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rated:
The rate is going down for Redneck, Evantage and AmericaNet Rewards Checking accounts:

Effective March 20, 2014 we are changing the rate of the Rewards Checking Account to 1.50% APY* on daily balances less than or equal to $10,000.

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Rejected at LMCU based on Chexsystems. No negs on report, just number of openings.

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Anybody try LEE bank ?

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Can you share WHICH Lee bank and what product they might have that has FWF advantages?

Thx

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phatwalletguy said:   Anybody try LEE bank ?
  
Lee also owns Freedom National Bank, which I've recently joined.  Same 2.50% on checking.  So far, so good.

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Consumer's Credit Union 3.09%, 4.09% and 5.09% APY rewards checking account:

http://www.myconsumers.org/personal/checking/free-rewards-checking.html

Recap of the rate tiers for this high interest checking account:

To earn the 3.09% APY* complete the following requirements:

Complete at least 12 Debit/Check Card point-of-sale purchases (transactions must be made without using your personal identification number (PIN) to count toward the minimum of 12 and must post and clear your account on or before the last day of the calendar month)

Each calendar month, one direct deposit OR one ACH debit OR pay one bill when using Consumers Credit Union's free online bill payment system must post and clear your account on or before the last day of the calendar month

Access Online Banking at least once each calendar month

Receive eDocuments (enroll and accept the disclosure)

To earn 4.09% APY*, and ATM refunds perform the following each qualifying cycle:

Simply meet the requirements to earn 3.09% APY . . . then add:
Complete 12 CCU VISA Credit Card purchase transactions, NO MINIMUM purchase requirement.

To earn 5.09% APY*, and ATM refunds perform the following each qualifying cycle:

Simply meet the requirements to earn 3.09% APY . . . and
Spend $1000 or more in CCU VISA purchase transactions, regardless number of purchases

Check out these other great benefits from Free Rewards Checking:

No ATM fees- CCU will reimburse all ATM and surcharge fees
Free VISA Debit Card*
Free mobile banking
Free online banking and bill payment
Free eDocuments
Unlimited check-writing privileges
Access to over 1,800 Shared Branch Networks and nearly 30,000 surcharge FREE ATMs
Qualified Members receive Overdraft Privilege, a helpful resource that covers your overdrawn checks and provides you peace of mind you should expect from an attentive credit union (fees apply)

So let the convenience of Free Rewards Checking benefit you. It's part of our commitment to helping you achieve your financial potential.

What happens if I don't meet the four requirements listed above?

You will still enjoy free checking with free Online Banking and free Online Bill Payment. You won't earn ATM refunds, but CCU will pay 0.01% APY* dividend (interest) in such cases! With Free Rewards Checking, you get the benefits of free checking with an interest bearing checking account.

Who can take advantage of Free Rewards Checking?

Anyone – even if you already have another checking account with CCU! New Members, existing Members, friends and family are all welcome to join and enroll in Free Rewards Checking!

With Free Rewards Checking, you can't lose! Apply online and open your account today.

View the terms and conditions to learn more.

Rewards Checking. The Rewards Checking account is a Tiered Rate account (see chart below). If your Daily Balance is $10,000.00 or below AND you meet all of the all basic service requirements during the calendar month, the applicable Tier 1 Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. The basic service requirements include: a) you make twelve (12) PINless card transactions (any transaction that does not require a PIN) that post to and clear your Reward Checking account; b) you access Online Banking at least once; c) you receive e-Documents (must have enrolled and accepted the disclosure; and d) you have a direct deposit or ACH debit (including Bill Payment) post to and clear your Reward Checking account. You will earn the Tier 1-A Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements and have $1,000 in credit card purchase transactions during the period beginning on the 28th day of the prior calendar month and ending on the 27th day of the current calendar month. You will earn the Tier 1-B Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements and have 12 credit card purchase transactions during the period beginning on the 28th day of the prior calendar month and ending on the 27th day of the current calendar month. You will earn the Tier 1-C Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements but do not meet either of the credit card transaction criteria required to earn a higher rate. The Tier 2 Dividend Rate and range of Annual Percentage Yields listed for this account will apply to balances of $10,000.01 to $24,999.99 if you meet all of the basic service requirements. The Tier 3 Dividend Rate and range of Annual Percentage Yields listed for this account will apply to balances of $25,000.00 or greater if you meet all of the basic service requirements. The rates applicable to Tiers 1, 2 and 3 will apply only to that portion of the account balance within each balance range. When you meet all of the basic service requirements for the calendar month, ATM fees incurred during the month will be refunded to you.

