Emigrant Direct Account Disclosure You're Required to Accept

When setting up your account w/ Emigrant Direct, make sure you check the "Account Disclosure" section. Then check out the "refusal to permit withdrawal" subsection.

In this section it specifically states that: "The Bank chooses to exercise its legal rights to require up to 60 days' advance written notice of any intended withdrawal from this Account and the 60 days have not passed since we received the required notice from you."

I've never seen this associated with any other checking or savings account. I went to another popular site, ING Direct, and didn't find a similar disclosure (during a quick site review).

Please post a remark here if you're familiar with this clause at any of these other online banks, or if you had problems withdrawing funds because of this clause.

I went ahead and opened an Emigrant Direct account; however, I'm a bit leery of putting more than 5% of my assets in an account that has this clause.