Presidential Internet Checking PLUS raised to 3.25 APY

My mistake, it is already posted in the Daughter of the Mother thread, sorry for the dupe. Still good news though.

mcomstock said: Cancel your pending transfers to Emigrant.
Scheduled ED -> Presidential. Thanks!

pondscum said: I see it on their homepage but I don't see the 3.25% in my account details!! If they changed the rate yesterday, it should have reflected in my account this morning! anyone else see it in their account?

NAH

ccrzhh said: Scheduled ED -> Presidential. Thanks!

Why, when ED is already at 3.20% (3.25% APY)?

mcomstock said: I searched, didn't find it already posted.

As of 6 pm today 5/3/05

Internet Checking PLUS under $25,000 3.20% 3.25%
excess over $25,000 1.98% 2.00%

Cancel your pending transfers to Emigrant.

edited for spelling.

Isn't that the same rate as Emigrant? Is there something better about the offer from this bank??

CyByte, regarding your questions:

1. They've always had some of the highest interest rates.

2. I don't know about their customer support because I've never had to resort to it.

3. I also keep a local checking account with a very small balance simply for free ATM access (Presidential is based in a different state than where I live).

4. I'm fairly certain that transfers to Emigrant Direct and ING are free.

5. This bank has been around at least 10 years and is FDIC insured.

Also, as someone mentioned earlier, this 3.25% applies only to your first $25,000. Amounts in excess of that get a 2% rate.

Hope that helps.

ohhenry1 said: CyByte, regarding your questions:

1. They've always had some of the highest interest rates.

2. I don't know about their customer support because I've never had to resort to it.

3. I also keep a local checking account with a very small balance simply for free ATM access (Presidential is based in a different state than where I live).

4. I'm fairly certain that transfers to Emigrant Direct and ING are free.

5. This bank has been around at least 10 years and is FDIC insured.

Also, as someone mentioned earlier, this 3.25% applies only to your first $25,000. Amounts in excess of that get a 2% rate.


It will take me a long time to get up to 25,000 dollars so I am alright with that.

How do you get paper checks from this bank? I found there website and I didn't find info about that.

Hope that helps.

CyByte said: I have never used online bill payers before. It looks like for a Presidential Online Plus checking account they will let you use there bill paying software 10x a month for free.

I get a monthly car loan bill in the mail. Does anyone know if I can pay a paper bill like that one somehow with the bill payer software to save on a stamp?

Yes you can. You just need to give them the account number and address.

But if you've never used online bill payment before, let me warn you of a common mistake: People assume that their bill will be paid instantly. In a few cases the bill paying service has to mail a paper check. But even if the payment is sent electronically, that does not mean that your car loan account will be credited the same day the online payment is made. Don't schedule your payment for the very last minute. Make your first payment to any given company a week or two before the deadline (or at least make a small test payment) and check to see how long it takes them to credit your account. Once you know this, you can schedule closer to the deadline.

In fact, if you are uncomfortable, try sending a $1 payment to your car loan company and see if it is credited properly (and send your full regular payment by mail until you are satisfied it works).

CyByte said: I have some questions about this bank though if anyone knows the answers to them.

Have they always had some of the highest interest rates or is this new?
Seems like always - see graph on their home page 5-6% in 1996-2000. Hope it will be the same in a year

How is the customer support?
Friendly. Not in India as in big ones. No long waiting.

Would this be recommended to be your only checking account or should I keep my local one open just in case?
Keep local - it's better to deposit your checks there and send money electronically to Presidential - free UBoC is a good choice. They send outgoing bill payments as ACH transfers. 2 days.

If I had my paycheck direct deposited to a Presidential Plus checking account is it free to have money transfered to and from to ED and ING?
Sure. Just establish Pres as external account in ED and ING

I am new to the internet banking scene. Has this bank been around for awhile? I really do not want to take a chance on it.

They say, America's 1st Online Bank since 1995.
"Presidential Bank, FSB, was organized in 1985. Our assets are about $200 million. Our main office is located in Bethesda, Maryland. We have branches throughout the metro DC area"

thanks to anyone who can help with my questions. I might actually have enough money to start one of these by the end of the year. I think my current checking account gains .15% interest which is basically nothing.
First check your credit report. They will reject you if it records your old address. No phone bills will help.

How do you get paper checks from this bank? I found there website and I didn't find info about that.
"FREE initial check order of 25 checks" (used to be 50)
Then order in WalMart or a special in each Sunday newspaper insert for $5-7 for 150-200 checks

TAKE NOTE! Presidential checking is fee-free IF you keep the balance over $1000.00.

Emigrant savings is free no matter what. I don't know any reason why I wouldn't have at least that much in the account, but you never know what unplanned things might happen. I'm gonna get Emigrant.

lindseyeliza said: Isn't that the same rate as Emigrant? Is there something better about the offer from this bank ??You can write unlimited checks and schedule Bill Payment transactions. Emigrant has a limit of 6 ACH debits per month; unlimited ACH debits with a Presidential Bank checking account.

vonNezzy said: IMO a checking is too risky (fraud, etc) to keep a high balance in, I would rather have a high % MM and a non-int checking, but just my preference

I'd like to see the reasoning behind this...

Mark

Alcibiades said: It wont be pretty. Poster implies that fraud is less likely on a non-interest bearing checking account than on a high interest bearing checking account.
Or perhaps that it is higher on checking accounts making non-checking safer?

Haha You Just made me laugh out loud at work. i needed that

ananthar said: lindseyeliza said: TAKE NOTE! Presidential checking is fee-free IF you keep the balance over $1000.00.


Also requires a monthly direct deposit : this must be a real payroll or pension deposit from a buisness account, so unless you make this your primary checking account, this is not a good option.

Sure it is. Many employers allow you to split your direct deposits. Presidential requires $200 DD a month. Put the net somewhere else if you want.

Mark

ohhenry1 said:

3. I also keep a local checking account with a very small balance simply for free ATM access (Presidential is based in a different state than where I live).


Are you aware that Washington Mutual ATMs don't have a surcharge for other banks' customers? Go to any WaMu ATM and you can withdraw money from your Presidential account with no fee.

Nagorak said: Why wouldn't you make it your primary checking, though? With Presidential you have your money earning good interest up until the moment the check is paid. With any other checking account your money sits there in limbo getting like 0.25% interest for about a week before the check goes through (if you cut it closer than that, you're asking for a bounced check and a nice fat returned check fee). If I had to only choose one online account it would be Presidential, because you get both good rates and convience of use.
Even more important is that you don't have to track, which funds are on checking and which are in savings, schedule transfers before big payments and after big deposits and have more time to read FW

Alcibiades said: It wont be pretty. Poster implies that fraud is less likely on a non-interest bearing checking account than on a high-interest bearing checking account. Checking is checking.


Indeed - my post wasn't clear
I meant that I'd rather keep the majority of money in a money market, because it's harder for crooks to access. Not in a checking where it can be wiped out, which if it's happened to you can have an effect for weeks even if the reversal is timely.

2, this account looks good. Personally my checking balances run low-ish and my main account has rewards points that, when redeemed, are worth more than what I would earn in an interest account.

So my point was that leaving money in Emigrant is more secure than in a checking account, & I won't be cancelling my transfers