If you fail to meet any of the basic service requirements during a calendar month, you will earn 0.01% Annual Percentage Yield for this account and your ATM fees will NOT be refunded.

One Rewards Checking account is allowed per member. Business accounts are not eligible for rewards. Qualifying credit card transactions must be made using a Consumers Credit Union-issued card. Credit Card cash advances and balance transfers do not count towards credit card purchases.

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FrozenBiker said:   
phatwalletguy said:   Anybody try LEE bank ?
  
Lee also owns Freedom National Bank, which I've recently joined.  Same 2.50% on checking.  So far, so good.

 
What are the membership/regional restrictions? It looks like Freedom National Bank is in RI and does not appear to offer any online application. So unless you live in RI - no dice eh? CORRECT - as per conversation with Freedom National Bank - for Rhode Island Residents ONLY - not a national/available to all bank.
Whereas Lee bank has an online application - no regional restrictions.

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glidingone said:   LEE BANK - Nationwide 2.5% for $15,000 maximum  in the CACHE checking account
as well as a linked 1.25% savings account $15,000 maximum


CHEXSystems and soft pull only (per conversation with them directly)

CACHEChecking
Free CACHEChecking lets you stash some cash for whatever your pretty little heart desires! That's because CACHEChecking earns serious rewards — as in 2.50% APY* and nationwide ATM fee refunds* — just for doing simple things that make life easier.

You can link this high-interest checking account to a free CACHESaver account to build your savings automatically. There's no minimum balance to earn rewards, and no reason to miss out — open your CACHEChecking account today!


Summary

Earn 2.50% APY* on balances up to $15,000
Earn 2.50% to 0.50% APY on balances over $15,000 depending on balance in account*
Earn 0.05% APY* if qualifications aren't met
ATM fee refunds nationwide (up to $25 monthly)*
No minimum balance to earn rewards
No monthly service fee
Can link to high-interest CACHESaver account
Unlimited checking
Free online banking with bill pay
Free eStatements
Free MasterCard® debit card with UChoose Rewards®
Overdraft programs available
$25 minimum deposit to open

Qualifications

Qualifying for the biggest rewards couldn't be easier. To earn your rewards, simply do the following activities and transactions in your CACHEChecking account each monthly qualification cycle:

Be enrolled and receive eStatement notice
Have at least 1 direct deposit or automatic payment (ACH) post and settle
Have at least 12 debit card purchases post and settle


http://www.leebank.com/personal/checking/cache-checking.html 

http://www.depositaccounts.com/blog/2013/10/competitive-reward-c...

  This is the Lee Bank in question... as posted previously in this thread - previous page. Small bank - really nice when you contact them.

rated:
glidingone said:   Consumer's Credit Union 3.09%, 4.09% and 5.09% APY rewards checking account:

http://www.myconsumers.org/personal/checking/free-rewards-checki...

Recap of the rate tiers for this high interest checking account:

To earn the 3.09% APY* complete the following requirements:

Complete at least 12 Debit/Check Card point-of-sale purchases (transactions must be made without using your personal identification number (PIN) to count toward the minimum of 12 and must post and clear your account on or before the last day of the calendar month)

Each calendar month, one direct deposit OR one ACH debit OR pay one bill when using Consumers Credit Union's free online bill payment system must post and clear your account on or before the last day of the calendar month

Access Online Banking at least once each calendar month

Receive eDocuments (enroll and accept the disclosure)

To earn 4.09% APY*, and ATM refunds perform the following each qualifying cycle:

Simply meet the requirements to earn 3.09% APY . . . then add:
Complete 12 CCU VISA Credit Card purchase transactions, NO MINIMUM purchase requirement.

To earn 5.09% APY*, and ATM refunds perform the following each qualifying cycle:

Simply meet the requirements to earn 3.09% APY . . . and
Spend $1000 or more in CCU VISA purchase transactions, regardless number of purchases

Check out these other great benefits from Free Rewards Checking:

No ATM fees- CCU will reimburse all ATM and surcharge fees
Free VISA Debit Card*
Free mobile banking
Free online banking and bill payment
Free eDocuments
Unlimited check-writing privileges
Access to over 1,800 Shared Branch Networks and nearly 30,000 surcharge FREE ATMs
Qualified Members receive Overdraft Privilege, a helpful resource that covers your overdrawn checks and provides you peace of mind you should expect from an attentive credit union (fees apply)

So let the convenience of Free Rewards Checking benefit you. It's part of our commitment to helping you achieve your financial potential.

