Comments on: ETrade Bank Savings Accounts now by Discover Bank?

By: David

David — Sat, 15 May 2010 03:28:43 +0000

I have account with discover bank. Now they give little more interest
if you are a AAA member. But to my surprise, when they issue the
statement they issue by the name of AAA only and discover bank
name is NO WHERE to be seen. Moreover, their AAA customer service
phone answer is from UTAH and discover bank is in Delaware.
There bank statement looks fake and generated from the computor.
if discover bank goes out of business, what are we going to do ?
is my question to everyone out there. There is no such AAA (discover
bank) and AAA is not FDIC. it is very confusing. I have my account
as AAA customer, and i am not happy with it. The people who respond the phone calls, knows nothing. I have called several times and still have not got the satisified answer from them……..

By: Sheila

Sheila — Mon, 10 May 2010 20:02:39 +0000

Consider EmigrantDirect bank online – their interest rate is relatively competitive, but there are no fees and their online transfers are done the next day.

By: Mike

Mike — Wed, 24 Mar 2010 03:42:38 +0000

I just wanted to let everyone know that my account was deactivated when it was transferred from etrade to discover since my balance was $0. The rep suggested I keep at least $1 so the account doesnt get deactivated again. That wasnt a big problem but I called in a had it reactivated and immediately did a online transfer for $50. It took 5 days for the money to show up and they also deactivated my account two more times before the 5 days past. Anyone have a better suggestion for quick online transfers

By: Rene

Rene — Fri, 19 Mar 2010 03:05:48 +0000

I would call that breach of fiduciary duty. As far as I know a bank cannot move customer funds without consent. They gave up custody of funds as they cannot access those funds anymore.
I requested my funds back and they told me I have to take care about this on my self to get my assets back. I am close to hiring a lawyer to file a lawsuit after figuring out if they broke the law.

I am done with this bank and closing all my accounts, same with Discover, how assisted Etrade in this scam.

By: Mike

Mike — Sun, 14 Mar 2010 18:17:56 +0000

I just had to call in to get my account setup with discover. FYI – they only send statements in the mail. It looks like we can view our statements online but they have to send out a statment in the mail. I dont understand how the online account requires for statements to be mailed out. The rep tried to say something about federal regulations or some bs. I have accounts with Wells Fargo, Bank of America, Capital One and multiple others and all of them allow for online statements only. This isnt a big deal just a little annoying. They answered the phone quick, they were nice, and they were in america so I guess thats a good start.

By: joe

joe — Sun, 14 Mar 2010 02:17:06 +0000

I have had the same thing happen to me. Etrade did not leave a single email, nor did they try and contact me about the switch. Logged on one day to check my account, and they told me all my assets were transfered to a bank that i did not even approve of. Pathetic…

By: Matt

Matt — Thu, 11 Mar 2010 16:45:46 +0000

So far I am pleased with my Discover Account. Their 24/7 customer service seems to be good on weekdays, but weekends don’t even try it because i was on hold over the weekend for 15 minutes before i decided to just call on monday. they answered within seconds on monday. the only compaint i have, which has pretty much been established by the other posting, is the slow transfer of funds.

By: Peter

Peter — Thu, 11 Mar 2010 00:13:30 +0000

Yeah, we are in the same boat as Monique. And either we didn’t get an email or it was lost in spam or something. We *almost* threw away the letter from Discover thinking it was junk mail because “we don’t have a Discover account”. It’s now a real PITA to fix all our accounts, get fees reversed, etc. Thanks a lot Etrade.

By: Monique

Monique — Wed, 10 Mar 2010 13:43:24 +0000

Hmmmmmmm………not sure if this all makes any sense. It’s funny how you choose a bank and they eventually kick you to the curb. I usually transfer a certain amount from the savings to the checking in the beginning of the month to balance out upcoming bills. So now I have a negative balance in my Etrade checking. If I was aware ahead of time of the transfer, I would have researched and selected a financial institution of my choice ahead of time. If I am not pleased with Discover I’ll close it and move on.

By: Dan

Dan — Mon, 08 Mar 2010 17:58:40 +0000

Discover Bank verified they do not support Quicken. One way to find out who does is use Google to search the banks domain for quicken (“quicken site:whateverbank.com”)

By: Dan

Dan — Mon, 08 Mar 2010 02:37:28 +0000

I’m just looking at my new Discover Bank account today after being switched from E*Trade. I may be missing something but Quicken could not hook up for automatic download and I cannot even see anything on the Discover Bank site for manual download. Which savings sites are friendliest for Quicken users? E*Trade worked seamlessly in that regard for me.

By: Laura

Laura — Thu, 04 Mar 2010 17:47:20 +0000

I have a Discover savings and LOVE it, the funds transfers are free and yes you can do up to 6 a month..they usually take 2-3 business days but DB tells you exactly what day you can expect to see the funds arrive at the desired destination. ALSO, Discover Bank has 24/7 live US based customer service, should you ever need it.

