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

dugggg said: stfs said: Has anyone done a 'qualified' ACH and what was it listed as?

I don't think there is such a thing as a "qualified ACH debit".

You are, however, required to meet a minimum of one ACH credit per cycle.

"1 ACH Debit/Credit" is required.

DavidScubadiver said:
"1 ACH Debit/Credit" is required.

There appears to be a major discrepancy in the per-cycle ACH requirements.

1. The web page says "One direct deposit or ACH auto debit"

2. The written terms, enclosed in the welcome packet, say "Minimum of one ACH credit" and mention nothing about direct deposit or ACH debits of any kind

3. DavidScubadiver says "1 ACH Debit/Credit"

dugggg said: DavidScubadiver said:
"1 ACH Debit/Credit" is required.

There appears to be a major discrepancy in the per-cycle ACH requirements.

1. The web page says "One direct deposit or ACH auto debit"

2. The written terms, enclosed in the welcome packet, say "Minimum of one ACH credit" and mention nothing about direct deposit or ACH debits of any kind

3. DavidScubadiver says "1 ACH Debit/Credit" Lol, you only NEED 1 so try and pay one of your credit cards from the credit card site, pulling from the reward account. But the "e-mail" summary that you will get end of cycle states whether you met the requirements and lists "1 ACH Debit/Credit" as a requirement. And the first month is a "freebie" so you'll see if it worked or not if you just do the one GMAC transaction (if this is your first month)

Don't call. Just send them an E-mail. They are very prompt in responding (next day latest). That way you have it in writing. And can share easier.

76hhma said: dugggg said: There appears to be a major discrepancy in the per-cycle ACH requirements.

1. The web page says "One direct deposit or ACH auto debit"

2. The written terms, enclosed in the welcome packet, say "Minimum of one ACH credit" and mention nothing about direct deposit or ACH debits of any kind

3. DavidScubadiver says "1 ACH Debit/Credit"

With this type of Reward Checking account, it is prudent to set up a (payroll) direct deposit so that it is "automatic." Most banks are quite lenient toward what counts as ACH credit/debit and it's YMMV.

One needs to test it oneself instead of interpreting rules literally.Sure that is prudent. Plus you want your paycheck earning as much interest as possible immediately so its a good idea anyway. I did it myself. But still wound up with 14 qualified transactions most of which I believe were mutual fund purchases. Seemed like everything counted but I have so many transactions its hard to say whether the gmac transfer itself counted. But for me its a no brainer. Direct deposit of my paycheck.

Direct Deposit (as I mentioned before some institutions do not consider ACH credit as DD so this is not a 'safe' option; that leaves ACH debit) is not an option for early retirees such as myself so I'll e-mail per your suggestion instead of calling and see if everyone can all comes to a consistent solution.

stfs said: Some institutions do not consider ACH credit as DD so... not an option for early retirees .

Yow, I did not realize this. I too am an ERee and I am setting up an automatic monthly withdrawal from my Vanguard IRA as the sole DD to SBoT.

It would be quite a bummer if that isn't considered a DD!

Regarding qualified ACH transactions, my Rewards Checking Monthly Summary shows "1 ACH Debit/Credit" as one of the requirements. The term "direct deposit" isn't even mentioned, which implies that direct deposit is a type of ACH transaction; it's the "ACH" part that's important. Interestingly, the one ACH Credit that was referred to on the Summary was a balance transfer from my Advanta Business credit card. For future ACH transactions, I set up an automatic ACH credit from another checking account to SBoT. That's also a rewards checking account, has the same 1 ACH credit/debit requirement, and the ACH debit to that account meets that bank's requirement. So you have an example of both a qualifying ACH credit and debit. Nevertheless, it'll be interesting to see if the e-mail confirms this.

dugggg said: While we await at least one formal response from SBoT regarding the ACH requirement, I have several unrelated questions.

I have read every post in this forum so I know we have some data points already, but there hasn't been much info from readers who applied recently.

1. How long did the box of checks take to arrive?

2. How long did it take for the debit card to arrive?

3. How long did it take for the PIN (or PIN instructions) to arrive?I think we've all applied recently...the thread only started in July! Waiting for the debit card was the hardest thing and I expect it will continue to take 3 weeks. As for the Pin, FIRST you get a nifty Shazam instruction sheet that tells you WHAT the last four(?) digits of your "to arrive" card are, and it tells you to call and select your own pin (bonus!). You have but ONE chance to do this right so read the instructions carefully and don't be nervous pushing those buttons on the phone. You activate the PIN BEFORE you get the card or else risk the pin instruction sheet expiring. Goofy, but there you have it. Its all explained in painful detail when they send you your mail during the 3 week period it takes to get the card. Patience is a must for this account, but its worth it.

scott1961 said: DavidScubadiver said: Waiting for the debit card was the hardest thing and I expect it will continue to take 3 weeks. Patience is a must for this account, but its worth it.
3 weeks? What kind of rinky dink bank are they? Well I guess they are small at 87 million in total assets. Under performing also with Bankrate only giving them 2 Stars. With Danvers I had the debit card in 5 days. Also they get 4 stars and over $1.25 Billion in size. So in other words, "Nah Nah Nah Nah, My banks better than yours"Scott, I respectfully disagree with your assessment of things. Our billpay beats your billpay (I speak without knowledge of this, but I have a hunch), PLUS with their HOMETOWN focus, we can expect to be treated right. AND we have access to a community room which Danvers Bank, as I understand it, refuses to provide for its depositors, essentially, IMHO, taking the position, "screw the community".