What happens if I don't meet the four requirements listed above?

You will still enjoy free checking with free Online Banking and free Online Bill Payment. You won't earn ATM refunds, but CCU will pay 0.01% APY* dividend (interest) in such cases! With Free Rewards Checking, you get the benefits of free checking with an interest bearing checking account.

Who can take advantage of Free Rewards Checking?

Anyone – even if you already have another checking account with CCU! New Members, existing Members, friends and family are all welcome to join and enroll in Free Rewards Checking!

With Free Rewards Checking, you can't lose! Apply online and open your account today.

View the terms and conditions to learn more.

Rewards Checking. The Rewards Checking account is a Tiered Rate account (see chart below). If your Daily Balance is $10,000.00 or below AND you meet all of the all basic service requirements during the calendar month, the applicable Tier 1 Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply. The basic service requirements include: a) you make twelve (12) PINless card transactions (any transaction that does not require a PIN) that post to and clear your Reward Checking account; b) you access Online Banking at least once; c) you receive e-Documents (must have enrolled and accepted the disclosure; and d) you have a direct deposit or ACH debit (including Bill Payment) post to and clear your Reward Checking account. You will earn the Tier 1-A Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements and have $1,000 in credit card purchase transactions during the period beginning on the 28th day of the prior calendar month and ending on the 27th day of the current calendar month. You will earn the Tier 1-B Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements and have 12 credit card purchase transactions during the period beginning on the 28th day of the prior calendar month and ending on the 27th day of the current calendar month. You will earn the Tier 1-C Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements but do not meet either of the credit card transaction criteria required to earn a higher rate. The Tier 2 Dividend Rate and range of Annual Percentage Yields listed for this account will apply to balances of $10,000.01 to $24,999.99 if you meet all of the basic service requirements. The Tier 3 Dividend Rate and range of Annual Percentage Yields listed for this account will apply to balances of $25,000.00 or greater if you meet all of the basic service requirements. The rates applicable to Tiers 1, 2 and 3 will apply only to that portion of the account balance within each balance range. When you meet all of the basic service requirements for the calendar month, ATM fees incurred during the month will be refunded to you.

If you fail to meet any of the basic service requirements during a calendar month, you will earn 0.01% Annual Percentage Yield for this account and your ATM fees will NOT be refunded.

One Rewards Checking account is allowed per member. Business accounts are not eligible for rewards. Qualifying credit card transactions must be made using a Consumers Credit Union-issued card. Credit Card cash advances and balance transfers do not count towards credit card purchases.

  Regional ? 
Welcoming all individuals who live or work in Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, Kent, Ottawa, St. Joseph, or Van Buren Counties, Michigan. It’s easy to become a member!  

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CCU membership "CCU Membership is unique. Regardless of where you live or work, you are eligible to join. This differs from most credit unions that restrict Membership based on geography, employment or other criteria."

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virgoritz said:     Regional ? 
Welcoming all individuals who live or work in Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, Kent, Ottawa, St. Joseph, or Van Buren Counties, Michigan. It’s easy to become a member!  
 

  
That's the wrong Consumers Credit Union. The 3.09, 4.09, 5.09 is Consumers in IL.

rated:
Shaudius said:   
virgoritz said:     Regional ? 
Welcoming all individuals who live or work in Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, Kent, Ottawa, St. Joseph, or Van Buren Counties, Michigan. It’s easy to become a member!  

  
That's the wrong Consumers Credit Union. The 3.09, 4.09, 5.09 is Consumers in IL.

  Monday blues

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Even using MS techniques, would anyone really want to spend $1,000/month for the 5.09% APY at CCU? Doesn't seem worth it when combined with the $10,000 balance cap.

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washerdreyer said:   Even using MS techniques, would anyone really want to spend $1,000/month for the 5.09% APY at CCU? Doesn't seem worth it when combined with the $10,000 balance cap.
 
The extra 2% APY on $10k nets you probably $12/month after taxes.   I agree that is not a great payout for spending $1000 compared to other available methods.

rated:
glidingone said:   
FrozenBiker said:   
phatwalletguy said:   Anybody try LEE bank ?
  
Lee also owns Freedom National Bank, which I've recently joined.  Same 2.50% on checking.  So far, so good.

