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props to SNAP14 for the info on this account! (as seen in the Daughter of the Mother of all Online Banking thread)

Here's some more details on the "Money Tree Market Account" paying 4% APY:

$25K minimum to earn interest and avoid monthly fees
no ATM or checkbook, only access through internal transfers or wire ($20 fee for wires).

You can open a VALUE CHECKING account and link it to the Money Market to get money in and out. Value Checking is fee-free if you have DD of $100/month or sign up for electronic statements.

.Lockheed Martin FCU is open to all for membership if you join The Achievers Club for $5

Member Summary
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Also keep in mind, if your balance drops below $25K the rate will revert to their standard rate and you lose the 4% prom... (more)

davelanton (Sep. 23, 2005 @ 3:29p) |

Just closed my account, they're sending me a cashier's check. Annoying bank.

bluegenie (Sep. 23, 2005 @ 4:59p) |

Found an ad with a <a target="_new" href="http://www.fatwallet.com/redirect/bounce.php?http://www.lockheedfcu.org/promos... (more)

Cheap (Oct. 31, 2005 @ 12:45a) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
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Importand info from the other thread:

snap14 said: [Q]4.0% APY Money Market Account ($25,000 minimum, no early closing fee)
Lockheed Federal Credit Union
800-328-LFCU
(must call, not yet listed on website: www.lockheedfcu.org)

Wow, doesn't it mean that it is better than ING? I have Lockheed downstairs and will talk to them today. $25K minimum without earlier charge/monthly charge. Sounds owesome, thanks OP.

this is great , and the $25k minimum will stop the droves who would crush this due to FW effect.

The CSR I reached didn't seem to certain about this one...

More details would be appreciated, e.g.,

-what fees do you incur if fall below $25K?
-what interest is earned up to $25K?
-when do they start crediting interest to your account--on deposit, or after it clears?
-Can VALUE CHECKING be set up to provide automatic OD protection, so that the money doesn't leave savings until the check you write clears?

TIA for answers to these that appear authoritative...

The CSR I spoke with to start my membership had no clue about this account offering, it's too new. She refered me to a Membership Services rep, who knew exactly what I was talking about and had answers to my questions. Try calling back and hitting '0' instead of "new membership" from the menu and see if that helps.

Thanks davelanton,

What answers did they share with you? I can't call before they close, and would appreciate the corraboration in any case.

Sorry I didn't think to ask any of the questions you did, except that if the balance falls below $25K the interest rate is their regular rate (1.?%). Since I plan to put my app-o-rama 0% cash in this account, I wasn't concerned with falling below the minimum.

this seems good. ne1 signing up for that The Achievers Club to get this deal?

dcu just raised the LTD MM to 2.96% which is nice for a local BM bank.

I am joining the CU through the Achievers Club. I joined both the CU and the Achievers Club in the same phone call. I am now waiting for the signature cards and detailed info in snail mail, which I will return with my opening deposit. I'll share more details once the paperwork arrives.

For those interested they have very competitve 0% down mortgage rates and a Vacant Land Loan program.

HappyGuy said: [Q]For those interested they have very competitve 0% down mortgage rates and a Vacant Land Loan program.

These rates do look good! I am signing up also. Thanks OP!

Is the Money Tree Market Account at Lockheed Federal Credit Union FDIC Insured?

Wow, this is great. Thank you, OP.
Is this only a promotional rate or a more stable rate like ING & Capital one?

Considering all the trouble to open a new account & a possible hard inquery, I hope that I can enjoy this longer.

patelkamlesh said: [Q]Is the Money Tree Market Account at Lockheed Federal Credit Union FDIC Insured?no, no credit union is FDIC insured.

They may be NCUA insured (similar to FDIC, btu for credit unions) or privately insured. Please do you research and ask them and report back.

