Found a bank offering a checking account similar to the Twinstar deal. Danvers Saving Bank (MA) has 6.01% for up to $100k, Need to do the 12 debit card transactions and a have a recurring direct deposit which can be an ACH. Since they are not a credit union might be open to all. Nice rate but I don't think I would do any of these 12 transaction requirement deals. Seems like a lot of work Danvers Bank
Does anyone do banking with them?? How is the banking service online?? Any issues that we need to know about?? Is it advisable for people out of state to open account with them??
Thanks,
financeNewbie
Member
posted: Apr. 8, 2007 @ 10:43a
Also, does anyone know if this is promo rate?? Do they change rates very often??
Thanks,
craig10x
Senior Member - 5K
posted: Apr. 8, 2007 @ 11:15a
sounds like a great deal (if it isn't just a short term "promotional" rate) but i always hate when they require 10 or 12 debit transactions....unless your an avid debit card user, it's a pain in the you know what....
RS4Rings
Back in Rehab
posted: Apr. 8, 2007 @ 11:30a
Typical of a Mass bank they have been around for a long time, Over 150 years. They are decent size at $1.25 Billion. Like all rates it is subject to change but I think they make money from accounts that have requirements like this one so would think it would stay high. Have never used them so don't know about their online banking but they do have an online demo so you can check it out. Just find with my rewards cards it makes no sense to make 12 debt transactions a month and don't want to play the game of making a bunch of small purchases just to meet requirements
financeNewbie
Member
posted: Apr. 8, 2007 @ 12:37p
scott1961 said: Typical of a Mass bank they have been around for a long time, Over 150 years. They are decent size at $1.25 Billion. Like all rates it is subject to change but I think they make money from accounts that have requirements like this one so would think it would stay high. Have never used them so don't know about their online banking but they do have an online demo so you can check it out. Just find with my rewards cards it makes no sense to make 12 debt transactions a month and don't want to play the game of making a bunch of small purchases just to meet requirements
Thank you,
Does anyone know if this debit card requires hard pull??
thanks,
Xeon852
Senior Member - 1K
posted: Apr. 8, 2007 @ 1:20p
I sent them an email. If they don't respond sometime on Monday I will give them a call Tuesday morning. I have to drive to Logan on Wednesday morning so if I could stop by a branch on the way that would be nice.
Looks like it has billpay, but its by ipay technologies, not checkfree . In my email I asked about free checks and ACH. Their website says they take mail-in deposits.
No Yodlee support either, but should be able to get them to add it.
montee4
Senior Member
posted: Apr. 8, 2007 @ 4:32p
Xeon852 said:
No Yodlee support either, but should be able to get them to add it.
Good luck, I have been trying to get them to add eBank for 3 months. Their support has appeared to take a toll for the worse.
Xeon852
Senior Member - 1K
posted: Apr. 8, 2007 @ 4:33p
montee4 said: Xeon852 said:
No Yodlee support either, but should be able to get them to add it.
Good luck, I have been trying to get them to add eBank for 3 months. Their support has appeared to take a toll for the worse. Eh yah, I know, I didn't say it would be added in any reasonable amount of time. You PM'd me the way to add it (I go by a diff. name on that board). It just take a little probing to get them to work on stuff.
Fast food places such as McDonalds and Taco Bell are great places to use a debit card. There is very little risk that the clerk could swipe any information from your card. Even at the drive through, you can watch your card while the clerk takes it from you, swipes it, and hands it back. No need for any PIN nor signature.
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 8:10a
Local deal?
Late edit: I just phoned and you need to come in physically....(you might need to lie and convince them that you need an account there for a valid reason at their discretion...I know its silly, but that is what the young lady told me on the phone) Do not ask me what she meant...Probly you need to work or visit there a lot....maybe you could tell them that Uncle Tom lives there... I think the idea is that they want possibilities for other business from you...if your just a saavy rate chaser...they may not get much mileage out of you...
