Point taken.

But, how often do you guys change checking accounts ?

I guess i like some stability there.

My guess is that 6-18 months from now when these banks & credit unions get the data they'll realize the relationships arent worth the cost. Then lower rates.

I just hate to be rate chasing with my checking account twice a year.

scott1961 said:willjeffers said:I have avoided these deals in the past because of the 10 debitcard transactions.

The ONLY place I use a debitcard is Aldi and I only go there 3-6 times a month.

What do you all do ? Split your orders into 3 transactions each time or what ?

You need to be more flexible, Whats the big deal using it a few other places? Starbucks, DD and all fast food take cards. On these cheap purchases you don't even need to sign slip

willjeffers said:I have avoided these deals in the past because of the 10 debitcard transactions.

The ONLY place I use a debitcard is Aldi and I only go there 3-6 times a month.

What do you all do ? Split your orders into 3 transactions each time or what ?

Id love the 6% and have enough cash to make it worthwhile, but I hate the idea of getting screwed by forgetting to do enough debits in a month.
It is not just "debit" or PIN based transactions that count on these accounts. Any credit transaction you make would count as the "debit" card provided has Visa/MC logo on it for credit usage.

If one doesn't have an employer would it be better to leave blank or put down the former employer? My old employer still shows up on all 3 reports, but if they aren't pulling will they actually call the company?

mm44 said:By the way, what is SECU? Googling just that gives me more than 1 possibility.... Thanks.
Rather than using Google, just fill in the "Title Search" box that is present when you are at the title list screen of the FatWallet Finance forum (FWF) and click on the Go! button. You'll see: SECU (Maryland) 7-month CD with an effective yield of approx. 9.36%, a thread (AKA topic) discussion a very lucrative CD deal that some people were able to take advantage of.

As a new FWF poster, if you haven't already done so, please read Finance FAQ's Secrets Inside (Newbies are welcome here!): Links ~ Tips ~ Q & A ~ more!. That should prove very helpful to you, and answer a lot of your questions.

WalStMonky said:DuckFan said:I almost went for this until I saw the part at the bottom that it looks as if they do a hard credit pull.

Chex Systems is a CRA you know.

Thanks!

Doh! I don't know how I missed the line in the quick summary about the CSR's comment about using ChexSystems.

I decided to go for it.

Thanks again.

glxpass said:DuckFan said:WalStMonky said:DuckFan said:I almost went for this until I saw the part at the bottom that it looks as if they do a hard credit pull.

Chex Systems is a CRA you know.

Thanks!

Doh! I don't know how I missed the line in the quick summary about the CSR's comment about using ChexSystems.

I decided to go for it.

Thanks again.
Except that that item in the Quick Summary now reads:

* Per CSR, they use ChexSystems; there is no hard credit pull. Edit: now I'm told their signature card says they "reserve the right to pull a hard credit check."

I will find out if "reserve the right" means that they'll actually do it. I hope those are just weasal words.

I think 6.06% is worth a hard pull, hopefully it comes from somewhere besides Experian cause I have enough of those. What I don't understand so much is why a bank would need your credit report if they are not issuing a credit card, and at what point they would deny someone from obtaining a bank account on the basis of their credit score. Does not make too much sense.

I had a friend who's mom was a big drug addict, opened a bank account in his name when he was about 10, withdrew a mass amount of money on a zero balance and screwed up his credit with all the banks until he was 18 years old. The banks knew that he had a messy past, but none of them drew that conclusion from a credit report, it seems like there is a simple internal system that flags someone and sends the information to every bank, not just the company which the incident occurred.

Yes, no one is saying move all your checking business to this bank. It can be a hassle. Most people use these as temporary savings accounts for large deposits. If you dont have large deposits, theres not much use in rate chasing for the last %

glxpass said:DuckFan said:WalStMonky said:DuckFan said:I almost went for this until I saw the part at the bottom that it looks as if they do a hard credit pull.

Chex Systems is a CRA you know.

Thanks!

Doh! I don't know how I missed the line in the quick summary about the CSR's comment about using ChexSystems.

I decided to go for it.

Thanks again.
Except that that item in the Quick Summary now reads:

* Per CSR, they use ChexSystems; there is no hard credit pull. Edit: now I'm told their signature card says they "reserve the right to pull a hard credit check."

I will find out if "reserve the right" means that they'll actually do it. I hope those are just weasal words.

What you're missing is that ChexSystems is a CRA. They need the same permission from you and a permissible purpose to access your Chex report as any other CRA.

WalStMonky said:

What you're missing is that ChexSystems is a CRA. They need the same permission from you and a permissible purpose to access your Chex report as any other CRA.
If the hard credit pull they are referring to is ChexSystems, then I agree. If it's from Equifax, TransUnion, or Experian, then that's another matter. Until we see the wording on the signature card, we won't know for sure. I'm wary because AAFCU also said ChexSystems, but wording on their disclosure mentioned the possibility of a hard credit check from one of the three I mentioned above. I called them to double-check that they didn't actually do that, they confirmed they didn't, and so far I haven't seen anything.

I might be overly cautious, but I've learned it's best not to make assumptions about these things.

How long did it take for them to call? I submitted online on Dec. 31st. in the afternoon. Still no words from them.... Thanks...