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Thru This Link or AAA link.
I observe they've been raising APYs pretty fast. They might be better than the Bankunited deal because they are large nantional bank. You can initialize pull/push ACH transfer from other institutions to MBNA account once the account is setup, but the initial depost has to be made by check or wire transfer. Right now they only have phone access, but they said they will have web access with BOA in Sept.

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DerLor said: <blockquote><hr>Take it easy, guys... I asked what I thought were simple, straightforward questions and mad... (more)

craig10x (Mar. 08, 2007 @ 8:48a) |

just an update derlor...don't know if you tried calling the NEA itself directly yet, but i was doing a bunch of e-mailin... (more)

craig10x (Mar. 08, 2007 @ 3:25p) |

sorry if this has already been discussed, but is it possible to do a business NEA / AAA money market account ?

leonardo1 (Apr. 14, 2007 @ 8:33a) |


balances of 50K or more

Any checkwriting allowed ?

Yes, up to 3 checks per statement cycle. Also, the rate follows the Money Fund Report average which can be found here. Essentially MBNA follows their rate and then for balances above $10,000 adds .25%, and for $50,000 or more adds .50%. Also, MBNA updates their rates on mondays. The rate listed on my link is what MBNA will show next monday so their highest rate will actually be 5.02%. Last week the MFR went up .04%, and the week before I believe it went up .04%. The MFR is a compilation of many different money market funds rates so if money market fund rates go up at many institutions then the average will go up as will MBNA. The big question is will Bank of America still offer this account once they integrate MBNA which will happen somewhere around September or October of this year. No one knows the answer but since I bank with Bank of America I opened up the account.

Also, just to note the account only comes with 20 checks and you can purchase checks for $5 I'm guessing for 20 checks although the check offers in the newspaper are much cheaper. Also, MBNA does not pull a credit inquiry to apply for the account which is nice. Also, you can get the same rates through the Motley Fool or Defenders of Wildlife. The links for those 2 offers can be found in the mother of all savings/money markets thread which is often at the top of the finance forum.

Its curious that the accounts sponsored by some organizations have better deals. If you go through chemistry.org or AOPA, you only need a $15,000 balance to get the highest tier interest rate (instead of $50,000).

And if you go through the NEA, the high tier still starts at $50,000, but the middle tier goes down to $500 instead of $10,000.

The web page for each of these accounts (and the ones for Motley Fool, AAA and the Defenders of Wildlife) say that they are for members of that organization, but it doesn't look like MBNA actually verifies membership.

Links for all of these are in the the Daughter of The Mother thread at the top of the Finance forum.

bluechalk said: [Q]Its curious that the accounts sponsored by some organizations have better deals. If you go through chemistry.org or AOPA, you only need a $15,000 balance to get the highest tier interest rate (instead of $50,000).

And if you go through the NEA, the high tier still starts at $50,000, but the middle tier goes down to $500 instead of $10,000.

The web page for each of these accounts (and the ones for Motley Fool, AAA and the Defenders of Wildlife) say that they are for members of that organization, but it doesn't look like MBNA actually verifies membership.

Links for all of these are in the the Daughter of The Mother thread at the top of the Finance forum.

Thanks for the info. I was about to sign up through AAA. Is there any reason not to sign up through chemistry.org?

I signed up yesterday thru the Motley Fool account. I have not mailed the check yet as it does bother me to have no online access. Are you saying you heard they will in a few months? In the past I have had MM's and CD's with MBNA and found them to have great customer service. Also did BOA buy the banking side of MBNA or just the card part? If they did buy the banking part and you also have money in BOA you would need to keep an eye on the combined balance for you FDIC coverage. If they plan to add online I will send the check if not I am thinking of going with Countrywide's new Savingslink account which is now 5%. Nice that you can link 3 different banks to it.

There are no ACH transfers, is that true?

ucsdgaspasser said: [Q]There are no ACH transfers, is that true?
You could not do it from the MBNA side but I would think you could initiate a push or pull from another bank

MBNA currently does not offer online banking access for their CD's or money market accounts. Therefore, there is no ACH capabilities on the MBNA side. However, if your other bank where you have a checking account, savings account, etc. offers ACH pulls or pushes then you can utilize that to deposit or withdraw funds from your MBNA account up to 6 per statement cycle. Also, the account comes with checks as well.

As a bit of a rant, I don't understand why MBNA doesn't have online banking capabilities for these accounts since their credit card online website is quite well designed and they even offer billpay from their credit card website. So it makes no sense why they didn't spend a little extra time and money to offer online banking. However, that will change once the accounts are fully integrated with Bank of America which acquired all of MBNA (credits card, deposits, loans, etc)which should occur sometime late in 2006 (Sept. or Oct. is what I've heard).

