E-loan savings

[Broken Arrow]

I hope you guys don't mind if I start a separate topic on opening e-Loan.

But anyways, I'm in the process of opening up an account now. The process is simple and straightforward (dare I say, a breeze?), and I'm reading through the Terms and Conditions now before I continue.

I just thought I'd share this tidbit under the "Identity Verification" section:

you (and, if acting in a representative capacity, individually and for such entity or principal) agree that we may independently verify and confirm certain of the information that you supply to us (in most instances, such verification and confirmation will not include credit information from check or credit reporting agencies, although you agree that we would be authorized to obtain such information if we need to). You agree that we may obtain such information (i) at the time you open the Account; (ii) at any time you request any service, while your Account is open, or (iii) after your Account or service is closed if you owe us any amounts related to your Account or service. We may use such information at our discretion.

So, a couple of things. First, there appears to be no credit checks, though they reserve the right to do so at any time. More importantly, exactly what does this "We may use such information at our discretion" mean?

[jmjj215]

Re: E-loan savings

I think it means they can use that information to accept or reject you. Maybe?

[Broken Arrow]

Re: E-loan savings

Let see. The confirmation email came in pretty quickly, just minutes after I opened the account.

It directed me back to the website to verify my web account. What I find interesting as part of the login process is the use of an small avatar-like image in conjunction with your password. I wonder if the image is part of the encryption process? Probably, eh?

Anyways, attached is a screenshot of the account details screen. The colors are slightly off for some reason, but then, I'm also using MSPaint at work.... The only real difference is that there should be a faint, blue bubble around the link buttons on the left, but that's basically it. My impression of the interface is that it's very clean and workable.

I haven't verified the account yet though. I have to wait until I receive two small deposits that they will send to my checking account before I can use it to confirm and begin using that account. The website suggests that this could take anywhere from 2-3 business days.

[greedy4chips]

Re: E-loan savings

I have accounts, all of which are financial type accounts, which use the avatar as part of your login process. It is just an extra security measure they use.

We may use such information at our discretion.

Hopefully this does not mean, selling your personal information.

[sweeps]

Re: E-loan savings

Why start a new thread?

The terms and conditions stuff is lawyer gobbledy-gook. All the reports I'm seeing are that they do not do a credit check on you.

The avatar deal is to help prevent phishing and similar attacks. When you go to the site you should see your chosen image to confirm you're on the right site. Vanguard uses an image as well as a security question. That way you know it's them and they know it's you.

[PrincessPerky]

Re: E-loan savings

I like the pictures, it means when I put in the wrong number I know I screwed up the number (cause it has the wrong pic) instead of me trying to figure out which one I typed wrong!

[Hot dog]

Re: E-loan savings

Let us know how it goes. Do you all think it is worth switching from ED for the higher interest?

[Broken Arrow]

Re: E-loan savings

Let us know how it goes. Do you all think it is worth switching from ED for the higher interest?

I'm sure it's worth switching if the benefit outweighs the hassle of setting an additional account, keeping track of it, and any potential "risk" that may be involved in doing so.

Of course, I also assume that everyone draws their line in the sand-- between hassle and benefit-- differently, but mine is roughly at 1%. Being an institution who is new to the savings game may also turn some off, and I can't blame them, but if the worst that ever happens is that their rates do not remain competitive for long, then that's a risk I am perfectly willing to take.

Again, I've decided to proceed and see what happens, but I will definitely keep everyone here updated.

[disneysteve]

Re: E-loan savings

What I find interesting as part of the login process is the use of an small avatar-like image in conjunction with your password. I wonder if the image is part of the encryption process?

This is part of some new banking security regulations. Bank of America has been doing this with their onine banking for several months and other companies are doing it as well. It is becoming the standard for online security.

[WellManicuredMan]

Re: E-loan savings

Vanguard uses an image as well as a security question. That way you know it's them and they know it's you.

I don't have an avatar or security question when I log into Vanguard. The only thing that has changed recently with Vanguard for me is they put the password on another screen that loads after you enter your user name so that you aren't entering both on the same screen. But I've never had to choose an avatar or ever seen one.

[WellManicuredMan]

Re: E-loan savings

Vanguard uses an image as well as a security question. That way you know it's them and they know it's you.

Interesting that you should mention this. I don't know how to turn this feature on. I never see an avatar when I log in - I just enter my user name and on the next screen enter my password. That's it. But I do see where they talk about it on their site... hmmm...

[sweeps]

Re: E-loan savings

Interesting that you should mention this. I don't know how to turn this feature on. I never see an avatar when I log in - I just enter my user name and on the next screen enter my password. That's it. But I do see where they talk about it on their site... hmmm...

When I logged in to Vanguard a week or so ago, I had no choice but to set up the image and security questions before I could log on. They may be doing it in phases because I'm sure it's prompting a lot of calls to their CSRs.

[BTC]

Re: E-loan savings

I'm pretty sure I'll be opening an account with them this weekend. I guess Emigrant just has too large a deposit base to continue paying their previous yield or higher. I intend to do my part to ease their pain.

[sweeps]

Re: E-loan savings

I'm pretty sure I'll be opening an account with them this weekend. I guess Emigrant just has too large a deposit base to continue paying their previous yield or higher. I intend to do my part to ease their pain.

But under the same logic, E-LOAN will suffer the same fate.

[BTC]

Re: E-loan savings

But under the same logic, E-LOAN will suffer the same fate.

Not if we delete this thread.