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thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Aug 16, 2011 10:12 PM
Buddy was telling me about this today. It's a checking account that pays 3% if you make a minimum number of transactions per month.

Anyone have experience with this?
Aug 16, 2011 10:12pm
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
Aug 17, 2011 8:31 AM
No.
Aug 17, 2011 8:31am
T

thavoice

Senior Member

14,376 posts
Aug 17, 2011 10:03 AM
Is it a bank?

Be wary of some things. there was a bank that was touting a service that they would deposit into savings on each purchase. For instance, if you spent 25.28 on your debit card they would depoist 72 cents into your savings account. They would do that for each purchase.

Seemed too good to be true.


That bank is now closed.
Aug 17, 2011 10:03am
LJ's avatar

LJ

Senior Member

16,351 posts
Aug 17, 2011 10:07 AM
thavoice;865129 wrote:Is it a bank?

Be wary of some things. there was a bank that was touting a service that they would deposit into savings on each purchase. For instance, if you spent 25.28 on your debit card they would depoist 72 cents into your savings account. They would do that for each purchase.

Seemed too good to be true.


That bank is now closed.

It's a 3rd party network
Aug 17, 2011 10:07am
Q

QuakerOats

Senior Member

8,740 posts
Aug 17, 2011 10:28 AM
A community bank I am aware of has an offer of 4% for an account predicated upon making X number of electronic debits (not ATM withdrawals) per month. It appears that the cost of offering the interest is less than the cost of processing paper check transactions and thus they can make the offer. I don't know much more of the specifics, and as always, the devil is in the details.
Aug 17, 2011 10:28am
iclfan2's avatar

iclfan2

Reppin' the 330/216/843

6,360 posts
Aug 17, 2011 6:50 PM
QuakerOats;865161 wrote:A community bank I am aware of has an offer of 4% for an account predicated upon making X number of electronic debits (not ATM withdrawals) per month. It appears that the cost of offering the interest is less than the cost of processing paper check transactions and thus they can make the offer. I don't know much more of the specifics, and as always, the devil is in the details.

I have seen a ton of deals like this, but the interest rate isn't fixed, and within a few months it is down to basically nothing again. They are all just trying to get you in. Until Bernanke pulls his head out of his ass, plan on not getting any decent interest rate on anything (from banks).
Aug 17, 2011 6:50pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Aug 17, 2011 9:21 PM
Well guess no one has used it. There are only a couple banks/credit unions in the Columbus area that are partners in this. Sounds legit and they actually only pay interest on a max of $25,000.
Aug 17, 2011 9:21pm
T

twig3313

Junior Member

1 posts
Aug 18, 2011 10:49 AM
I have used it for a couple years now and it has worked out great for me.
There are 3 qualifications per month that you have to do
1. 12 debit card transactions
2. Pay 1 bill online using your account
3. Receive online statements

Currently the interest rate that i get is 2.72%. Another reason i like this is because i get ALL atm fees back throughout the month (up to $25).
Aug 18, 2011 10:49am
oberhaus's avatar

oberhaus

Senior Member

868 posts
Aug 18, 2011 11:34 AM
Union Bank and Farmers & Merchants Bank offer it in NW Ohio. I have been thinking of going to it.
Aug 18, 2011 11:34am
V

vball10set

paying it forward

24,795 posts
Aug 18, 2011 1:56 PM
did somebody mention kielbasa??

Aug 18, 2011 1:56pm