The other day, an astute (but anonymous) reader pointed out a bit of troubling fine print in the Emigrant Direct withdrawal policy (see here for to read it for yourself). In short, the passage in question states that Emigrant Direct has the legal right to require 60 days written notice of any intended withdrawal. In other words, they are (apparently) free to sit on your money for 60 days if they choose to do so. I’m not sure if that’s standard fare for most banks, but it certainly doesn’t sound like a very customer-friendly policy, and ING Direct ($25 account opening bonus) doesn’t seem to have a similar policy in place. This is certainly something to consider if you’re planning on depositing funds that you absolutely need to remain liquid.
Click here for further details on, and a possible explanation for, this policy.