rep109

"While funds are on hold, interest will still be earned and accrued based on the deposited amount, however mileage is only calculated based upon the "Average Collected Balance during the Monthly Statement cycle." (Which is also disclosed on our website and in the New Account Kit's disclosures.) This means that mileage will only be calculated based upon the Average Collected Balance during the month, and since funds are currently on hold, they are not part of the Collected Balance until the New Account Hold expires."

From Bank Direct.

garimell

It appears that such long holds (and consequently lack of accrual of miles) in the first 30 days of a new account are applicable only for check deposits?? ACH, wire transfers, cash and non-personal-check deposits seem to be available sooner?

http://www.bankdirect.com/pdf/Funds_Availability.pdf

Extract:
"PROVISIONING FOR NEW ACCOUNTS
In the event your Account is a new Account, opened 30 days or less, special guidelines govern our processing of your deposits. These special guidelines include:
• ACH Deposits: Funds become available to you on the Business Day we receive such Items.
• Wire Transfer Deposits: Funds become available on the first Business Day after the day of deposit.
• Cash Deposits: Funds become available on the first Business Day after the day of deposit.
• Cashier, Certified, Teller and Traveler Check Deposits: Funds for the first $5,000 become available on the first Business Day after the day of deposit. In the event your deposit was not made in person to one of our employees, funds for the first
$5,000 do not become available until the second Business Day after the day of deposit. In either case, the balance of the deposit becomes available on the ninth Business Day after the day of deposit.
• Federal, State and Government Deposits: Funds become available on the first Business Day after the day of deposit.
• Other Check Deposits: Funds become available no later than the 11th Business Day after the day of deposit."

needmomile

I would like to know about the ACH rule as well.

I would also like to know if I can open an account if had placed credit freeze with all three bureaus.

Thanks

dave209

Yes, and YGPM for the referal.

garimell

Can confirm that an ACH transfer (from my savings a/c at ING Direct) over to my recently-opened BankDirect account (< 30 days old) was immediate and the funds were made available the next business day itself (and hence, would start earning miles). My initial $2,500 check deposit is still sitting out in the cold waiting for the 9-business day hold to be lifted; only $100 out of it is available in the balance.

show_me_the_points

Could I setup a joint account with my parents since they have the cash and I need the miles?

garimell

I believe so; during the online application process, if a joint account is opened, I remember something to the effect that the primary account holder's AAdvantage account is the one that receives the miles while all the other account holders can operate the account. Can't seem to locate any FAQ on their website upfront about this but, you can call them or start walking through the application process.

If you need a referral, pls let me know!

saint

Yep. As I recall BankDirect doesn't order a credit report with any of the large 3 bureaus. They use a smaller regional firm that checks credit reports. I remember when my wife was applying for an account they used a small company. She got a letter from a company saying she had to supply some information (as we don't live in the USA). She did and they opened it up shortly after that. I can't remember the name of the credit bureau but it wasn't any of the major 3.

Alfonso XIV

I'll confirm that you can set up a joint account, and have the miles deposited to the AAdvantage account of either one of the co-depositors. On the bank application, you specify which of the joint account holder's AAdvantage number gets the miles. It doesn't matter if your parents deposit $99,000 and you deposit $1,000-- all the miles can be directed to you.

On a side note, a joint account is an easy way to double (or triple) the FDIC insurance on your deposit. A joint account (with 2 SSNs linked to it) has $250K of insurance per depositor. I believe the $250K would be tripled for three co-depositors.

If you need a referral, send me a PM.

somdave2005

Anybody tried BankDirect's CDs which earn much more than the Savings and checking accounts?

6month = 250mi /$1000
12month = 500 mi/$1000
2 yr - 1000 mi/$1000

So a $10000 6 month CD would earn 30k miles, instead of 12K miles with the checking account.

dave209

I love Bank Direct.

KtownTraveler

5k, not 30k. BankDirect miles are accrued once per Mileage CD, not every month as with Mileage Checking. The tradeoff is that CDs earn more than double the interest of Checking. (Still it ain't much.)

frank_10b

where is the best wiki on bank direct?

DeirdreTours

Do you earn enough AA miles to make it worth forgoing the 2.2%-2.25% interest that is widely available from banks and credit unions?

I would be thrilled beyond measure to find 2% on checking/savings currently. Mr. Tours and I just plunked our cash in BankDirect for miles as we can't find a rate even approaching 1% right now.......

show_me_the_points

What are people's thoughts on the security of online banking? When we called they said we would be responsible if our accounts are hacked. Is there a standard law about this?