Well, I'm a little teed off. I have had a MBNA money market for probably well over 10 years. I have always had friendly and excellent customer service over the phone. And quite frankly never had a problem with MBNA. Until I came here to FatWallet the other day and found out MBNA was paying 5% on their money market accounts. 5%!!! What? I was making 4.1% on my money market with MBNA and I have over 200k with them! So I read some forum posts and went to Motley Fool and gave MBNA a call. They switched my account over to the Motley Fool rate of 5.04% with no problem. But the problem is, with as much dough as I leave laying around in there, untouched for years, only making a deposit once a year or so, they could of least given me the preferred rate. I asked them if they would research it and give me the difference in the rate for all these years I've been losing out. Of course the answer is "no". I feel used. These Motley Fool rates were never printed under Bank Rate Monitor's chart in the newspaper and that's what I had been going by all these years. It really tees me off that someone who has just openned a new account, and maybe has one tenth of what I got is going to get a substantially better (25% better) rate than me. <img src="i/expressions/face-icon-small-disgusted.gif" border=0>

Forsi said: [Q]Well, I'm a little teed off. I have had a MBNA money market for probably well over 10 years. I have always had friendly and excellent customer service over the phone. And quite frankly never had a problem with MBNA. Until I came here to FatWallet the other day and found out MBNA was paying 5% on their money market accounts. 5%!!! What? I was making 4.1% on my money market with MBNA and I have over 200k with them! So I read some forum posts and went to Motley Fool and gave MBNA a call. They switched my account over to the Motley Fool rate of 5.04% with no problem. But the problem is, with as much dough as I leave laying around in there, untouched for years, only making a deposit once a year or so, they could of least given me the preferred rate. I asked them if they would research it and give me the difference in the rate for all these years I've been losing out. Of course the answer is "no". I feel used. These Motley Fool rates were never printed under Bank Rate Monitor's chart in the newspaper and that's what I had been going by all these years. It really tees me off that someone who has just openned a new account, and maybe has one tenth of what I got is going to get a substantially better (25% better) rate than me. <img src="i/expressions/face-icon-small-disgusted.gif" border=0>

Bah, I'm teed off at you. "200k" "untouched for years"

You can do much better with a CD ladder. 5.61% at world savings 7 month CD.


Forsi said: [Q]It really tees me off that someone who has just openned a new account, and maybe has one tenth of what I got is going to get a substantially better (25% better) rate than me. <img src="i/expressions/face-icon-small-disgusted.gif" border=0>
I don't blame you for being upset but you can only blame yourself for not doing your homework. I also had CD's and MM's with MBNA for a number of years until they stop being competitive. Even without coming to FW you should have seen those ads for HSBC, Emigrant, ING sale or just checked out Bankrate.com for much better rates than that 4.1%.
FW is the place to find the best though, I thought I was pretty good at this game and knew the best deals but never knew Capitol one had a special rate for Costco members until I came here and I had the Capitol One account for about 8 years while I was a member of Costco

When does MBNA payout their interest (i.e. monthly? quarterly?), does MBNA pro-rate interest if closed in the middle of the cycle, and what's the minimum "stay open" time for new accounts (i.e. when can I close a new account without incurring fees)?
I tried to find the info on their website but couldn't find anything except a new account forms.

thanks.

If you request information to be mailed to you, it has more details...

Interest is compounded daily and credited monthly. Deposit starts earning interest on the day it is received.

Postpaid envelopes for deposits

If an account is closed mid-cycle, you earn interest up to, but not including the day of account closing.

$10 fee if average balance under $2500

$5 official check fee, presumably needed to close account.

6 transfers per statement cycle, 3 by check. $5 fee if exceeded.

Automated telephone banking service to get info on accounts.


bluechalk said: [Q]

$5 official check fee, presumably needed to close account.



Or because it has check writing capabilities you write a check to yourself (or link to it on GMAC and pull from GMAC) to drain the account to $0.00. This has worked on many other accounts I have had. They wanted some official notorized letter but as soon as the the account went to zero and I called to say I wanted the account closed, they had no problem shutting it down.

I am pretty sure I opened the MM account via the chemistry.org link, but the rate schedule they sent me is the AAA one. Did anyone have the same problem?

deleted

I just opened this account and already have some positive things to say. They start posting interest on the day that they receive a check. So, if you send a check from a different money market account to open this one, you won't loose any interest, and may possibly have a day or two of float where you get interest from both.

While they don't have Internet access, they do have an automated phone system that will give your current balance and tell you the last few transactions on the account. You don't need to sign up for this. Just call the customer service number on the statement and give your account number and the last four digits of your SSN.

