I had WFB about 2 yrs back and they were good in all aspects.

OP, please change your title to reflect that this thread is about Western Financial bank's 3.00% Online Money Market account as there are plenty of Money Market accounts out there that are not as interesting as this one!

edit: I added this thread to the rate thread.

These are the terms for the account now paying 3.25% - 'guaranteed' til end of 2005

Online Money Market Account &
Online Money Market Plus Account

Rate information - Your interest rate and annual percentage yield may
change. At our discretion, we may change the interest rate on your
account daily.
Interest rate tiers -
$0 - $4,999.99
$5,000 - $9,999.99
$10,000 - $24,999.99
$25,000 - $49,999.99
$50,000 - $74,999.99
$75,000 +
We reserve the right to change both the number of tiers and the dollar
amount of each threshold. The interest rate may be the same in all tiers.
Compounding and crediting frequency - Interest is compounded
daily and credited to your account every month at month-end.
Interest computation method - We use the daily balance method
to calculate the interest on your account. This method applies a daily
periodic rate to principal and earned interest in the account each day.
******Effect of closing an account - If you close your account before
interest is credited, you will not receive the accrued interest since the
previous month-end.*******
Minimum balance to open the account - $5,000.00.
Statement frequency - Statements are issued at quarter-end. If you
have electronic funds transfer activity, statements are issued at month-end.
Accrual of interest on non-cash deposits - Interest begins to
accrue no later than the business day we receive credit for the deposit
of non-cash items (for example, checks). Internet initiated ACH deposits
begin earning interest on the day the deposit is credited to the account.
Transaction limitations - You may make six transfers from your
account per monthly statement cycle, but only three may be payments
by check, draft, point of sale, or similar order to third parties. There is
no limit to the number of withdrawals in person, by mail, or at a
Western Financial Bank ATM.
Fees - An excess withdrawal fee will be charged for each transaction in
excess of the stated transaction limitations. Account may be subject to
closure. Refer to the Personal Banking Fee Schedule for fees associated
with excess withdrawals.
Non-proprietary ATM transactions - Non-proprietary ATM
transaction fees will not be assessed on this account by Western
Financial Bank.This does not include surcharges that may be assessed
by the company or institution owning the ATM/terminals.
Other restrictions - This account is only available online through
www.wfb.com. A fee will be charged for in-branch transactions.
Refer to the Personal Banking Fee Schedule for fees associated with
in-branch transactions.
Closing an account - Written authorization bearing an original
signature from a signer(s) on the account must be received by us in
order to close your account. Upon receipt of such authorization, we
will close your account, issue a check payable to the named owner(s)
of the account, and mail the check to the address of record.


My experience: good bank, good cust service, be careful when you close account as highlighted above: they will not pay interest for the month in which you close account.

Wow 3.25% until Dec 25 instead of 3.0 until mid year. MM account allow you to write up to 6 transactions per month, and 3 checks per month. That's what I rather take this MM instead of emigrant-direct, I need to write 1-2 checks per month.They have several branches in LA but nothing close to my home so I think I will use either electronic transfer or mail in for deposit.

OP: can you update your title to reflect the exciting 3.25%, good until the end of the year? I think that rate should get some attention!

tylr said:Thanks, OP. Planning to move ING fund over. Applied on-line without any problem. Good find!
Edit to update status: You have to call to activate the account. CSR did a credit 'soft inquiry' to verify identity. Fund(s) is set up to ACH from bank account(s). Take about 3 business days. An email will be sent with account information and then you can access it on-line. Welcome package will be sent via US mail to receive in the standard 7-10 business days. Only thing is that if you want checks- 30 checks will cost 7.50. Online bill payment is 4.95/month. Since I don't plan to do anything with this account, this is not a problem but something to consider for those who do. Took about 15 minutes on the phone fairly painless, will see how the email and online access turn out.

tylr, since you already opened an account, do you know what happens if the balance falls below $5000? Do they charge any low balance fee? Do they close an account? Also , how do you move money back and forward? Is it like ING, where you link it with your checking account? If it is how many checking accounts can you link it with?

Thanks OP. I just submitted my account information online and called them and verified the account information.

Excellent question. Supposedly you can use their ATMs at no charge, but if you're not near a branch you're likely not near one of their ATMs so you'd be hit with a surcharge (only one though since they say they don't charge). Also it's $1.50 to do an in-branch transaction with this account. Doesn't sound so great.

Edit for clarity.

ucsdgaspasser said:If you don't want to spend the 7.50 for checks, and there are no externally linked accounts, how do you withdraw your money? (you'll get hit with a fee if you go into a branch)

When I was talking to the CSR I was told that I could transfer money online so I thought there would be linked accounts. But I don't have proof yet.