LFCU is federally insured by NCUA up to 100,000 according to the website. It's also rated 5* by Bauer Financial.
According to CSR, 25K is required to earn 4% APY, interest accumulates daily and starts as soon as check or ACH hits the account. If balance falls below 25K, current savings account rate applies which is currently 1.57. Somewhat peculiar is that this account will be converted to the Market Maximizer account on April 2006 and will earn whatever interest rate is applicable to that account at that time. There is no early closure fee so it's a good thing to enable the money to be withdraw once/if other banks exceed 4% APY.

Also, thought that there is a $5 fee initially for membership but CSR said that $5 is 'on retention' which is perhaps the same as initial deposit requirement which will be part of your deposit not the CU to keep. Requested paperwork to be sent yesterday, will see if anything new comes up from reading the fine print to verify what was told by this CSR. Interesting how CUs are competing with banks as this will be the 2nd 4% APY account with my deposits if I decide to go with it.

Edit to add that CSR also mentioned there is no check with this account, 6 withdrawals monthly. No problem or no need to open a LHCU checking account if you have a Capital One or any other accounts that can be linked without requiring a check so that ACHs can be initiated.

Somemore info taken from CSR chat session:
The rate for the Market Maximizer Account is: 2.60 annual percentage yield, and 2.567 dividend rate. You can find this information via our website. Also at our website please review our realtionship rewards program. It will show you how to maximize your earnings power with the Lockheed Federal Credit Union.

Thanks OP! They're sending me some info via snail mail.

Edit to add that CSR also mentioned there is no check with this account, 6 withdrawals monthly. No problem or no need to open a LHCU checking account if you have an ING, Virtual Bank or Capital One to initial ACHs.

would ED work with this also for ACH's

decades said: [Q]Edit to add that CSR also mentioned there is no check with this account, 6 withdrawals monthly. No problem or no need to open a LHCU checking account if you have an ING, Virtual Bank or Capital One to initial ACHs.

would ED work with this also for ACH's

Checked my ING/VB accounts requirements and they require a check to link. Believe that ED may have the same requirement but wouldn't know since I don't have an account. CapOne is O.K. for accounts w/out check. Re-edited prev. post.

Thanks for the updated info everyone, much appreciated.

Can you link a no-fee checking account to this account, with free OD protection, like you can at UFB direect, USAA, and others? That would be a nice way to access these funds.

DaveHanson, see the first post. I didn't ask about OD protection, but you can transfer funds in/out with the free "value checking" account (free if you get electronic statements or have DD of $100/month) and then ACH in/out that way.

davelanton said: [Q]DaveHanson, see the first post. I didn't ask about OD protection, but you can transfer funds in/out with the free "value checking" account (free if you get electronic statements or have DD of $100/month) and then ACH in/out that way.

A savings account is required and comes with ATM access so there's no reason to get a checking account also.

There is if you want to link the account to INGDirect or Emigrant, or any other bank that requires a check to establish an ACH link. Plus, the ATM card probably has a limit of $500 a day. I see the need for transfers a lot higher than that.

davelanton said: [Q]There is if you want to link the account to INGDirect or Emigrant, or any other bank that requires a check to establish an ACH link. Plus, the ATM card probably has a limit of $500 a day. I see the need for transfers a lot higher than that.

I thought ACH works fine on savings accounts.

Thanks OP

ne1 have updates?

still waiting for the paperwork in the mail.

Paperwork arrived. I have great news for Dave Hanson: <img src="i/expressions/face-icon-small-smile.gif" border=0>

Any savings or Money Market account (including the 4% Money Tree acct) can act as overdraft protection for checking. There is a $3 fee for each overdraft transfer, but if you have $100K in combined acct balances, the fee is waived.

There's a pamphlet included with the welcome package called "relationship rewards" which waives many fees if you have large balances. Perks include fee-free ATM withdrawals at non-CU ATMs, fee rebates from non-CU ATMs, mortgage fee discount, free checks, overdraft and HELOC low-balance fee waivers, and a higher rate on CDs.

Caveat: there is NO MENTION of the 4% money market account in any of the paperwork. I called the CU and they assure me the account exists, and that it's a "promotional account" and is so new that they have no paperwork on it. They asked me to include a note with my opening deposit indicating the following allocations:

$5 savings (min required)
$25 value checking (min required to open account, but no minimum to maintain acct)
$the rest in 4% Money-tree money market

I also need to indicate that I want the money-tree money market to be the overdraft protection account.


