Comments on: Update on DollarSavingsDirect Account

By: Sun

Sun — Fri, 13 Feb 2009 13:55:00 +0000

Crystal: Thanks for sharing. You are right about the process to link more than one external account to DSD. You have to send a voided check to verify the account ownership. I am not aware that you can have more than one account with DSD though. Not that I will get another one, but it’s good to know.

By: Crystal

Crystal — Thu, 12 Feb 2009 20:07:54 +0000

Just signed up and wanted to add the following facts:
1) Works with MINT (although it had some problems initially)
2) A maximum of two external checking accounts can be linked to the account from DSD. The second link has to be done by mail and a voided paper check. (See below.)
3) You can have more than one DSD account and can schedule one-time or recurring ACH transfers between them and the external accounts, so this can be a way around the limit.

“Can I have more than one checking account linked to my Dollar Savings Account?

At the present time, an individual may have up to two checking accounts linked to DollarSavingsDirect, including the checking account you used for your initial funding deposit. The name on the accounts must be the same as your Dollar Savings Account. We can only accept your personal checking accounts as linked accounts. The Account Verification Authorization Form must be mailed with a voided check in order for us to process your request. Faxes will not be accepted. Upon receipt of the voided check and verification authorization form and successful confirmation of account ownership, two small deposits will be transmitted to the new linked account. You will need to verify these amounts as you did for your initial funding account in order for the new link to be activated.”

By: Sun

Sun — Thu, 12 Feb 2009 14:12:55 +0000

Scott: Are you sure? I linked DSD to my BofA account and transferred funds back and forth without any problem. I also linked DSD to my Capital One account and initiated transactions from Capital One. Works very well.

By: Scott

Scott — Thu, 12 Feb 2009 11:55:47 +0000

DSD does not allow you to link its account to another external account. All transfers must originate from DSD and not the other way around. Sounds fishy to me

By: John

John — Tue, 25 Nov 2008 21:35:15 +0000

I had a problem opening my DSD account. I told them I had an EmigrantDirect account, and even their EmigrantDirect credit card, but apparently it was something to due with the Patriot Act.

All I had to do was fax my driver’s license, however. No need to go through the voided check business.

If their ACH rules are the same on DSD that they are on ED, I won’t have a problem.

Tangent: OneUnited has some strange ACH rules (I closed that account a while ago … something like you can’t transfer more than 20k in one day … why??? very annoying).