[WA Only] 6% Checking - TwinStar Credit Union

6.0% Checking Account!!
Link

Applicable only for WA State Residents


Accelerator Checking Account Benefits:
-Earn 6.00% APY dividend, no minimum balance
-Refunds on any ATM surcharges
-Free online banking and Bill Payer
-Free e-mail notices of monthly activity

Account Requirements:
-Conduct 12 debit card transaction per month
-Sign up for e-statements
-Access online banking at least once a month


Who is eligible?
* Work or reside in Thurston, Lewis, Grays Harbor, Clark, Pierce, Whatcom, Snohomish, Mason, Cowlitz, Pacific, Wahkiakum, Kittitas, Kitsap, and/or King counties.
* Work, or reside within the boundaries of the following school districts in King County: Auburn, Bellevue, Northshore, Enumclaw, Federal Way, Issaquah, Kent, Lake Washington, Tahoma, Mercer Island, Renton, Seattle, Highline, Shoreline, Snoqualmie Valley, Riverview, Tukwila, Vashon Island, Skykomish.
* Approved Preferred Business Partner.
* Retired from the previously listed fields of membership.
* Relative of a member in good standing.

via Bankdeals guy...

Called them..
Update:
Hardpull (Chexsystem)
Need $25min Savings Account

What kind of stupid requirement is it to conduct 12 debit card tx / month!

Awesome find. I am in MD. Who can be my relative?

Man I just see the thread now. Just pay you cable bill every month in $1.01 increments to statify the 12 debit cards transactions per month.

Anyone know if you can you sign up for an account 100% online? No need to go into branch to sign a signature card?

I can get a PO box in one of those counties and claim to live there

jairocon said: I wonder what their track record is - if this is a new checking account, or if it has been around for a while and if it has, what's the rate history on it. If it's not gonna last longer than a few months - it might not be worth all the trouble of getting into this CU.

Good point....might be like the current HSBC deal, and only last for a few months...as far as the 6% rate is concerned...And since it probably is a bit tricky to qualify for, and that you have to do all those debit transactions every month...So those are things to consider....

WhiteGuy said: Anyone know if you can you sign up for an account 100% online? No need to go into branch to sign a signature card?

I can get a PO box in one of those counties and claim to live there

Why bother? Just get a Membership in Korean Women's Association for $30 bucks 1X fee. And you can open the account via mail.

I had asked for a membership package by mail couple of days back. I got the package yesterday.

Even tho the CSR told I need to be there in person to signup, the membership package says otherwise. It has a form called "Mail-in New Membership Application"

Everything can be done without a visit to the b&m bank, you just need to send them a *notarized* signature card.

CSR also told they only do a soft pull, and can linkup many ACH external transfers.

The 12 debit card transactions requirememt is a big problem for those of us looking for rates for parked money, not a primary checking account (which is probably most of us). Even with my own main checking account, there are months where I don't come close to 12 debits.

sfchris said: The 12 debit card transactions requirememt is a big problem for those of us looking for rates for parked money, not a primary checking account (which is probably most of us). Even with my own main checking account, there are months where I don't come close to 12 debits.

I want to use the account to park money and I don't see this as a problem at all. If I am washing $100,000 a month, every day counts and to be able to keep it in this checking account rather than transferring out of some savings account, this saves me real money. Also, the atm rebates save me real money. And the higher interest rate makes me real money. Money is fungible and if you don't need "separate" accounts to keep your 0% BT money in order, this account is the best thing ever. You can even set up your Chase cards to automatically debit the minimum payment from this account so that all you have to worry about is manually paying the balance in full at the end of your offer.

I use a debit card for lunch every day. With the interest I am earning on this account I will basically be eating my lunch for free and my "free lunch" will help ensure I am getting the free atm withdrawals and the super yield. Its a wonderful circle of life and I am happy as can be until they lower the rates below emigrant, amtrustdirect (5.36) or HSBC....

DavidScubadiver said: First, I bet the Credit Union makes money off of the debit card transactions, so this helps them to boost the yield.

