Emigrant Direct is an online bank that offers higher interest rates on savings accounts than many traditional banks. The bank offers two types of accounts: a savings account and a certificate of deposit account. When you bank with Emigrant Direct, you link your main bank account with Emigrant Direct and can transfer money between the two accounts. If you are unhappy with their service or find a better deal somewhere else, you can close your account with them.
Step 1
Wait until the start of a new month. Emigrant Direct compounds interest on a daily basis, but it only deposits the interest into your account on the last day of the month. If you close your account in the middle of the month, you'll lose the interest that you've earned so far that month.
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Step 2
Initiate a money transfer to your regular bank account from within your Emigrant Direct account. Log into your Emigrant Direct account and select the option to transfer money to your checking account. Enter the full amount in the Amount box.
Step 3
Send an email to Emigrant Direct at CustomerService@EmigrantDirect.com requesting account closure.
Step 4
Follow up by phone at 800-836-1997 if you do not receive a cancellation confirmation within 24 hours.
Tip
If you have a CD account with Emigrant Direct, wait until your CD has matured to withdraw the money. Otherwise, you'll incur a penalty fee.
After you have closed your account, you will still be able to log into your Emigrant Direct account. This allows you to access the information you may need for taxes.
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