not to be confused with One United, which is another bank
* Avoid $5 monthly fee for balances over $300 * No internet access fee * Cannot link to other bank accounts * Can initiate ACH transfers from another bank * Can do initial funding with ACH transfer not just a check * They only do a ChexSystem check on account opening. No hard pull * $15 closing fee if closed within first 6 months
Must return a notarized signature card, proof of address, verify trial deposits
only 2 ways to get your money out -- visit a local branch in Florida, or write a letter and have it notarized! After sending the notarized letter they will mail you a check by certified mail
Many negative reports from non-FL residents
Message edited by: JohnGalt69 on 2007-03-23 22:02:09 CDT
The terms of the offer shown on the splash page do not match those of the Disclosures document. Looks like we'll need to make a few phone calls before we know for sure what the true details are.
Nice find OP. It will be interesting to see how this evolves as they get hit by a flood of FWF people. Even if the details shake out to be ok, I have a strong feeling within 6 months no one will be using them or there will be some kind of locality restriciton.
Bizzare bank, can't even fix their webpages (shaky shaky) I believe (from common sense & experience), despite how confusing their webpage seems to be, you need $5000 to open the account & $300 to waive the fee so, one might just open the account with $5000 and withdrawl $4700 afterwards if the rate drops (if not, then even better) at least worth a shot, Feds interest will last at least another 9 months!
badguy said:it says "interest compounded monthly". how much difference does this make compared to most banks' "interest compound daily"?If it's APY (not APR), there is no difference.
Wow seems weird look at the disclosure for the signature savings and it says SIGNATURE SAVINGS Rate Information: Tier 1 - If your daily balance is more than $0, but less than $2499.99, the interest rate paid on the entire balance in your account will be 4.879% with an annual percentage yield of 5%.
Marquess said:Wow seems weird look at the disclosure for the signature savings and it says SIGNATURE SAVINGS Rate Information: Tier 1 - If your daily balance is more than $0, but less than $2499.99, the interest rate paid on the entire balance in your account will be 4.879% with an annual percentage yield of 5%.
Usual disclaimer rates subject to change at any time
Does this mean there's no minimum balance requirement? In the disclosure, it says "Avoid the monthly maintenance fee by maintaining an average daily balance of: N/A" Is OP wrong?
ToHellWithUGA said:badguy said:it says "interest compounded monthly". how much difference does this make compared to most banks' "interest compound daily"?If it's APY (not APR), there is no difference.
If you withdraw your fund after a short period of time, say less than a month, would that make difference?
badguy said:If you withdraw your fund after a short period of time, say less than a month, would that make difference?You get no accrued interest if you withdraw your funds less than one month after the initial deposit.
As some of the posters on this thread mentioned, there are few inconsistencies in the information provided on the website about this savings account. That's why I included Account Disclosures Link along with the Promotion Link in my original post. The best way to resolve these inconsistencies is to call them on Monday.
Here is the Name, Location, and Routing Number information from Fedwire Participant Database:
Bank Name: BANK UNITED, FSB Location: CORAL GABLES, Florida Routing Number: 2670-9059-4 Telegraphic Name: BANK UNITED Revised: December 21, 1999
dlr3 said:badguy said:If you withdraw your fund after a short period of time, say less than a month, would that make difference?You get no accrued interest if you withdraw your funds less than one month after the initial deposit.
So, if interest is componded daily, one would get accrued interst even if he withdraw the funds within a month, correct?
newlybornfirestarter said:As some of the posters on this thread mentioned, there are few inconsistencies in the information provided on the website about this savings account. That's why I included Account Disclosures Link along with the Promotion Link in my original post. The best way to resolve these inconsistencies is to call them on Monday.
Here is the Name, Location, and Routing Number information from Fedwire Participant Database:
Bank Name: BANK UNITED, FSB Location: CORAL GABLES, Florida Routing Number: 2670-9059-4 Telegraphic Name: BANK UNITED Revised: December 21, 1999
The location on their website is Miami Lakes, not CORAL GABLES... fishy.
dlr3 said:badguy said:If you withdraw your fund after a short period of time, say less than a month, would that make difference?You get no accrued interest if you withdraw your funds less than one month after the initial deposit.
Not true at all/ Compounding has NOTHING to do with accruing int!
welookgoodcom said:Not true at all/ Compounding has NOTHING to do with accruing int!My answer to the post from badguy was that withdrwal of the interest accrued (regardless of compunding period) would not be allowed if the time betwen initial deposit and withdrawal is less than 1 month.
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