978-777-2200 Connects All Offices 800-771-8200 Customer Support
RS4Rings
Back in Rehab
posted: Apr. 9, 2007 @ 8:56a
Savvy, Sleazy, I fit em both. I might go for this account after all, My Wife takes my kid to McDonalds at least a couple times a week so could ring up the debt transactions pretty cheaply. One of the few Local banks I have not had any accounts with so they would not have my "Rate wh#re" Picture up in the back room.
craig10x
Senior Member - 5K
posted: Apr. 9, 2007 @ 11:32a
Scott...might be a good idea to update your heading, and add "local only" since it sounds like you have to actually go into a branch to open it, and that out of area depositors are not qualified....I would have gave it a shot myself, but doing the debit card transactions would be hard for me as i prefer to use my Chase rewards credit card...plus, i am not local to that area...oh well!
Xeon852
Senior Member - 1K
posted: Apr. 9, 2007 @ 12:18p
No response to my email, I guess I'll give them a call tomorrow.
One nice thing is that one of the Danvers branches has very nice hours (including Sunday): Lobby & Drive-up M-W 8:00AM - 4:00PM Th, Fri 8:00AM - 8:00PM Sat 9:00AM - 2:00PM Sun 11:00AM - 3:00PM
At least they are honest and open enough to prominently display the consequences of messing up.
I'd much rather see that then buried on page 57 of the agreement that if I don't call them up once a month to request the special rate I get 0% or something.
RS4Rings
Back in Rehab
posted: Apr. 9, 2007 @ 12:56p
fboyfboy said: Interesting the way they put it.
"6.01% for up to $100K or 0.25%"
Translation:
"We love to see you make mistakes" I would make very sure I have the 12 transactions done in 3 weeks to leave nothing to chance. I have never even used a debt card before so don't know much about them. Do most places have a min purchase to use?
I am tempted, the Woburn office is 3-4 miles from my home. The CSR is pretty friendly. The $100 minimum for opening account is great.
The 12 debit transaction is a real pain... but the direct deposit can be replaced by one recurring ACH bill pay. Thanks OP!
P.S., Gasoline purchases may be one way to fulfill that requirement.
ScootyPuffSr
Senior Member - 2K
posted: Apr. 9, 2007 @ 1:07p
Scott,
Debit merchant fees are so ridiculously cheap compared to credit cards that I've never seen a debit card minimum.
There is already a "how to make $.01 transactions" thread.
I'm not keeping much cash these days (I went to the C47 darkside and am almost 100% in stocks/bonds even with AoR money) so I'll pass.
I'll just say that my cable company will let me make as many payments a month as I want, even if I owe nothing.
I've never tried 1 cent, but I'd have no problem doing 12 $1 transactions a month and it probably wouldn't take much more than 30 seconds a piece once I saved my information on the cable website.
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:08p
How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
Michael B.
ScootyPuffSr
Senior Member - 2K
posted: Apr. 9, 2007 @ 1:12p
ElectricSavant said: How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
Thanks but just answer the question...(it took you more time than it would take)
ScootyPuffSr said: ElectricSavant said: How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
ElectricSavant said: Thanks but just answer the question...
ScootyPuffSr said: ElectricSavant said: How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
No thanks, there are dozens of methods mentioned and I do not feel like retyping all of them over the next few hours because you don't feel like clicking a link.
Your question was "you guys", that thread cover how the people FW do it. Why should I retype it when it does answer your question.
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:17p
Then please do not post offtopic, if you have nothing to contribute....
ScootyPuffSr said: ElectricSavant said: Thanks but just answer the question...
ScootyPuffSr said: ElectricSavant said: How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
No thanks, there are dozens of methods mentioned and I do not feel like retyping all of them over the next few hours because you don't feel like clicking a link.
ScootyPuffSr
Senior Member - 2K
posted: Apr. 9, 2007 @ 1:18p
(it took you more time than it would take)
Uh...no it didn't. Your question was how do "you guys" make frequent small transactions. In order to answer the question I would have to describe all the different ways "us guys" do it. That would take much longer to type out AGAIN rather than just having you read it for yourself.