 
What are the membership/regional restrictions? It looks like Freedom National Bank is in RI and does not appear to offer any online application. So unless you live in RI - no dice eh? CORRECT - as per conversation with Freedom National Bank - for Rhode Island Residents ONLY - not a national/available to all bank.
Whereas Lee bank has an online application - no regional restrictions.


  • You must be a US citizen to open an account online. Non-US citizens should contact your nearest branch location to open an account.

rated:
76hhma said:   Inova does seem to give a first-month grace period so that one can get the account in order (e.g., debit card, DD); but one needs to have the minimum balance ($1,500) in the account to receive the RCA-level interest for that month; FYI.
  Can anyone confirm if ACH > 200 $ count as a DD for Inova 

rated:
phatwalletguy said:   
76hhma said:   Inova does seem to give a first-month grace period so that one can get the account in order (e.g., debit card, DD); but one needs to have the minimum balance ($1,500) in the account to receive the RCA-level interest for that month; FYI.
  Can anyone confirm if ACH > 200 $ count as a DD for Inova 

  
I do one ACH every month for $255 and it counts

rated:
Looks like Premier Bank & Trust (Ohio) is down to 1.45% from 2.25% (on 15k).  I don't recall getting an email on that.  Extra $90 a year over Ally, probably not worth it for me.

Apparently down to 1% (combined rate last month).

rated:
lokimoki said:   Looks like Premier Bank & Trust (Ohio) is down to 1.45% from 2.25% (on 15k).  I don't recall getting an email on that.  Extra $90 a year over Ally, probably not worth it for me.

Apparently down to 1% (combined rate last month).

  Definitely not worth it for me. Just pulled everything out. No email received here either.

rated:
nomdeplume said:   
lokimoki said:   Looks like Premier Bank & Trust (Ohio) is down to 1.45% from 2.25% (on 15k).  I don't recall getting an email on that.  Extra $90 a year over Ally, probably not worth it for me.

Apparently down to 1% (combined rate last month).

  Definitely not worth it for me. Just pulled everything out. No email received here either.

CSR mentioned a low balance fee (if under $100) and notarized letter requirement to close the account. So I'm leaving $100 until I send in the letter.

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​Thanks for posting about the low balance fee. Was able to change my pull to leave $100 in for time being.

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Does anyone have more than one LMCU account in the fam? For example: one for each spouse and a joint that the two share?

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washerdreyer said:   Even using MS techniques, would anyone really want to spend $1,000/month for the 5.09% APY at CCU? Doesn't seem worth it when combined with the $10,000 balance cap.
  I was wondering about that too, I called and asked if any of their CC worked with this, and the CSR said yes, even this one http://www.myconsumers.org/loans-credit/visa-cards/visa-signatur...  it has the same rewards structure as the BoA cash card, I think I can find two 500.00 items at grocery/convenience stores that would pay 3% every month to make this a pretty painless process.  Anyone using this card that can comment on it?

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Bait and switch. The only good cards they have require a monthly income of around 6700 a month and the minimum line is 10k. Not a problem for many I guess, but otherwise you can only get the crappy cards. Also, they'll say they need 3 "references" that don't live with you-even after you've been approved!

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Really infogirlgeek? Does it say that somewhere, or do you have to call in to find out the income level must be 6700 a month? I wouldn't qualify for that based on that number, so then yeah, going for the 5.09% wouldn't be of benefit for me for sure.

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I found out after I applied. At least there's a hard pull for the checking account anyway. I don't know if they'll tell you about the requirements for the card up front, but I'd hope they would.

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I will wait for my next AOR before I apply for the checking, thanks for the info, good to know!

rated:
From my reading, it appears that there isn't a $10k cap but rather that there are 3-tiers that get separate amounts, i.e. up to $10k is 1, $10-$25k is 2, and $25k+ is 3. The best rates require the $1k/month spend and meeting 12 credit card purchase transactions. Am I missing something?

rated:
You are correct that there are different tiers: up to $10k, $10,000.01 - $25k, and > $25k. But the 3.09/4.09/5.09 is only on the first $10k, depending on which requirements you meet. Above $10k is .2% and above $25k is .1%.

Since the difference for 3.09/4.09 is adding 12 CC purchases of any dollar amount and the difference of 3.09/5.09 is adding $1,000 CC purchase of any transaction amount, there is really only a 1% bonus for the $1k spend (since most of us would be able to make 12 very small transactions to get the 4.09%, in addition to the 12 debit transactions...).