Probably not a significant amount. I'm not sure what the average debit ticket is, but even at $100 per that's probably not even going to be a sawbuck to them. 3/4 of 1% 'extra' yield is $62.50 a month on 100k. Now if they do the NSF fee for every debit over your balance and allow debits up to a couple of hundred over your limit they might make some money there. But in the end, the most likely thing is that they're using this as a loss leader to try and get people in the door.

Second, if anything, having to join the washington-based Korean Woman's Association ($30.00 per year) is the sort of thing that they might hope to keep out "stupid rate chasers," but as a white anglo male living in New York, I have often felt that Korean women in Washington ought to be supported more and I was going to join their association in Washington as soon as I found out where they were headquartered....

This requirement I know for a fact is to keep their status as a credit union. If they lose that status, they are in deep kimchee. $30 is hardly going to keep me from depositing $100k in their bank for the sole purpose of sucking up 6% interest. That $30 is more than paid for in the first month. There are a lot of people who couldn't be bothered with the requirements who'd sign up if there were none save joining some specialty group. Anyway, I'm still pondering if it's worth the extra inquiry to my Chex report. But I'd join the Clowns of America for an extra $50/month in my pocket, and I hate clowns with an unreserved passion. Did you know that clowns have a central registry for their stinking face makeup schemes? Arrogant, worthless prima donnas.

therivler1 said: Membership in Korean Women's Association is open to all. Annual membership fee is $30.00. Join us today!

Funny, when you click on the form to join them, it directs you to the website"Koran Women's Association (KWA): Membership Form." I don't believe its a muslim organization.

In the list of qualifications, they state:

Korean Society member and/or Korean Women Association member of Thurston and Pierce counties

It appears that you may elect to join the Korean Society, if being a member of a local Korean Women Association sounds too bizarre to you. It is also $25 a year, saving you a whopping $5 annually compared with the women's organization membership.

XeroK00L said: dolmar said: WhiteGuy said: Anyone know if you can you sign up for an account 100% online? No need to go into branch to sign a signature card?

I can get a PO box in one of those counties and claim to live there

Why bother? Just get a Membership in Korean Women's Association for $30 bucks 1X fee. And you can open the account via mail.If I read the requirements above correctly, you not only have to be a member but also reside in either Thurston or Pierce counties. Am I correct? Hopefully I'm wrong though.

This wouldn't make any sense, because residing in Pierce or Thurston County is good enough to get you in by itself. I'm going to try it and see what happens.

Probably because they're the local chapters of broader organizations.

redindian said:

I did the total process thro mail. Applied for a join account last week, got approved and received the welcome packet today. It had a account number and PIN number, signed up online. It found out my name, address and all details. But it looks like simple basic online banking, still havent figured out how to do ACH. It has billpay and moneyHQ (looks like a yodlee knockoff, but with bank-to-bank transfers).


If it has bank-to-bank transfers, and bill-pay, what do you need ACH for? To make a faux-direct deposit??

I am still waiting for my welcome package, one week later. Do you happen to know if they charge for an ACH "pull" from the account (i.e., can you set up a withdrawal using another account such as emigrant, hsbc or whatever)?

I am having a heck of a time just getting the application to join the credit union. I used the website, nothing received; sent an E-mail, nothing was received; sent another E-mail received an apology and they said they'd be more efficient. Next, received an E-mail asking me to fill out some information before they send the packet -- social, drivers license, address, etc. I was not particularly comfortable E-mailing that information and am wondering why they are making this so difficult.

Anyone with some good ideas for quick ways to qualify for the 12 debits per month?

has anyone else been able to open this account recently without visiting a branch? I called to find out when i can expect my membership app in the mail and they told me they won't be able to open an account without seeing my photo ID and that I had to come in person...this seems to make it difficult for those of us who don't live in WA...

i have paypal debits using my debit card.

and it has been going on fine till now. I called yesterday to check, they said it shd be ok.