Bank of Toledo 3.01% Hometown Reward Checking Account (not even close to worthwhile now).

Hometown Reward Checking

*5.01 Annual Percentage Yield (APY) paid on all daily balances $0-$70,000.00 and 3.30% APY* paid on daily balances $70,000.01 and above each cycle if the minimum requirements are met.(This account earns only 0.25% APY standard rate if requirements are not met)

No minimum balance.

To earn the Bonus Rate, perform all of the following requirements each cycle:
1) 10 Check Card Transactions (10 debit/credit card purchases each month)
2) One Direct Deposit or ACH Auto Debit
3) Receive Electronic Statement
4) hard pull on Equifax when opening account
ACH transactions: Cannot initiate ACH transactions.

**Free ATM Refunds up to $25.00 per cycle. Include all transaction fees charged when using another bank’s ATM. ATM fee refunds are automatic and receipts are not required to receive refunds. NO REIMBURSEMENT FOR FOREIGN COUNTRY ATM FEES.

Filled out application on-line. Received Account Number and welcome package in the mail -- required to notarize two slips of paper and sign the account agreement and Debit Card application. Send back with your deposit.

Sign up for internet banking as soon as you get your account number in the mail as they require you to fill out a short confirmation form indicating you signed up for internet banking before they give you access to the internet banking. You will not get your Debit card until up to four weeks after you send back their application. I received my card in 3 weeks. I registered for the internet/electronic statement access. You have to do that manually with your account number. Remember you need to have electronic statements to get the great rate so don't forget to do this. After "registering" with username and password and security question it thanks you and says your application is awaiting approval. They are using "fundsXpress" for this part of their website. E-mail confirmation "You should get a confirmation as to your application status in the next 7 days." (I assume it was okay to apply before sending back my notarized forms, but we'll see).

On 7/12 I received a form to acknowledge that my opening deposit was being held for 10 business days because it was used to open a new account. (Note ordinarily they claim checks will be available next business day and if not they will so inform you)

Received the internet banking confirmation letter on 7/13 (It need not be notarized - it just gives you the logon name you chose and asks you to confirm that you signed up for the service, as part of the "know your customer" procedures). I faxed it 7/13 evening.

I received an e-mail on 7/13 advising that I qualified for the period 7/9 through 7/12 for the reward rate. 7/9 was the "date of initial deposit". I asked for a second grace period as my interest was credited only 4 days (on the 13th) after my deposit was received and I still have/had not received my debit card. That was promptly granted. Note, they do not grant a second grace period to everybody. Its not worth making a large opening deposit, IMHO. Wait until you get the debit card before fully funding. Otherwise the risk is too great that you earn nothing on your money.

On Monday, 7/16 I was finally given access to my account and was able to see my statement, including my opening deposit, two trial deposits plus my interest earned (credited on 7/13) for the few days the account was opened.

You cannot "link" external accounts from within the Toledo Bank website.

$8.56 fee for 100 standard checks. (The site provides images of canceled checks for download/printing).

Am told that despite the terms and conditions statement to the contrary, the bill pay is free regardless of how often you use it.

And, an ACH Push from GMAC takes 2 days to arrive and be credited to the account. (Exited GMAC on the 18th, arrived at Toledo on the 20th and is immediately available).

They will "reset" your debit card to permit $500 in atm withdrawals rather than the $200 it defaults at. Just ask.

I've had no trouble using my debit card at the atm (they rebate the $1.00 out of state fee as well as the 7 cent sales tax on that fee, if the reward requirements are met).

Only real risk I see here is if you lose your debit card you may have difficulty making the 10 purchases, especially so if they cancel the card while issuing another.

ok, wait a minute FW effect. Note bankguy's comment on this bank. He stated they have 19 employees These guys are going to get slammed

alchemize said: 24 if you include management!

Donna Princehouse, Senior Vice President & Cashier
Vivian Princehouse, Receptionist

/furiously searches for mother/daughter myspace pics...

lol, gets posted on a Friday after COB, they are going to roll into work on Monday and have the busiest day they would ever imagine.


Bankguy
"After you submit the application online, they'll send you a signature card that must be signed and notarized."

There's going to be a back order on paper at the office. I hope they use a third party for administration.

I think 19 employees will be enough to handle all the new accounts. I made several family members teh POD beneficiaries so I can maximimize my FDIC insurance. Bank of Toledo can have ALL of my cash just as soon as I verify I can get my money out of their bank without having to show up in person to do so

3.5 stars from bauer. would anyone put mroe than the insured amount in this?

wffsoccer said: Hard Pull?

Per CSR, yes.

So the way I'm seeing it here.....

Send yourself $1 10 times a month through PayPal to count as your 10 check card transactions and then send it back to your account to count as direct deposit.

Would that work?

I dont understand why all the hype???

there are DOZENS of these "reward checking" accounts out now that pay 6% and have ATM refunds, require checkcard usage, etc. It seems they all got the memo from some banking consultant to start offering this.

The bankdeals blog and credituniondeals.com mention several places offering this same basic product.

I listed the sites, do you insist I hold your hand while I spoonfeed you the link too?

here comes the spoon:

gandhis said: SUCKISSTAPLES said: I dont understand why all the hype???

there are DOZENS of these "reward checking" accounts out now that pay 6% and have ATM refunds, require checkcard usage, etc. It seems they all got the memo from some banking consultant to start offering this.

