how to switch from current bank to online bank???

Question

im with WAMU >washington mutual, however their APY sucks, so im thinking i wanna go for Emigrant.com, but how? id like to delete the account from WAMU completely, is this possible? i know i can go in person in ask, so dont tell me that k? anyonw done this b4? whats the eziest way?

Answer 1

I switched to Emigrant a few months ago and it was pretty easy.

Once you setup you Emigrant account you input you current (wamu) account number and routing number, etc. and make a deposit in Emigrant (no minimum).

Then Emigrant will send you some verification stuff in the mail and you will have to wait (a week or however long the mail takes) until you get it to use your account.

Then, once on emigrant you can setup automatic transfers or manual transfers from any other account, but you will still need another account at a "land-based" bank to transfer to and from.

Emigrant isn't totally liquid in the sense that you will have to wait a day or two for any money to transfer out, so it's best to keep your checking account somewhere else and use Emigrant for savings only.

The emigrant rate I'm getting right now is 5.15% and it stays there. That isn't a promotional rate or anything.

As far as deleting your WAMU account, I'm not familiar with that, but usually you do have to be in person to sign papers and such.

Hope that helps.

Answer 2

Everbank! You open an account (checking) with a minimum of $1,500 (no monthly fees) and once you have it open, then you transfer the remainder to the new account and close the old one.
To start Everbank will pay you about 5% interest, after the first three months, it goes to the normal 4.01%
They'll give you an ATM card and 5 free withdrawals from ATMs a month. Postage free envelopes to send in deposits, and unlimited free on line bill paying.
Once you input the info for your payees, you just input the amounts and the date you want to have them paid and forget about it.
No writing checks, no stuffing envelopes, no postage.
You couldn't pay me enough to leave that service (been with them for 3 years now. -The BEST!)
http://www.everbank.com

Answer 3

Everyone else has pretty much stated how to do this, but one caveat with Emigrant. It's a Savings account, nothing more. They do not offer an on-line checking account, so don't close your savings account. In fact, you need to have a checking account linked to your emigrant account. Other then that, Emigrant rocks. 5.15% and it goes up every time they raise the fed rate!

Answer 4

First, open an account in the new bank. Then, transfer most of the money from the old bank into the new one. Finally, close the account at the old bank.

Answer 5

Open the new account on line and follow the new bank's on line instructions for how to "wire" the funds from your current bank account to the new on line bank account. Make sure the new account will give you all the checking and savings account functions you need. Remember, your local commercial bank money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC). So check and see if your new on line bank's money market account is FDIC insured and whether you can write checks on it etc.