emigrant micro deposits

[bosco]

Hi all, I recently opened an account with emigrant. Microdeposits went through on 6/14, however today i get an email telling me to log on and read an important message in my message center. Sadly, this is what I read. FWIW, names were completely different. Has anyone received anything similar? Did I do something wrong? Thanks.


Dear xxxxx xxxxx: I have been advised that the small deposits/withdrawals into your account from Paypal were coming under a name different from the title of your EmigrantDirect savings account. Please be advised that we do not allow this nor do we allow third party debits from your account. If you have any questions, please contact me at (914) 923-6903. Sincerely, xxxxx xxxxxx Vice President

[rsot]

Welcome to the forums.

Seems like your bank does not like deposits in different names. You will need another bank. Get one.

All the best. Lot of options/

[bosco]

thanks for the reply...yeah, I understand that, I only post this as by searching the forums, Emigrant Direct has been one of the best stealth banks. I am curious if anyone else has had a similar experience with Emigrant Direct, or if what once was a great stealth bank, may no longer be.

Or maybe someone can think of something I did wrong

[Ebayorbust]

You won't have done anything wrong. Times changes, things move on. A bank that was good for stealth a year ago may not be okay now. From the email received it looks like the bank is strictly enforcing its Ts & Cs.

In the UK, many banks that are good for stealth reject dd mandates in different names from time to time. This is usually down to a specific bank branch or a specific bank employee rather than a sweeping policy enforcement.

It also depends very much on how you conduct the account. If you just use it to receive a ton of cash and then transfer the cash out to another account, this looks suspicious. I'm not saying that's what you are doing but there are a lot of people that conduct bank accounts in this way.

[rsot]

As Ebayorbust states, accounts can be also subject to manual review by banks from time to time - these kind of reviews can flag the account...this has happened to me for a nice stealth-friendly bank up here in Canada so possible for all banks.