At least, to me anyway.

No minimum balance my ass.

They closed my account without warning because my balance has reached $0, where according to the CSR, it was closed “automatically.” Here’s a fun final statement:


Clicky click

Yup. You read that right.

Interest Bearing Days = 25, Average Daily Balance = $13,000+, and Interest Earned = $0.

About a week ago I transferred the majority of my money from Emigrant to ING, to take advantage of ING’s higher promotional rate. A day or so after the withdrawals, I could no longer access my account.

I called Emigrant Direct. They told me to email them and request for a password reset. I emailed them, and they told me they’ll be happy to reset my password, just call the customer service support.

Uhh…

So I started to suspect that they closed my account, and when I came across Jonathan’s recent post, I knew right away that they had indeed closed my account.

It took four additional calls for someone to give me the real answer. CSR told me there’s a minimum of $1. They closed my account and because the account was closed before interest was credited, I’m not getting the interest for the 25 days. According to the CSRs, my account was also reopened. I didn’t even request it. They closed my account automatically before interest is credited, then reopen it soon afterwards.

Geez thanks.

I hardly rate chase, but I also haven’t been with Emigrant for long, so I can understand that from a business perspective, I’m not a profitable customer and there’s little reason to keep me. No biggie, I understand. In fact, for some reason, I’m not even that mad about the interest lost. Probably because I should have known better.

Still, spouting no minimum while requiring one is rather annoying. I mean, $0 and $1 is not a big deal, but please be upfront about it. If you have a policy of “automatically” closing accounts with $0, tell us! At the very least, hide it somewhere in your account disclosures, or terms and condition. It’s not even there!

Kinda funny how they spend the time & money sending out those silly hats, thanking people for their business – but when their customers balance reach $0, they drop them like pancakes.

Anyway, I’ve been working on a full Emigrant Direct review… I’ll try to remain objective as I finish up the review. heh.

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