That is not the sort of attitude a bank can hope to "cover up" by providing free ice cream. In fact, the free ice cream is a dead giveaway that something is fishy over at Danvers.

...thinking of starting a support group.

scott1961 said: DavidScubadiver said: AND we have access to a community room which Danvers Bank, as I understand it, refuses to provide for its depositors, essentially, IMHO, taking the position, "screw the community".

That is not the sort of attitude a bank can hope to "cover up" by providing free ice cream. In fact, the free ice cream is a dead giveaway that something is fishy over at Danvers.

...thinking of starting a support group.
Maybe we could get on Jerry Springer? "Customers who have an unnatural attraction to their Banks" I bet your Bank is not about to go public? Mine is and depositors get first whack at IPO price. Plus I heard their Community room is known for being a place for quick Gay sex. So whatever you do make sure you keep your feet firmly under your stall to avoid accidental contact with the person in the next oneThis is an outrage and libelous! (Getting folding chair to hurl..) Did I mention NO LIMITS on the 6.01% rate? Those cheap bastards at Danvers only pay the rate on the first 100k. To heck with FDIC limits, life is nothing without risk!

Danvers disgusts me, luring people with free ice cream. Its like the pedophile offering candy to children. In fact, its EXACTLY the same.

scott1961 said: ..."Nah Nah Nah Nah, My banks better than yours"
OMG! I will never succumb and open one of these reward checking accounts. Doing so apparently turns otherwise intelligent and financially savvy individuals into loopy cult fanatics.

mh83 said:
OMG! I will never succumb and open one of these reward checking accounts. Doing so apparently turns otherwise intelligent and financially savvy individuals into loopy cult fanatics.
Can't blame the Bank, I was loopy long before I opened my account

dugggg said: DavidScubadiver said: As for the Pin, FIRST you get a nifty Shazam instruction sheet that tells you WHAT the last four(?) digits of your "to arrive" card are, and it tells you to call and select your own pin (bonus!)... You activate the PIN BEFORE you get the card or else risk the pin instruction sheet expiring. Goofy, but there you have it.

It IS goofy, especially in my case since I am currently camping out west and cannot manage my snail mail every day.

Glad I asked though, and I appreciate the quick reply.

How long did it take for the Shazam sheet to arrive? How much time did you have before the instructions expired?I believe the sheet came about 3 days before the card did, and if I recollect correctly, you had 10 days or so to choose the pin. I am sure, if the ten days expires, you simply ask for a new activation code and that will come much quicker.

Official word from Michele is:

"We are encouraging the Direct Deposit, however you may use an ACH Debit to meet the requirements."

scott1961 said: I heard they are changing the name from "Hometown Reward Checking" to Homotown Reward Checking"

kiasuchick said: Has anyone got more than $150k with these guys? I'm a little hestitant to open an account.I had a bit over 200k with them but have dropped it down to 100k as of 9/1 when they dropped the POD portion of the account. I'm not thrilled about going over FDIC limits for any bank though. This is the best checking account you can hope to have for earning money on temporary funds, but not necessarily the best place to park un-insured funds. IMHO.

Some stores don't even have the option of debit/credit, so it automatically goes through as a credit. But the only distinction on how my account labels them is payment for debit and purchase for credit.

DavidScubadiver said: I assume that "purchase" or "payment" will both qualify as a "debit card transaction" but you'll have to count them up to confirm. Is there an advantage ever, to choosing "debit" over "credit"?

I hope you're right because I don't want to have to be so precise in my counting of 10 qualified transactions. As far as advantage of choosing debit over credit, only if credits are not counted towards the 10 total!

For everyone's info, I just emailed to ask this very question. I will let y'all know.

Hey DavidScubadiver why stop at 10 Debit Card transaction when you can do 18 per month and get unlimited ATM rebates form The Brattleboro Savings & Loan and the same great rate as "Bank of Toledo of 6.01% up to $100k. Brattleboro Savings & Loan is like almost 10X larger of a bank. I know that is not saying much either as 10X a small number is still a small number lol. And the kicker is Brattleboro Savings & Loan will donate 10% of the profit your account generates to your favorite charity.