Update on DollarSavingsDirect Account
It has been two weeks since I opened an account at DollarSavingsDirect. Since the account has been verified and it’s up and running. Here are a few updates on the account.
I opened the account on Sunday, November 9th. During the application process, I was told that the two small trail deposits will be posted to the external account (Bank of America checking account) I want to link to on the following business day. However, those deposits didn’t show up in my BoA account until November 12th, three business days later. So you can expect some delays in verifying your external accounts. Once the account is verified, I was able to make another deposit.
External Account Link
After linking to my BoA checking account, I also tried to link my savings account at Capital One to it because I have most of my cash with them right now and I’d like to move cash directly between savings accounts in stead of going through my BoA checking. But two days passed without seeing anything happening. Then I noticed this on my DSD account:
Please write your DollarSavingsDirect account number on the memo line of the voided check and mail your voided check along with your completed Account Verification Authorization Form to: DollarSavingsDirect, Attn: Account Fulfillment, 13 Croton Avenue, Ossining, NY 10562.
After we receive your voided check and verify ownership of the requested funding account, two small deposits and matching withdrawals will be made to the new linked account. You are required to verify these amounts as you did for your initial funding account before you can perform any transfers to or from the newly added external funding account.
So basically it says I have to send in a voided check to get my Capital One account linked to DSD. But that’s not the case when I setup my initial external link.
I called the bank later and was told that only the first external bank account can be verified electronically, as they did with my BoA checking account, but after that any external link will have to be verified by paper, as I was told to do above. When I told the CSR I don’t have a check for the second account because it’s a savings account, she reminded me that only checking account (their disclousure) can be linked to DSD, not savings account, not money market account.
What I decided to do is to link to DSD from Capital One, not the other way around, because they don’t have such a restriction and all verifications are done electronically. Now I am still waiting for the trial deposits to show up in my DSD account.
External ACH Transfer Limit
I was trying to find out the ACH transfer limit on DollarSavingsDirect website, but couldn’t. So I asked the CSR and was told that the daily ACH transfer-out limit is $1,000,000, but it has to be done in two transfers, which means each ACH transfer can move a maximum of $500,000 out of the account. There’s no limit on how much you can transfer to DollarSavingsDirect, but the ACH transfers is part of the six monthly withdraws limit.
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