Weird... thought there would be some threads about them but I didn't find any either. Anyways, they are one of the mortgage companies first and a bank second, like Countrywide. They are based in SoCal.
I've opened up CDs in branch before. Just they don't have many branches in LA city, have to go out to the surburbs. Dunno what you need to do to open CDs via Internet. Probably need to wire, ACH, or mail a check in. So you might lose some days of interest.
Might be a bit weary of them because of the real estate shakeup.
You might want to check out their safe & sound rating on an independent site like www.bankrate.com.
I just noticed a local bank I have been doing business with for about 4 years (had some REALLY good MMA & CD rates but not as good now) rating has dropped significantly (at least to me) so I am moving about 70% of my $$$ elsewhere.
I've had a few CDs with them for the last 1.5 years or so. Very good rates (at least on the CD side), and decent web site. Very responsive customer service, though I think they outsource it to India for certain times.
I tried twice to open up their "Internet First Rate Money Market" account, only to get to the end of the process and be forced to also open up a CD. I was very careful the 2nd time to make sure that I answered everything correctly. The rate is good, but I haven't been able to open an account, since I don't want their CD.
I'd like to hear if anyone has had success with the on-line MMA enrollment.
SleepyBum said:I'm semi-tempted by this... Someone stop me please!
I am tempted too. You end up getting 50 basis points more than BOA AAA MMA. If you stay under FDIC limits who cares if the bank fails might as well collect interest while it lasts. What I dont like is none of there accounts give free checks, they charge for ACH out and the rate could be lowered 2 days after you order your checks. They also charge some of the weirds fee I have ever seen like:Loose coins fee, Currency deposited fee. I have never heard of a bank charging customers for depositing cash in the form of bills or coins.
And other thing that bothers me is the following footnote on there web page:
"Note: These rates are available only to our Internet and Contact Center customers and may not be available in all states."
dolmar said:SleepyBum said:I'm semi-tempted by this... Someone stop me please!
I am tempted too. You end up getting 50 basis points more than BOA AAA MMA. If you stay under FDIC limits who cares if the bank fails might as well collect interest while it lasts. What I dont like is none of there accounts give free checks, they charge for ACH out and the rate could be lowered 2 days after you order your checks. They also charge some of the weirds fee I have ever seen like:Loose coins fee, Currency deposited fee. I have never heard of a bank charging customers for depositing cash in the form of bills or coins.
And other thing that bothers me is the following footnote on there web page:
"Note: These rates are available only to our Internet and Contact Center customers and may not be available in all states."
Dolmar, Your best bet is to go to a branch to ask about the fees. When I opened some CD's and a checking account in Jan. (in branch since they had promos back then) I asked the manager about the fees listed such as the: Currency supplied (over $1000) $1 (per $1000) and she said she never heard of such a fee for withdrawing cash. I did get a booklet of checks (~25) for free. I haven't used their system to ACH money since I just push/pull from Etrade. Pulls from etrade get debited by Indymac the next day, and push got credited at Indymac the next day also (so only 1 day lost interest). The folks at my local branch are pretty nice too.
Sushiosushi I am too lazy to drive to Santa Monica to talk to a manager who might or might waive the check fee. Also way I would use this account is same way I use my BOA AAA MMA. I move funds from this account into my BOA MRA and then write check and deposit it at Citibank as I get instant credit on all my deposit at Citibank and I have a 5% checking account at Citi which I use for all my bill pays too as Citi does not debit the funds on my bill pays till the funds are delivered for AFT and the checks are cashed on checks they mail against my account.
So 30 checks would last me 5-7 months only as I write 1 check every Friday and Deposit it into Citibank when I pull out cash to pay my housekeeper which covers all my bill pays for up coming week.
Also I am not going to drive 20-30 minutes each time I need to use an ATM machine or make a deposit which is why unless I can get free checks and be able to make transfers online from Money Market account to checking account this account does not seem the headaches for me. I normally send wires from BOA to Citi when I need to make extra transfers or cant make it to branch to make a deposit to cover next weeks bill payments as Citi and BOA dont charge me for Fed Wires and both rebate ATM's so finding an ATM to withdraw cash is never an issue either.
There is option to transfer money online from MMA to checking as I see that option when I log in. However I haven't used it before so cannot tell you if it is instaneous or not. When I need to perform that action I just call the CSR at local branch and have her do it.
Yeah... Some of the fees dolmar mentions worries me. Also, they don't seem to have free cashier's check ($7 fee) which is important for me to move money around. I've only opened CDs at Indymac before.
Anyways, I wait a couple of weeks and see if this rate will last or if it's just a ploy to get a quick injection of cash.
does this bank do a Hard pull for a CD. If so How many points will my credit score be lowered?
It seems like it is easy to get the money to the bank by ach, but getting it out is another story. I'm thinking a 5 month CD incase I decide to buy a house or something.
I live near by it but I still doubt about it. I am too like to hear more comment about its 5.55 CD is good and the 5.75% Internet Tier MM (will it stay longer than 3 months?).
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.
