Zions Bank Internet Money Market Account

I found this offer in Cheap's thread here on high-yield accounts. However, since that thread is only for rates, I'm starting a new thread just to point out that in order to do internet transfers to or from Zions, they require an overdraft protection account or credit card for some reason. I haven't looked into whether they have good deals on these or if they charge fees, but I will post this info here if and when I obtain it.

Link to the Zions offer.

The internet MM only has a $1k minimum. I'm not sure about the credit card thing though, I have a checking account through them, so I linked my MM to it. I opened the checking account 6+ years ago, but they didn't require that then. What if you open a checking account (they are free), keep $5 in there, and set it up as a linked account?

Linky

Hi all, I don't think zionsbank is the graetest offer in money marker/savings account. It said $50,000 minmum for interst rate of %5.34....in other words don't even bother.

e-loan has a savings account paying %5.5, and a minmum first deposit of $5,000. sounds like a good deal

Updated Wiki with credit card vitals.

Please provide more information about "in order to do internet transfers to or from Zions, they require an overdraft protection account or credit card". Where are their statements about this? I'm not clear about what you can do in terms of ACH pulls and pushes??? But you can do 3 checks a month?

taoufik said: Hi all, I don't think zionsbank is the graetest offer in money marker/savings account. It said $50,000 minmum for interst rate of %5.34....in other words don't even bother.

e-loan has a savings account paying %5.5, and a minmum first deposit of $5,000. sounds like a good deal

E-loan doesn't have check writing capabilities AFAIK. That IS an incentive to some.

OK, I just closed my account due to the transfer limitations. The balance was $100, and they sent me a $90 check with no explanation. I'm guessing it is an account closing fee or early account closing fee, but I'm not sure. I still have access to my account online, and it shows a $100 withdrawal. I've emailed customer service to find out what the deal is.

I have a deposit with Zions. I mailed in the check along with my account paperwork, but have had no interaction with the bank other than to receive my monthly statements.

When I looked into making additional transfers via ACH, I found out that they require you to have a credit card with them.

I just wanted to add some more details about the whole credit card and ACH transfer thing with the Zions Bank Deseret Money Market Account I learned from talking with a CSR.

Practically speaking, to do ACH transfers in/out of a Zions Bank account, you need an external account to initiate the ACH push or pull transfer. Again, a GMAC account is one such account.

What I've learned more specifically is that there is a very limited ACH push feature FROM Zions Bank. However this ability is horribly limited as to be almost useless. As mentioned by kai2007, to initiate an ACH transfer with Zions Bank (instead of using an external account), you need some sort of Line Of Credit (or possibly a credit card as someone had mentioned above) established with Zions Bank and the daily limit is $500.

Why this is the case was explained to me as follows: When a bank initiates an ACH transfer, the bank assumes a little bit of risk such that the ACH funds will actually be available for transfer. Because of the risk of the ACH funds not being available, Zions Bank requires a Line Of Credit as "insurance" I guess. It sounded as this would be their policy for the foreseeable future too.

Again, bottom line: as long as you have an external account which can freely initiate push/pull ACH transfers to Zions Bank, you can still have reasonable ACH access with Zions Bank.

From Zions:

Thank you for contacting Zions Bank. I apologize for the delay in our response. We do not do a hard pull, or a credit inquiry when opening the Deseret MM or High Yield Checking. We only pull a credit report if we are extending credit. You may apply for the External transfer option online, which will allow you to transfer funds from your account to and from another of your accounts at a different Financial Institution. Please keep in mind that you must have a Check Reserve or Credit Card Account with us to qualify for these transfers.

After signing into Internet banking, follow these instructions:

1) Click "Transfers."
2) Click "Add an External Account."
3) Click "Electronic Account Transfer Form (PDF)."
4) Print the forms, and review the "External Transfer Agreement."
5) Complete the application and mail it to: Zions Bank - Internet
Banking, Attn: Internet External Transfer Enrollment, Dept 0826 , PO BOX
26127, Salt Lake City , and UT 84119.

Once we have received your application we will process your enrollment for external transfers. No more than 6 transfers can be made during each 30 day statement cycle by internet transfer, preauthorized transfer, or telephone transfer. Of these 6 no more than 3 may be made by check, draft, or debit card. The bill pay will provide electronic billing only if the merchant you are trying to pay to does. The initial deposit must either be mailed in, or if you have an existing account with Zions you can transfer the funds.The timeframe varies depending on how the application was submitted.

The following is our funds availibiity policy:
GENERAL POLICY

Funds are available the 1st business day after the business day of deposit. Cash and electronically-deposited funds are available the same
day.

Every day is a business day except Saturday, Sunday, and holidays. Deposits made on the current business day are processed that day. Otherwise, deposits are processed the following business day. The close of the current business day in each branch may range from 2:00 p.m. to 7:00 p.m.

LONGER DELAYS

Funds may be delayed if one of the following apply:

-Account is less than 30 days old
-Re-deposited check
-Repeated overdrafts in past 6 months
-Deposits total more than $5,000 in 1 day
-Emergency (e.g., failure of communications or computer equipment)
-Check will not be paid

Except for new accounts (see below), funds are generally available by the 7th business day after deposit (local checks) or 11th business day (non-local check). Funds exceeding $100 may not be available until the 5th business day after deposit. Notice of delay is provided at the time of deposit or mailed by the following business day.

NEW ACCOUNTS-FIRST 60 DAYS

Funds from the following are available on 1st day after deposit (request a special deposit slip from the teller to provide next-day
availability):

- Federal checks
- State/local government checks, official checks, cashier's checks

For other deposits, availability depends on whether the check is local (2nd business day) or non-local (5th business day). Funds in excess of $5,000 may not be available until the 9th business day during the first 30 days.

HOLDS

If we cash a check from another bank, we hold a corresponding amount of funds from one of your accounts-either the depositing account or
another. The hold is released when funds from the check should have been made available.

Please let me know if I can do anything else for you.

Sincerely,
******
Online Support
Zions Customer Service: 1-800-974-8800
Online Customer Service: 1-800-840-4999

Routing number is on their Web site. Linkable just like any others. 10 free checks.