In case you want to set up ACH to this account before your checks arrive, the Routing number is 031100160.

this week's MFR is 4.48% and MBNA's APY still stays at 5.07% (supposely 5.10%). 1st time they didn't raise their rate with MFR,..., considering others are offering 5.00+%, I'm not happy.

badguy, perhaps you should read the information before you post inaccurate info to this board. MBNA's pages simply have not been updated. If you had taken the time to call the phone number on the page where you checked the interest rates you would have found out that the new rates are just as they should be: $2500- $9999 4.58%; $10,000 - $49,999 4.84%, and $50,000+ 5.10% for Defenders and Motley Fool. Depending on your organization the tiers may be different but the rates are the same. Also, the information on their page states effective through July 2, 2006. Since today is Monday July 3, and the page has not been updated perhaps they gave their employees off for the holiday weekend and it will be updated on wednesday. Sometimes taking a few extra seconds to verify information is better then jumping the gun and getting mad at a company because they didn't update a page with an interest rate change of 0.03%.

Hi, I just joined fatwallet.com this morning. I have been a long time customer of MBNA. It is my understanding from speaking with their customer service representatives that all banking accounts will be integrated into the Bank of America system by September 2006 or early October 2006. On the upside, you will be able to utilize BOA's online banking system to view your accounts and pay bills,etc... On the downside, they will be eliminating the Motley Fool money market rate account. The rates offered by BOA are not competitive as such institutions like GMAC, E-Trade(only cd's), or CountryWide. The latter two offer the ability to move funds to/from other institutions by way of ACH debits/credits with daily and/or monthly transfer limits. I am in the process of looking to move my accounts prior to getting a letter from MBNA at the end of the summer. Good Luck!

Well, the MFR rate increased by 0.08% as of 7/11/06. Therefore, next Monday 7/17/06 MBNA's rates will be approximately 4.73%, 4.99%, and 5.25% APY's without just a straight 0.08% increase and no yield adjustment so it probably will be closer to 4.74%, 5.00%, and 5.26%. These are some pretty darn good rates. I hope that Bank of America keeps these accounts unlike the previous poster reported. If not my money in this account will be moving to HSBC. I currently bank with Bank of America so am really hoping they keep this account with these awesome rates since it is much more convenient then having to transfer back and forth from HSBC.

Dumb question. Does the rate apply universally based on balance or is it a sliding scale (the way it is w/ credit cards)?

In other words.

With a 75K deposit do you have all money at the max APY, or is it tiered so that 10K earns the low tier, 40K earns the mid tier, and only 25K earns the high tier?

Thanks!

Leland said: [Q]Dumb question. Does the rate apply universally based on balance or is it a sliding scale (the way it is w/ credit cards)?

In other words.

With a 75K deposit do you have all money at the max APY, or is it tiered so that 10K earns the low tier, 40K earns the mid tier, and only 25K earns the high tier?

Thanks!
All your money will get the max APY

LetGoOfMyGreggo said: [Q]Hi, I just joined fatwallet.com this morning. I have been a long time customer of MBNA. It is my understanding from speaking with their customer service representatives that all banking accounts will be integrated into the Bank of America system by September 2006 or early October 2006. On the upside, you will be able to utilize BOA's online banking system to view your accounts and pay bills,etc... On the downside, they will be eliminating the Motley Fool money market rate account. The rates offered by BOA are not competitive as such institutions like GMAC, E-Trade(only cd's), or CountryWide. The latter two offer the ability to move funds to/from other institutions by way of ACH debits/credits with daily and/or monthly transfer limits. I am in the process of looking to move my accounts prior to getting a letter from MBNA at the end of the summer. Good Luck!

Can anyone else verify this? It would be silly to open this account if it's going to go away in a couple of months.

Just dont open the Motley Fool version, open chemistry.org or other version.

Alcibiades said: [Q]Just dont open the Motley Fool version, open chemistry.org or other version.

Are you saying they will keep the same rate structure for chemistry.org accounts after BOA takes over?

badguy said: [Q]Alcibiades said: [Q]Just dont open the Motley Fool version, open chemistry.org or other version.
Are you saying they will keep the same rate structure for chemistry.org accounts after BOA takes over ?Nope, just saying that these accounts at least are not yet scheduled for elimination as is the Motley Fool account. Honestly, as of now I wouldnt bother opening any of these MBNA accounts; I would GUESS they will all be integrated and end up with a lower APY.

Is MBNA APY 5.30% only for those deposits above 50k, or do all funds from 0 on up get 5.30% so long as the account balance stays above than 50k ?

The MBNA rep said that by Sept or Oct their computers will be integrated with BOA. The special MM accts with AAA,Motley Fool etc., each have a contract with MBNA, and that contract will be honored. However the Rep won't say when these contracts expire, only hinting that the one with AAA is the longest. You will have at least one month to move your funds if any of these special MM Accts expire.

