E-loan savings

[LuxLiving]

Re: E-loan savings

BTC, I like how you think!!

[Broken Arrow]

Re: E-loan savings

You know, now that I look at it, it didn't make any sense to break this into a separate subject. It's too late for me to fix that now though. Sorry.

So anyways, I just checked my account and the two confirmation deposits have been posted and are effective as of today....

I went back to e-loan's website and confirmed my account. However, I can not do anything beyond that right now because the "transfer funds" option is unavailable right now. According to the webpage, it says:

"This page is temporarily unavailable while we perform regular system maintenance. We apologize for the inconvenience."

Guess I'll try again later.

Oh, but yes, E-Loan... BAD... steals candy from babies and causes cancer. Stay away.

[BTC]

Re: E-loan savings

At what point does E-Loan withdraw the initial funding deposit? Reading their FAQ leads me to believe they make the initial withdrawal whether you've verified the two small deposits or not. If so, I would need to wait until I have transferred $5,000.00 into my checking account from one of my other savings accounts before going through E-Loan's application process.

[Broken Arrow]

Re: E-loan savings

At what point does E-Loan withdraw the initial funding deposit?

Not sure. I only know that they haven't done so at this time. But then, the website is still saying that it's temporarily unavailable, so that may have something to do with it. Anyways, the money is sitting in my checking account, ready to go. It just hasn't happened yet. I'll update when it does....

[BTC]

Re: E-loan savings

How long did it take for the two confirmation deposits to post? I have a transfer from my ED account set up for tomorrow. I'm thinking it could hit my checking account by Tuesday or Wednesday.

[Broken Arrow]

Re: E-loan savings

Well, I signed up on Thursday, and it posted in my online account earlier today (Sunday).

Considering that it usually takes 24 hours for my transactions to be posted online, it looks like it took only 2 days.

I wonder how long this website maintenance will take though.... Again, my account is verified, but that's about it right now.

[BTC]

Re: E-loan savings

Thanks for the info.

[Broken Arrow]

Re: E-loan savings

I just checked my e-loan account this morning.

The "temporary unavailable" warning is taken out, and the full balance I specified is already posted. It hasn't been confirmed on my online checking acount yet though.

[Broken Arrow]

Re: E-loan savings

My checking account has posted the savings amount as transferred. Well, I guess that's it!

Big, BIG thanks to sweeps for the tip. I owe ya one!

Now I just hope they'll keep their rates high.

Quick question though. Is there any reason why I should keep my old savings account open? Because, if not, I'm planning to go close it today.

[BTC]

Re: E-loan savings

I opened my E-Loan account yesterday. I could have opened it sooner as the funding withdrawal from ED was in my checking account the next day, but I didn't want to risk it. I'm definitely going to miss the transfer times of ED. Here's to hoping E-Loan is just as fast.

[Broken Arrow]

Re: E-loan savings

I'm definitely going to miss the transfer times of ED. Here's to hoping E-Loan is just as fast.

Same here. My old MMA was with my same brick & mortar credit union as my checking, and transfering accounts was "impulse shopping" fast. The transaction is posted overnight too.

I won't know just how fast until a week from now, when I have more money to deposit. Although it doesn't have to be as fast, since this is my EF, I would prefer that it doesn't take too long either.

[sweeps]

Re: E-loan savings

My E-LOAN account has been funded today too (opened it on Sunday night). Going to move another large chunk of money over from HSBC this week.

BA, I wouldn't close your (ED I assume?) savings account just yet. I'm pulling for E-LOAN to maintain this high yield, but I just don't see how they can maintain a 1/2 percentage point lead over the other major contenders.

[poundwise]

Re: E-loan savings

My E-LOAN account has been funded today too (opened it on Sunday night). Going to move another large chunk of money over from HSBC this week.

BA, I wouldn't close your (ED I assume?) savings account just yet. I'm pulling for E-LOAN to maintain this high yield, but I just don't see how they can maintain a 1/2 percentage point lead over the other major contenders.

Absolutely. While I am hopeful, for the sake of all of you who have opened an E-LOAN savings, that the rate will remain high, it is essentially an introductory rate; their way of saying 'look, we're open for business, come here.'

Still, there are many other offers of 5.25% APY and higher, so even if E-LOAN dropped from their current lofty rate, perhaps they will still remain among the top rates and not drop as low as those who are currently a 1/2 point behind them.

[sweeps]

Re: E-loan savings

Another point, I'm not moving all my money over to E-LOAN for one reason. I need the ability to pull funds from an account to do things like add funds to my Vanguard accounts. E-LOAN only allows withdrawals to be initiated from within their site -- and then only to your designated linked account.

The inconvenience and interest lost in moving money first to my checking account isn't worth even the 1/2 percentage point spread, in my opinion.

[BTC]

Re: E-loan savings

I suspect that E-Loan's rate will remain higher than the major players for quite some time. I can't see them dropping below 5.25 anytime soon, but I'm sure that's dependent upon a number of variables.

The most important thing that we can do, as customers, to assure that E-Loan's rates remain the highest available is to keep this a secret.