Does anyone know whether Lockheed Martin counts an ACH push from ING, ED etc. as a Direct Deposit?

Spoke with customer service. This is a special rate, rates are adjusted every Friday. There is no guarantee of how long this rate will be in effect. Could be as short as until next Friday. Thanks

A bit more detail on "Relationship Rewards". . .

Since we will all be depositing at least 25k we will mostly be "Gold" tier, the relevant rewards are as follows

$12/month of ATM rebates.
$350 mortgage fee discount
1 free box of checks per year
premier checking - .50% dividend rate increase
CD - .50% dividend rate increase

For those who will be "Platinum" tier(100k min) rewards are
Unlimited ATM rebates
$500 mortgage fee discount
unlimited checks
Exemption from overdraft and HELOC low balance fees
premier checking .65% dividend increase
CD - .65% dividend increase

Interesting discussion of this deal: http://www.bestcashcow.com/fcuaccounts.html
Has anyone actually set one of these up, seems like a real hassle, but might be worth it if the rate stays where it is. Also, they comment that it is not trivial to get your money out. Does anyone know a better way?

Besides accessibility, would there be any reason not to open an acct here if you're nowhere near any of their offices?

I tried getting my CU to match their 4%, but they said they couldn't. I think this 4% promotion will go on for at least a year. Do you guys switch around money market accts to keep the highest APY?

My account is open as of August 1st. I mailed my completed application and opening deposit last week. And by the way, they are accessible through yodlee.com as well.

Their web interface is remarkably similar to Presidential, they must use the same software vendor for online banking.

And I am nowhere near their offices, nor am I near Presidential, Emigrant, ING Direct, or any other ONLINE BANK. Does it worry me? Nope. With the linked checking account, I can ACH funds in/out if I need to.

FYI - ING Direct has no branches, it is a purely internet bank, that is why it could offer such high rates over the other banks that had branches. How the other banks are getting smart, and jumping into the internet banking aka low maintenance banking, giving ING a run for its money. These banks, to compete with the "internet rates" must separate their branch business from their internet business (hence the "online" rates versus the non-online rate, and the fees for using branches for supposedly "online" accounts). So the best interest interest rate accounts, will either have no branch or a fee for using the brach. The FDIC member bank listing shows the number of branches each FD/iC bank has...

doglar said: [Q]FYI - ING Direct has no branches, it is a purely internet bank, that is why it could offer such high rates over the other banks that had branches. How the other banks are getting smart, and jumping into the internet banking aka low maintenance banking, giving ING a run for its money. These banks, to compete with the "internet rates" must separate their branch business from their internet business (hence the "online" rates versus the non-online rate, and the fees for using branches for supposedly "online" accounts). So the best interest interest rate accounts, will either have no branch or a fee for using the brach. The FDIC member bank listing shows the number of branches each FD/iC bank has...While it's true that ING may not have any branches, the do have (in the US) four locations they call cafes where you are able to conduct business and get information. This coupon will get you a free cup of coffee at any of their cafes and also (on the bottom) lists the location of these cafes.

Ing and Emigrant will not open accounts in the name of a living trust. Does Lockheed FCU also have that restriction?

davelanton said: [Q]Paperwork arrived. I have great news for Dave Hanson: <img src="i/expressions/face-icon-small-smile.gif" border=0>

Any savings or Money Market account (including the 4% Money Tree acct) can act as overdraft protection for checking. There is a $3 fee for each overdraft transfer, but if you have $100K in combined acct balances, the fee is waived.Many thanks for the update, davelanton .

This is a very nice option for people with large balances who need liquidity. Not nearly as attractice for smaller balances, and it isn't clear how attractive it will remain once the promo period ends.

According to their chart , relationship rewards levels are determined by average daily balance on deposit accounts + outstanding loan amounts as of last calandar day of the month.

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