that Emigrant Savings Bank has been downgraded to 2 stars.