RS4Rings
Back in Rehab
posted: Apr. 9, 2007 @ 1:18p
ScootyPuffSr said: ElectricSavant said: How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
Michael B.More than you ever wanted to know about making $.01 purchases. I could never play those games. I know the convenience store/sub shop next to my work takes debt cards. I go there about every day for a snack or sub. So could easily ring up those 12 without feeling I am cheating
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:18p
That was not my question..I cited an example...
ScootyPuffSr said: (it took you more time than it would take)
Uh...no it didn't. Your question was how do "you guys" make frequent small transactions. In order to answer the question I would have to describe all the different ways "us guys" do it. That would take much longer to type out AGAIN rather than just having you read it for yourself.
ScootyPuffSr
Senior Member - 2K
posted: Apr. 9, 2007 @ 1:19p
Then please do not post offtopic, if you have nothing to contribute....
What? You wanted to know how the "guys" of FWF make small transactions. I supplied a link which comprehensively covers the exact specific ways people do it.
How is that off-topic?
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:19p
without feeling you are cheating...what a joke...get real.
scott1961 said: ScootyPuffSr said: ElectricSavant said: How do you guys do these 12 purchases?
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
Michael B.More than you ever wanted to know about making $.01 purchases. I could never play those games. I know the convenience store/sub shop next to my work takes debt cards. I go there about every day for a snack or sub. So could easily ring up those 12 without feeling I am cheating
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:20p
knock it off puffdaddy...I cited an example...quit polluting this thread please...
ScootyPuffSr said: Then please do not post offtopic, if you have nothing to contribute....
What? You wanted to know how the "guys" of FWF make small transactions. I supplied a link which comprehensively covers the exact specific ways people do it.
How is that off-topic?
ScootyPuffSr
Senior Member - 2K
posted: Apr. 9, 2007 @ 1:24p
I cited an example
You cited nothing. You ASKED for examples and I provided them.
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:25p
Again....
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
ScootyPuffSr said: I cited an example
You cited nothing. You ASKED for examples and I provided them.
ScootyPuffSr
Senior Member - 2K
posted: Apr. 9, 2007 @ 1:29p
ElectricSavant said: Again....
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
ScootyPuffSr said: I cited an example
You cited nothing. You ASKED for examples and I provided them.
That question is also posted in the thread I linked to. Short answer is, "sometimes".
ElectricSavant
Senior Member
posted: Apr. 9, 2007 @ 1:31p
please do not contribute if you cannot asnswer the question here!!!!
I do not have time for this puffdaddy...
ScootyPuffSr said: ElectricSavant said: Again....
can you go to the gasoline station...swipe your card...put a buck in...close the pump get the receipt and repeat....all the transactions being one minute apart?
Will that count? Is there a transaction limit on the card for security reasons?
ScootyPuffSr said: I cited an example
You cited nothing. You ASKED for examples and I provided them.
That question is also posted in the thread I linked to. Short answer is, "sometimes".
RS4Rings
Back in Rehab
posted: Apr. 9, 2007 @ 1:32p
ElectricSavant said: without feeling you are cheating...what a joke...get real.
If others want to do it, Fine. I said "I Am Cheating" Not you or any others, so don't judge me IdiotSavant
Believe or not, your question was answered. If you choose to ignore it that is your prerogative. However, do it without the name calling and trolling. Thanks.
Skipping 101 Messages...
ays05
Member
posted: Apr. 9, 2008 @ 1:50p
I live at Andover and 100 feet within Andover branch there's Butler Bank offering 4.5% on $50k cap, 10 transactions (also reduced from 6.01% recently). I probably would have stayed with Danvers if the rate difference is less than quarter point. But for half point, I don't mind walking several steps to Butler.
Still I will come back to Danvers if they up the rate to 4.5%, simply because of the grandfathered $100k cap.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