So for $1,000 spend per month, you get about $8.33 before tax, or .83%. Closer to .5% after tax. So unless they have a CC with a good category bonus to consistently hit that $1k spend on, it's probably not worth it to go for the 5.09%.

So then, is it worth opening the card for the 4.09%, or the extra 1% over the base 3.09%? Hard pull and 12 small transactions/month for $100/year before tax? (This is obviously up to each person, but there are probably better things to spend your hard pulls/time on.)

rated:
BingBlangBlaow said:   You are correct that there are different tiers: up to $10k, $10,000.01 - $25k, and > $25k. But the 3.09/4.09/5.09 is only on the first $10k, depending on which requirements you meet. Above $10k is .2% and above $25k is .1%.

Since the difference for 3.09/4.09 is adding 12 CC purchases of any dollar amount and the difference of 3.09/5.09 is adding $1,000 CC purchase of any transaction amount, there is really only a 1% bonus for the $1k spend (since most of us would be able to make 12 very small transactions to get the 4.09%, in addition to the 12 debit transactions...).

So for $1,000 spend per month, you get about $8.33 before tax, or .83%. Closer to .5% after tax. So unless they have a CC with a good category bonus to consistently hit that $1k spend on, it's probably not worth it to go for the 5.09%.

So then, is it worth opening the card for the 4.09%, or the extra 1% over the base 3.09%? Hard pull and 12 small transactions/month for $100/year before tax? (This is obviously up to each person, but there are probably better things to spend your hard pulls/time on.)

  Yea for $10k, it may not be worth it.  This is especially true if you aren't already taking advantage of Mango and UnionPlus prepaid savings acct ($5k each).

rated:
For some reason GLCU gave me $25.20 in interest for March instead of $25. Is it because March is 31 days or something?

rated:
Do you have more than $10,000.00 in the account?

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catanpirate said:   Does anyone have more than one LMCU account in the fam? For example: one for each spouse and a joint that the two share?
  yes .. you can have 1 per each ssn

rated:
BingBlangBlaow said:   Do you have more than $10,000.00 in the account?
  Yea i just realized that they must give small interest % for over 10K.  Thanks

rated:
I use Sallie Mae High yield savings account, I have uPromise setup to transfer any funds to savings account
current rate is 0.8%
no minimum balance requirement
0.9% for certificate of deposit
https://www.salliemae.com/

rated:
Anyone trying to open an account with Consumer's Credit Union . please be aware that you are going to need a lot of patience
customer service is mediocre at best 

rated:
phatwalletguy said:   Anyone trying to open an account with Consumer's Credit Union . please be aware that you are going to need a lot of patience
customer service is mediocre at best 

  I wouldn't say their customer service is exceptional, but in my 2-3 encounters it was par or better at least.

rated:
Any idea if CCU does a separate HP for both the account AND for the credit card (if you try to open both at the same time)? Or is it just one HP for both?

I think I can do $1K/month without MS, so this seems worth it on their 1% rewards card, right?

rated:
LP700 said:   Any idea if CCU does a separate HP for both the account AND for the credit card (if you try to open both at the same time)? Or is it just one HP for both?

I think I can do $1K/month without MS, so this seems worth it on their 1% rewards card, right?

Can't answer the HP question.

Is the $1k spend worth it? If the $1,000 you'd be putting on the card would only be earning you 1% on one of your other cards, then it would be worth it. If you have a 2% card, then you'd be losing (a non-taxable) $10 per month to gain (a taxable) $8.33. If some of the $1,000 would earn higher than 2%, it's even worse. This is assuming you'd otherwise still have the CCU CC and make the 12 small transactions that don't really result in much "missed" Cash Back.

rated:
BingBlangBlaow said:   
LP700 said:   Any idea if CCU does a separate HP for both the account AND for the credit card (if you try to open both at the same time)? Or is it just one HP for both?

I think I can do $1K/month without MS, so this seems worth it on their 1% rewards card, right?

Can't answer the HP question.

Is the $1k spend worth it? If the $1,000 you'd be putting on the card would only be earning you 1% on one of your other cards, then it would be worth it. If you have a 2% card, then you'd be losing (a non-taxable) $10 per month to gain (a taxable) $8.33. If some of the $1,000 would earn higher than 2%, it's even worse. This is assuming you'd otherwise still have the CCU CC and make the 12 small transactions that don't really result in much "missed" Cash Back.

  
When you put it that way, it makes a whole lot of sense... I'd be better off getting their credit card & just taking the 4.09%. Thanks!!

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