I came across this ad in the Philadelphia Inquirer this morning.
Third Federal Bank is offering a special promotion for new customers.
Open a new "Shocking Green Checking" account. First 3 months, you will earn 10% on balances up to $5000. If you establish your account as "primary active checking account", you will continue to earn 10% for next 3 months (total of 6 months).
The definition of "primary active checking account" is ONE of the following:
1) Qualified direct deposit at least once per month. According to the CSR, qualified types are payroll or Social Security. 2) Write 5 checks per month. 3) Use free Online Bill Pay to pay 5 bills per month. 4) Get the debit card and make 10 transactions per month.
This promo doesn't appear on the website, but after the promo period, the account is converted to the Interest Bearing Checking account - see here.
The toll free number featured in the ad is 1-888-918-4473.
Might not be worth the hassle for most, but just thought I'd share.
xpguy
Senior Member - 3K
posted: Feb. 15, 2005 @ 11:41a
This is a HOT deal if you live in the Philadelphia area. Only way to open an account is at a branch.
xpguy said: This is a HOT deal if you live in the Philadelphia area. Only way to open an account is at a branch.
Nothing in south philly, too much of a ride to me to the closest branch, have tp pass it up
prozario
Senior Member
posted: Feb. 15, 2005 @ 12:45p
they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.
xpguy
Senior Member - 3K
posted: Feb. 15, 2005 @ 12:52p
prozario said: they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.
Reread the definition again, The definition of "primary active checking account" is ONE of the following:
prozario said: they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.
As usual they make it hard and we fight it and get it, great FW'ers
well.. if you jump through those loops, u get roughly $250 from having $5k sit there. Doesn't seem much better than the CITI deals considering the additional effort.
Bycracky
Senior Member
posted: Feb. 15, 2005 @ 3:50p
I hope this isn't a taste of the kind of things we will have to resort to once 0% offers go away.
prozario said: they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.
They use one of the following, so just doing direct deposit looks to be the easiest way to go.
fw201
Senior Member - 2K
posted: Feb. 16, 2005 @ 9:59a
A million hoops and a 5000 limit ?
No thanks.
gnat
Senior Member - 1K
posted: Feb. 16, 2005 @ 10:35a
Thanks for the post, skeretz. With $5000 there for 6 months, even at 10% APR compounded daily you're only earning $236.xx, and that's taxable income.
After 6 months, it will drop down to their usual rates, which currently is a pathetic 0.4%. Too much hassle, and not enough of an upside.
Thanks for posting though.
xpguy
Senior Member - 3K
posted: Feb. 16, 2005 @ 10:42a
what kind of hoops? write 5 checks a month to yourself It says you only have to fulfil 1 of those requirements So there is only 1 hoop to jump through
What is the bank trying to get out of this? The savy rate hopper will just leave once the promo is over, and the typical person would not think it is worth the effort involved. Really a not well thought out idea.
VagrTiger
Senior Member
posted: Feb. 16, 2005 @ 11:54a
KrayzyAzn said: well.. if you jump through those loops, u get roughly $250 from having $5k sit there. Doesn't seem much better than the CITI deals considering the additional effort.
The amount of effort and annoyance necessary to open an online CITI account is so big, that I won't go through that even if I really needed that account. From what I read on FW, the chances of receiving the bonus from CITI is about 60%.
The deal with the Third Federal is better because it's not a bonus but interest. They have less flexibility and less stamina than CITI to deny it.
longwood8 said: What is the bank trying to get out of this? The savy rate hopper will just leave once the promo is over, and the typical person would not think it is worth the effort involved. Really a not well thought out idea. They hope there are some people outside FW
UPDATE TO MY OWN QUESTIONS: Only allowed one account per household. First order of checks is free. Kind of warm only I guess. Probably not worth a long drive to open an account.
Boiler
Senior Member - 1K
posted: Feb. 16, 2005 @ 8:05p
I would definitely sign up if I could do it online. My company's DD is done via a website and is easy for me to DD about $50 each month, get the interest and leave after 6 months.
xpguy
Senior Member - 3K
posted: Feb. 19, 2005 @ 9:02p
Drove to Philly (40 min drive) today for the Dali exhibit at the Museum of Art. (was awesome btw) Decided to hit one of these branches before they closed (at 1pm). The branch I went to was like hole in the wall. Signed up for an account, no problems. Suprised me that they didn't have any banners or flyers for this inside or outside the bank. I would think the best way to advertise for this is word of mouth or for existing customers to tell their friends and family. Anyway, thanks OP for the mention of the deal.
p.s. If you are going to the Dali exhibit on a weekend, make sure you get your tickets a good 2 weeks in advance.
Interest Checking Monthly 0.400% Variable rate account, rate may change after account is opened. Minimum balance to open $50.00. Minimum balance to receive interest $500.00
Nothing in south philly, too much of a ride to me to the closest branch, have tp pass it up
There is a branch in bridesburg....less than a mile off of I-95. I dont' understand why Philly people think that 10 miles is so far to drive?! like King of Prussia is in another galaxy too
are any of these branches near the Philly airport, if so which one? I am in town next Friday for a conference and if one is close I'll stop there to open an account during a break or right after the event. thanks!!
xpguy
Senior Member - 3K
posted: Feb. 24, 2005 @ 11:03p
none are near the airport, for the closest one, here's the address for the airport:
8000 Essington Avenue Philadelphia, PA 19153
There's a link to the branch locations in the post above you, plug the addresses in mapquest
Thanks, got the account opened last Tuesday, in and out in about half an hour. They acted like the account was only for locals but were ok once I told them I was moving to Philadelphia next month. The free first order of checks and online account billpay password is shipping to the branch office and I had to convince them to put them in the mail to me.
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