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.
x43b
Senior Member
posted: May. 20, 2006 @ 9:00p
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.
Time will tell.
particular
Member
posted: May. 20, 2006 @ 10:24p
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
Senior Member
posted: May. 20, 2006 @ 11:06p
it says "interest compounded monthly". how much difference does this make compared to most banks' "interest compound daily"?
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.
Seems like good deal as long as its not introductory for 1 month
Marquess
Cranky Member
posted: May. 21, 2006 @ 11:49a
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
badguy
Senior Member
posted: May. 21, 2006 @ 1:24p
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?
badguy
Senior Member
posted: May. 21, 2006 @ 1:25p
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?
dlr3
Senior Member
posted: May. 21, 2006 @ 1:39p
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.
badguy
Senior Member
posted: May. 21, 2006 @ 1:41p
I couldn't find their ACH routing# on FDIC website...
newlybornfirestarter
Member
posted: May. 21, 2006 @ 2:07p
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
badguy
Senior Member
posted: May. 21, 2006 @ 3:04p
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?
badguy
Senior Member
posted: May. 21, 2006 @ 3:07p
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!
dlr3
Senior Member
posted: May. 21, 2006 @ 4:16p
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.
asdf83
Senior Member
posted: May. 21, 2006 @ 4:28p
Don't waste your time with a newcomer until they prove they will keep up with their rates.
Get a CD but why bother with the savings account.
mhesidence
Dismembered Member
posted: May. 26, 2006 @ 8:56a
Anyone open an account here? Hard pull?
mhesidence
Dismembered Member
posted: May. 26, 2006 @ 8:59a
Oops, double post.
mhesidence
Dismembered Member
posted: May. 26, 2006 @ 9:01a
.
mhesidence
Dismembered Member
posted: Jun. 22, 2006 @ 1:11p
Bump. Now 5.25%.
$5000 to open (it appears you need to fund with a check). $300 minium daily balance to avoid $5 maintenace fee.
CoffeeEater
Greedy Member
posted: Jun. 22, 2006 @ 1:32p
mhesidence said: Bump. Now 5.25%.
$5000 to open (it appears you need to fund with a check). $300 minium daily balance to avoid $5 maintenace fee.
Does anyone on FWF actually have an account with this bank? Come on, I know there has to be a rate chaser more desperate than me. As a general rule I try not to chase for less than .5%~.75% but they are getting awfully close (.45) to my current best (4.8%) cutoff.
did they do a Hard pull? what about linking accounts (bank deal blog comments say "NO" linked accounts) and ACH transfers?
AnonymousCoward
Member
posted: Jun. 22, 2006 @ 5:52p
redindian said: anyone opened an account here?
did they do a Hard pull? what about linking accounts (bank deal blog comments say "NO" linked accounts) and ACH transfers?
I went through the past bank deal posts about this account. I hope it works out from somebody willing to be a test subject but it doesn't sound so great.
1) You have to mail in checks for deposits (and supposedly wait for a check from them to make withdraws or use the atm card they give you)
2) There is a $5/month monthly fee that will not be waived regardless of the balance? WRONG, I downloaded the disclosures and it seems to say there are no maintenance fees for balances over $300.
3) There is a $5/month internet access fee if you want to view your account online and pay bills with it?
Maybe the math will work out for really big savers who can swallow those fees without reducing their effective APY too much.
Edit: ? marks because I don't really understand this account and I could be completely wrong. But from Bank Deals Blog you could possibly interpret it as having those fees/limitations.
Cheap
Senior Member
posted: Jun. 22, 2006 @ 6:00p
From OP: No monthly maintenance fee with minimum daily balance of $300
Anybody test using another account to push/pull into this one? I assume that would work.
AnonymousCoward
Member
posted: Jun. 22, 2006 @ 6:15p
Cheap said: From OP: No monthly maintenance fee with minimum daily balance of $300
Anybody test using another account to push/pull into this one? I assume that would work.
Come on people, someone dangles a free Ipod Nano in front of us and we crap ourselves to kill the deal and even deep link to still get the deal past expiriation.
No one with a sizable chunk of money thought this was worthwhile and jumped on this to test out all of our pet theories?
My cash is scattered right now, I'll open this account if the terms are the same and no one else has (and wants to talk about it on here) in about a week.
ragnacor1234
Happy Member
posted: Jun. 23, 2006 @ 7:43a
Does anyone have an account with these people? The fact that "sweetdeal" is written into the link worries me a little bit.
I was not able to find any mention of whether or not deposits are FDIC insured. Anyone see this?
mhesidence
Dismembered Member
posted: Jun. 23, 2006 @ 9:16a
Bankdeals posted some updated info about this account.
Information received from CSR:
* 5.25% APY guaranteed through 10/31/06 * 5.25% for balances over $300 * 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. Appears to be no hard pull (CSR didn't have a good understanding of this) * $15 closing fee if closed within first 6 months
I'd do it but I have 2 months left on my 5.5% intro rate at everbank.
mbaker4096
Senior Member - 1K
posted: Jun. 23, 2006 @ 11:52a
Okay...okay. Twist my arm. I'll pull the trigger in a second.
I'll jump : ) Completing app now, will let you guys know how it goes. I've done ING, emigrant, presidential and hsbc in the past so I'll let you know how their app process compares.
EDIT: Initial results Application has some weird crap on it (a whole page devoted to the Bank Secrecy Act with strange questions about secondary ID, also asks for two beneficiaries including SSN, which I skipped for now, they weren't required) At the end they're asking for me to fax/mail proof of address, mail signature card, and verify trial deposits to my checking acct for verification of electronic funding All pretty normal. The chexsytems verification page once again asked me crap i have no idea about (stuff thats not on my credit report, I've checked all 3)
I poked around first to check for authenticity and they look to be FDIC insured: BankUnited, FSB (FDIC Cert: 32247) is a Savings Association and has been FDIC insured since October 3, 1984. It was established on October 3, 1984. Its main office (headquarters) is located at: 255 Alhambra Circle Coral Gables, Florida 33134 County of Miami-Dade
BankUnited, FSB has 50 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices. (Check to locate Branches (Offices) by state.)
Enyin2 said:mail signature cardNote: Mail a NOTARIZED signature card. Annoying.
The chexsytems verification page once again asked me crap i have no idea about (stuff thats not on my credit report, I've checked all 3) Yep. I hate that crap. NONE OF THE ABOVE, NONE OF THE ABOVE, NONE OF THE ABOVE, etc.
and verify trial deposits to my checking acct for verification of electronic fundingIt'll be interesting to see how my World Savings Liquid CD handles the "two small deposits" needed for verification / funding, seeing as the minimum deposit / withdrawal is supposedly $500. *shrug* I may have to mail in a check.
Enyin2
Ancient Member
posted: Jun. 23, 2006 @ 2:25p
yer right mbaker...the signature form has to be notarized, I realized it after I signed it and then saw the line on the bottom right
that is a pain...I've never had to get anything notarized before!
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