Sunday, November 05, 2006

E-LOAN Savings Update

I still have not received a response from them. I contacted them via their secure messaging service twice. According to Banking Guy,

"It turns out that your account balance is updated monthly from your anniversary date of your account opening. I opened the account on October 2nd and I my account was credited with interest yesterday on November 2nd. However, electronic statements are issued at the end of each month. On the statement, you'll see interest credited up to the end of the month. On the monthly anniversary, that month of interest will be credited to your account and will be shown on your account page."

I guess that solves the mystery. E-Loan has a long way to perfect their website as there are many issues with it. It's very amateurish if you will. But I can't complain when they have a 5.50% APY !

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