76hhma said:Debit transactions: It is more controllable to do PIN-based debit transactions (if counted toward the required ten transactions) in terms of timing (ensuring they fall within the current-month period) and amount (immeidiate debit of exact amount).

Account open: It is best to open the account right after the closing date (say the 15th), thus one gets a free-ride for one full months without the ACH/debit requirements.

Auto-deposit/debit: It has to be initiated from other parties (not from the local billpay); e.g., utility bills, direct deposit, (say) GMAC-deposit/debit, etc.

Practice: Start small with a few hundred dollars and push in big money only until one gets fully familiarized with the banks' rules and regulations on the ten transactions/auto debit-credit requirements. It is not funny to end up earning 0.25% interest rate for the month

Hope this helps.

Good idea about practice, but check on the amount required to earn interest, I think it has to be $1000. If you don't put in enough money to meet the threshold, you lose a little interest, of course, but perhaps more importantly you also lose the benefit of the practice.

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I'll explain the details of my reward checking at a local credit union; not sure if and how they apply to the Hometown Reward Checking but maybe it helps. For the first month, all requirements to receive the rate were waived. I get an email when my statement closes showing me a summary if I fulfilled the requirement, i.e. how many auto ACH transfers posted and how many card transactions I had. For the first month, my two trial deposits from HSBC were counted as auto ACH transfers.

thecpa said:Does anybody know what CRA they do the hardpull on?

for me it was Equifax

As of today, Toledo Bank has now cashed my opening deposit. So at least I know they are taking my money. Unfortunately, as of yesterday I could not log on to my account as they were indicating that my account was not yet authorized for internet banking (some error message about sending a letter requiring a signature -- I don't know if that's as SECOND letter or if they were still waiting to get my first -- I will call them tomorrow once I have my user name and password handy.

I have previously stated that my usernames and passwords are computer generaged and that I cannot access my accounts without my roboform program. It resides on a thumb drive, on my work laptop, and my home desktop. So I figured I'd pretty much always have my passwords. Unfortunately, yesterday I brought my laptop home and this morning I forgot I did so as I've never brought it home before...and my thumbdrive is home as well. If there is a fire and my desktop, laptop and thumbdrive are destroyed before I get home, I will have quite a tangle of financial accounts to untie and explain to lots of CSRs that I have no idea what my username is, no idea what my security answers are and no idea of what my passwords are. Fortunately, I can still access one of my accounts because I havent changed the sign on credentials to randomly generated ones. I guess that's my safety-valve and security risk--I can pull money into that account from most of my others....which means I have to plug that security hole and then put a copy of my encrypted passwords in a safety deposit box. Or just leave my laptop in the office (with the encrypted passwords here).
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76hhma said:David: Hope we did not lose communications even here at FWF (In any case, I...)

What a drag for your opening account with this bank. I opened mine (local Danversbank) within thirty minutes (everything good to go). Then received my debit card and follow-up PIN in the next three days.

Lesson learned: Open this type of rewards checking account locally (if at all possible), as most of these banks specify.Certainly, I'd do it locally if I could have! This has not been too terrible. My money is there earning the interest, which is what counts!

Decided to call a CSR about my funny error message, and they were perplexed by it and said they would re-enable my internet access. After putting me on hold she indicated that, yes indeed, they need the form for internet access ALSO signed and they had sent it out to me, so I suppose that should arrive today or tomorrow. She said that they are still working out the kinks in the process and thought that maybe they will send the internet form together with the account opening and debit forms, together in one package. I said that would be nice and save some postage.

In any case, when I opened the account you could not enroll for electronic statements (necessary for the higher interest) until AFTER you get an account number, and that account number is received in the mail (requiring the two signatures being notarized). Then, after signing up for internet banking they send out the additional paperwork. I suppose its just an added layer of security. But they have my deposit and I continue to be very hopeful because they are so darned nice.

David: If you opened the account right after the statement period (say 16th of July), you should have the full "grace period" till 15th August. Since you opened the account on 9th July, your grace period will be cut short, only from 9th to 15th (not till 12th). Hopefully your debit card has arrived or will arrive soon to do the 10 required transactions for the August statement period.

Anyhow, you can experiment a bit to get the hang of it.

Just a note to read the quick summary as I revised it. This is a great checking account and the extra grace period they offered due to the delay in receiving the debit card is awesome because I can confirm what sorts of ACH transfers count toward the minimum, etc., and make sure I have it all worked out for the month when I have no grace period. Very pleased with their customer service. Banking interface could be better (i.e., there is no ability to link accounts from within the site).

mm04 said:"In order to receive the 6.01% rate, you must make a minimum of 10 debit card purchases per month"

All of my purchases are always made with credit cards that pay CashBack. Does anyone have any ideas on how to meet this requirement via automated means? (i.e. online)If you can't use the debit card 10x a month you're probably better off not using this account. Personally, I am willing to give up the credit card rewards for a combination of 10 breakfasts and lunches in any given month. Think of the convenience of tghis checking account and you will no doubt agree.