By: Kaleb

Kaleb — Wed, 17 Feb 2010 04:06:37 +0000

I’ve been with Discover Savings for about 6-7months. It used to be pretty ugly, recently they have redone the website. Now it is user friendly and easy on the eyes. I have used ING, I switched because ING was always leading the pack in interest rate reductions. Discover is currently paying 1.59%…. It is a little slower than ING but I don’t really care I use it for long term savings. I thought about switching to ALLY but since the new website is nice I’m staying, and with 1.59 I’m not complaining about an extra day when depositing or withdrawing money.

By: Bill

Bill — Tue, 16 Feb 2010 16:15:35 +0000

According to the E*Trade representative I spoke with this morning, if you have an active brokerage account with them, your savings account will not be converting to Discover.

By: Andrew

Andrew — Tue, 16 Feb 2010 15:51:17 +0000

I would keep the account… Even though you do not have a lot in the account it does not cost anything to keep it. They may offer better rates it the future and the hassle of signing up all over again is worth the .04 you have in there…

I use ING and have had accounts with Capital One, Citi and others who have special rate deals. Money is a commodity and with the right monitoring tools (rss feeds) you can take advantage of *deals* as banks via for your dollar…

Andrew

By: Bill

Bill — Tue, 16 Feb 2010 02:52:17 +0000

I have Brokerage, Checking & Savings accounts with E*Trade. I haven’t recieved any type of notification about my savings account being transferred to Discover. I like E*Trade’s transfer times, and I use my checking account with them to pay my rent. Otherwise, I currently keep very little money deposited with them as their rates may as well be zero.

By: Mike B

Mike B — Sat, 13 Feb 2010 05:20:34 +0000

I got the email back on the 9th also. I only use my account for transferring money between other accounts and do not keep any cash in my etrade account. I have been a fidelity customer for 8 years and have no complaints.

By: Mike

Mike — Sat, 13 Feb 2010 02:09:03 +0000

I have been an E*Trade customer for about 10 years. I have brokerage, complete savings, and a Roth IRA with them, and I have not received an e-mail stating they will be transferring my savings account. Anyone else NOT receiving this notice? I have over $50k in assets with them (just over $50k to keep my fees low). I have been considering moving to Fidelity for some time, and if this is yet another indication of how they treat their customers, I will be moving sooner than later.

By: Dave

Dave — Thu, 11 Feb 2010 19:24:48 +0000

I was all set to go along with the transfer to Discover, but this info about MyMoney and slow transfers has turned me off. It seems that Ally and ING are the two contenders – which to choose?

By: Steve

Steve — Thu, 11 Feb 2010 04:20:00 +0000

As I pointed out earlier, Discover allowed me to send money to myself at ING using Billpay; that took two days for $2500. I wonder what the max is for that.

For what it’s worth, I loved Etrade for the unlimited number of linked accounts, but I eventually maxed out my lifetime number of linked accounts that I could set up. I’m not sure what this number was, but I think they cut me off after around 30. Good account while it lasted, but the rate ceased to be competitive a while ago.

By: chrisMR

chrisMR — Thu, 11 Feb 2010 01:07:52 +0000

I have been trying to set up a discover bank account. i only want to link it to one other account, but they wont let me transfer unless I link two – there is big red text to this point in the money hq. Discover email help so far has said i only need one account… odd, then why cant i move money…
and the $7.50 for next day transfers is a joke.
why is it that banks took a risk with dumb people borrowing too much money, now those of us who did not have the fancy stuff they couldnt afford have to jump through even more hoops to keep from paying the bill.
ugh.

By: Awoyaa

Awoyaa — Wed, 10 Feb 2010 23:20:29 +0000

What are folks suggestions for a comparable high yield savings bank to transfer our E-Trade funds to? I have my Emergency Fund with E-Trade so it’s significant and i want to maintain a good rate, customer service, fast transfers, no fees,etc.

By: Mike

Mike — Wed, 10 Feb 2010 14:40:57 +0000

I just wanted to correct one of the above posters. I have an ETrade Brokerage, Checking, and Savings. My savings account is still being closed and I am keeping my brokerage and checking. Not a big deal – direct deposit goes into checking and I’ll leave my savings somewhere else. I’ll just have to leave a $5k buffer in there to meet monthly expenses rather than transfer money over on a weekly basis.

By: Kevin

Kevin — Wed, 10 Feb 2010 13:28:16 +0000

I got the same email.

I also had previously opened a Discover Bank online savings account because they were at 1.75% a few months ago. So far I have not been so happy with them.

First of all they sub-contract out their money transfer service to this software called MoneyHQ. I found it painful to set up and transfers back to my linked checking account take about 3 days rather than E*Trades 1 or Ally Banks 2. However when transferring money to them it only takes 1 day? To do next day transfers you have to pay a fee. Go figure right…

I am also not happy about their transfer limits. You can only transfer out about $35k a month for free. I know that’s a lot of money but that is around what our emergency fund is.

Their customer service is just OK. I still have a software glitch that only allows me to transfer out 5k a day in my Money HQ. It has been weeks and it still isn’t fixed.

If they didn’t use the MoneyHQ service I would definitely recommend Discover Bank.

Needless to say to save myself some potential hassle I closed my $1.01 funds in my E*Trade account over the phone.

By: Fcheese3

Fcheese3 — Wed, 10 Feb 2010 13:18:52 +0000

@ Ben The rep you talked with was probably incorrect. I have an IRA w/ etrade and received the same notice about my savings account!