I received a letter from MBNA/BOA yesterday in reference to the integration of the savings accounts. They attached a copy of my original deposit confirmation which listed the rate structure on my account. The letter was vague, or it was written that way so you would read between the lines. It stated that everything would remain the same through 09/21/2006. On 09/22/2006 the accounts would follow BOA policy for which they attached a pamphlet explaining various issues. The letter only mentioned that CD's purchased prior to 09/22/06 would retain their interest rate until they mature. There was no specific mention about the money-market account which is the only account that I have with them. They also diverted your attention by saying that you will be able to view your accounts on-line at that time and utilize the features offered by BOA.

bluechalk said: [Q]In case you want to set up ACH to this account before your checks arrive, the Routing number is 031100160.
I opened a new account with NEA-Sponsored MBNA MM over the phone yesterday and was given an account number that begins with letter C. The rest are numbers: C123456789. Today, I scheduled wiring some money to fund the account. The person who will wire the money told me he had never seen a bank account in this format (beginning with a letter). Now I am not sure if the wire would go through. I put the account number as given; that is, C123456789. (All my other bank accounts consist only of strings of numbers.) Do you have any experience with this format? Thanks!

DukeT said: [Q]bluechalk said: [Q]In case you want to set up ACH to this account before your checks arrive, the Routing number is 031100160.
I opened a new account with NEA-Sponsored MBNA MM over the phone yesterday and was given an account number that begins with letter C. The rest are numbers: C123456789. Today, I scheduled wiring some money to fund the account. The person who will wire the money told me he had never seen a bank account in this format (beginning with a letter). Now I am not sure if the wire would go through. I put the account number as given; that is, C123456789. (All my other bank accounts consist only of strings of numbers.) Do you have any experience with this format? Thanks!
You asked the same question in this thread where it has been answered.

Per MBNA CSR today, as of 9/25/06, all MBNA money market accounts will no longer be linked to MFR (money fund report averages)--they will be lower, except for AAA and NEA.

Too bad, because there is one MBNA account that offers MFR+.5% for $1,000+ and MFR+.6% for $50,000+ -Millitary officers association of america . CSR says those rates will be gone 9/25, and she doesn't know how easy it will be to switch affinity groups then. Now, you can switch the affinity group associated with your account by simply calling and giving the promotional code (HA039 for MOAA); no one checks to see if you are a member. Only caveat is that the NEA 60-day bonus rate requires opening a new account.

ttocs said: [Q]Per MBNA CSR today, as of 9/25/06, all MBNA money market accounts will no longer be linked to MFR (money fund report averages)--they will be lower, except for AAA and NEA.[Q]

Did the CSR tell you how long the AAA and NEA accounts will be linked to the MFR? I was told that there was a "longer" contract with the AAA account but could not get an answer as to how long that would last.</blockquote></blockquote>

newspaper4 said: [Q]ttocs said: [Q]Per MBNA CSR today, as of 9/25/06, all MBNA money market accounts will no longer be linked to MFR (money fund report averages)--they will be lower, except for AAA and NEA.[Q]

Did the CSR tell you how long the AAA and NEA accounts will be linked to the MFR? I was told that there was a "longer" contract with the AAA account but could not get an answer as to how long that would last.</blockquote></blockquote>

I got the sense that it was indefinite, because she told me these were MBNA's two largest accounts (I know that AAA was the fastest MBNA group to exceed $1 billion in deposits), but I didn't specifically ask. She did tell me not to change affinity groups (I was going to change to Military Officers Association of America, which offers MFR+.5% over $1,000 and MFR+.6% over $50,000) since their accounts would not be linked to MFR after 9/25. I'll ask AAA and see what I can learn.</blockquote></blockquote>

i am looking to open one of these accounts and called the bank who said i'd have to join (i was thinking of the defender's group) and then have a membership #, so do you think they have started checking?

now i would prefer to open the nea one since i see there is a 60 day 5.51% bonus period but can't join that org. did anyone try it who wasn't a member and get in? thanks.

I called customer service to switch my account from Motley Fool to AAA. Very easy to do, and they didn't ask for any evidence that I was with AAA.

bluechalk said: [Q]I called customer service to switch my account from Motley Fool to AAA. Very easy to do, and they didn't ask for any evidence that I was with AAA.

Good that you made the switch as AAA will continue with their higher rates linked to the MFR after 9/25
but I don't know how long that will last. The CFR doesn't "know" and neither does AAA. Or at least they won't say.

Skipping 102 Messages...
sorry if this has already been discussed, but is it possible to do a business NEA / AAA money market account ?



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