I was at a local event today and Charter Bank was there giving out promo pamphlets for this new thing. They call it turbochecking, www.turbochecking.com and the rate is really good. It Offers:
* 6.01% APY* on balances to $25,000 * 1.01% APY* on balances above $25,000 * .25% APY* if requirements are not met * No ATM Fees Nationwide * Overdraft Privilege * Free Online Bill Pay
The Requirements Are:
* Make at least 10 debit card transactions monthly (excluding ATM transactions) * Receive one direct deposit or ACH auto debit monthly * Receive your monthly statement electronically (e-statement) * Access on-line banking at least once a month
There is no minimum balance, no monthly charge, and you need $100 to get the account opened. I'm not a debit card user so I'd have a tough time meeting the 10 transactions, but the no ATM fees is pretty nice. I'll probably add this info to the ongoing thread on high rate savings accounts as well... Brian
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APY is dropping to 4.01% on 5/1/2009
Since Feb 1 2009, the APY is down at 5.01%
Since October 1 2008, 13 debit card transactions / month are required. It doesn't matter if the transaction is 'signature based' ('credit') or 'PIN based' ('debit').
"the statement cycle ends on the second to last business day of the month. If the last day of the month is on a Monday then the last day of the statement cycle will end the Friday before which could be on the 28th if there are 31 days in the month or on the 27th if there are 30 days in the month."
routing number is 307072427
According to this site, there is a limit of 1 account per household.
For Yodlee, use "Charter Bank (NM)"
Message edited by: busterbaxter on 2009-04-01 15:59:16 CDT
Yep they claim all you need to sign up is an email address and $100. I thought it was a good deal because it matches the top rewards checking accounts APY's but has the least requirements I've seen and Charter is a nationwide bank.
If someone signs up, let us know how the process goes!
Firedrake said:Yep they claim all you need to sign up is an email address and $100. I thought it was a good deal because it matches the top rewards checking accounts APY's but has the least requirements I've seen and Charter is a nationwide bank.
If someone signs up, let us know how the process goes! Thanks for adding this to the Reward Checking Accounts - Available to All Thread. With the recent interest rate drop, it might be nice to have a variety of these accounts, in case the rate on some drop and others don't.
The above three posts have some good questions. I don't know the answers and I encourage the posters to call or e-mail Charter, get the answers to those questions, edit the Quick Summary part of this thread to add the answers, and post a separate message in the thread indicating the details on what was put in the Quick Summary. Definitely worth "green" (rating, not cash)!
Personally, I think these accounts are terrific and make an excellent primary checking account, after all, checking accounts are typically paying an abysmal rate of return. The fact that the rate is "only" paid on $25,000 would not ordinarily be a hindrance since I never keep that much money in an ordinary checking account. However, given that State Bank of Toledo is paying the higher rate on unlimited balances, were I opening a new reward checking account, I'd do it with them instead. After all, I have no qualms about keeping more than $25,000 in a checking account at these rates!
The requirements are a bit stringent. Especially 10 debit transactions each month. I don't like to use debit transactions that much as 1) less safety compared to a credit card in terms of chargebacks & 2) unnecessary hold @ gas station transactions and other places.
If you have larger amounts in the account, more risky using your debit card & pin all over the place and if you have small amounts, it is just not worth the hassle
borisnotthespider said:The requirements are a bit stringent. Especially 10 debit transactions each month. I don't like to use debit transactions that much as 1) less safety compared to a credit card in terms of chargebacks & 2) unnecessary hold @ gas station transactions and other places.
If you have larger amounts in the account, more risky using your debit card & pin all over the place and if you have small amounts, it is just not worth the hassle One man's view. Then again, if you have $100,000 in the account that comes to over $80/month for every 1% in yield above what you are otherwise earning on your money. I've had my reward account for 4 months and have yet to use a pin other than at the atm machine. And I've never once had to get a chargeback on my lunch or breakfast orders.
You must be well-nourished! LOL --- I have seen your posts about Toledo Bank (thanks) and think I will open an account with them too. Wish I still worked to buy my meals --- my husband and I both are retired and we stay home and cook(he actually does most of the cooking!)
Thanks op for info about Charter -- DavidSubadiver has been very enthusiastic about Toledo, I think I will put my money there. Interesting to see over time how the rates on both Toledo and Charter compare to others. Hope they stay at 6%. Best deal I see to date.
goldpiece said:How are deposits handled? Assuming you don't have access to an ATM that would accept deposits for Charter Bank, you have several possibilities: 1. Mail them the deposit. 2. Deposit it into another one of your checking accounts, and either (depending on available services, fees, and limits on amounts): A. Using that other bank's bill pay system, Make Charter Bank a Payee (using your Charter account number of course!) and pay them. B. Make an ACH transaction from your other checking account to your Charter checking account. C. Wire the money from that other checking account to your Charter checking account.
borisnotthespider said:The requirements are a bit stringent. Especially 10 debit transactions each month. I don't like to use debit transactions that much as 1) less safety compared to a credit card in terms of chargebacks & 2) unnecessary hold @ gas station transactions and other places.
If you have larger amounts in the account, more risky using your debit card & pin all over the place and if you have small amounts, it is just not worth the hassle
It says "10 debit card transactions". So, I assume you can still use "credit" option.
i read on a blog that this account is only available to those in New Mexico, even though the online application gives the impression that it is open to everywhere....anyone who is interested in this account should contact them and check....
Looks like it's not nationwide after all: Bank Deals Post About Charter Bank Reward Checking Account. According to Banking Guy when he called their toll-free number, he was told a branch visit was required in order to complete the application. I PM'ed Firedrake to ask him, assuming the bank is local to him, if he could confirm this.
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