The bankdeals blog and credituniondeals.com mention several places offering this same basic product.
All the >6% deals you listed have one or more (not all) of the following flaws
1. Max balance that can earn the high yield (typically 25k or 50k)
2. Requires a branch visit
3. >10 debit card transactions.
This deal does not have any of these flaws.

Umm doesnt this deal require atlest 10 debit, there could be a limit on cash u can make interest on too.

and (besides ways of doing all those ach debits easily) what exactly do they consider to be an auto-debit? would any monthly transfer to an outside bank by ach be considered one?

Or would only a bill paying type auto-debit work (such as when you set up for your cable company to automatically pay your bill with your credit or debit card)????

Or, if you wanted to do direct deposit instead of auto-debit....how would you know if any bank ach transfer i would count? (perhaps only real DD would work with them)?

For me, 10 debit card transactions is a no-braineir as my office cafeteria takes credit cards and I eat lunch every day.

A couple of other things I learned from the pleasant CSR I spoke with:

1. I already mentioned the hard pull.

2. The statement cycle runs from the 16th to the 15th, so time your transactions (to meet the check card requirement and ACH or DD requirement) appropriately.

3. Their toll-free number (it was previous in-state only, but the CSR said it should work out-of-state now too -- it does, at least from California) is: 1-877-484-5725. Of course, I found out about this after a lengthy phone conversation.

The bill pay service they have is not free -- 3 bucks a month plus 30 cents per transaction up to three. But if you pay 4 bills or more a month, the service is free. It is a nice interface allowing you to sign up for E-bills and to pay multiple bills all from one page (you must make payments 4 business days in advance of due date). Meeting the 3 bills a month can be pretty tough especially if you're already automating bill-pay by authorizing direct-debit from this or any other account.

It looks like they may not offer a way to "link" outside bank accounts (like SalemFive in that respect), but I've not confirmed that -- just did not appear to be an option in reviewing their internet banking demo here. Personally, I can't wait to get my form to notarize and I hope this bank keeps their rates up -- though I don't have high hopes in that regard considering their posted savings and cd rates are pretty awful.

I see from the demo that they use Fundsxpress for their online banking interface....my bank uses the same interface, which recently was re-designed and is a terrific one (i like it even better the boa's which up to then was my favorite online banking)....Fundsxpress usually includes external bank transfer capabilities (it does with my bank), so it may well have it...you should call or e-mail them and check about that.

Fundsxpress is also in "real time" similiar to BOA, and is usually linked to the superior "checkfree" bill pay...

PS: that is a point i always wonder about all these "Rewards Checking" type products...since most of the banks that offer them
have mostly very low rates on all their other products, it does kind of make you wonder how long they will maintain the super high rate of 6%.....

Otherwise seems like a very good deal...especially with the fundsxpress interface....other then the ol' pain in the neck 10 debit card transaction requirement....

DavidScubadiver said: I bank primarily with first internet bank of indiana...but only relatively recently let you link external accounts and do so only with restrictions (i.e., 25k monthly limits and $5.00 fee for outgoing transfers.It isn't recent, they've done it for several years (I've used mine for 5 years), and you can get the monthly and limits massively increased by calling and asking.

The $5 out is a bummer, and its interest rates are mediocre, but other that that it's tough to beat.

I see that 6 of their 19 employees are part-time (5 part-time tellers and 1 part-time bookkeeper). I'm thinking it will take a while for them to get the accounts set-up. But I have nonetheless E-mailed their president with a series of questions which should be of general interest -- when I get a response, I will post the Q/As.

craig10x said: Fundsxpress is also in "real time" similiar to BOA, and is usually linked to the superior "checkfree" bill pay....

Wow more made up facts you post. Fundsxpress offers a full turn key online banking solution to banks which includes the following from then own web page "Bill Payment and Presentment". Here is a pic of there interface which also includes E-Bills like BOA. As a matter of fact E-Bills is offered by both Checkfree and Metavante the 2 largest online bill payment processors around so just because 1 site offers E-Bills does not mean it using checkfree back end.


Just like Checkfree and Metavante they offer both "good funds" model or a "float model" as there bill payment options to banks. The only way to tell if a bank uses Checkfree over another processor for sure is if they have "Powered By Checkfree Logo" on there web page or are listed on Checkfree Master list of clients found here.

Just for your information Bank of Toledo is not listed on Checkfree list of partners but tons of small banks are listed. So it is not a mistake

DavidScubadiver said: Still can't figure out why a bank would want to discriminate on the basis of geography. Money is money, is it not?

This type deal is only profitable to the bank under a limited number of circumstances. The bank is reimbursed by Visa or MC for each debit transaction. So to be profitable these reimbursements must be greater than the extra interest paid. So if local customers are averaging 15 debit transactions with an average checking account balance of $3,000 it could well be profitable (along with the additional loan/mortgage sales to these customers). But non-local customers doing the minimum 10 debit transactions and having an average bank balance of $50,000 plus are very likely unprofitable.

So I am thinking this deal will shortly be withdrawn or greatly modified.

Cut it out you two. Your posts are so far off topic as to be well-suited for a different thread.
Now go try and open an account with Bank of Toledo and report back when they either tell you its not available to out of towners, or when they accept your application!

bksavings said: Nice!

Has anyone else received an email from SBoT with a subject line of "Even More Rewards" that contains the email address of every person with a Hometown Rewards Checking account?

So much for SBot respecting the privacy of my email address.

cjdtech said: Down to 3.01%. With what happened last week, this may be the last straw.
Insult added to injury.