First Arkansas Bank & Trust - FirstNet Checking - 4.44% APY, 50K Cap - Open to All

First Arkansas Bank & Trust (FABaT) - FirstNet Checking
This is a reward checking account, open to all, with a 50K cap on earning the 4.44% APY. Balances over 50K will earn 1.76% APY. Note: the APY was 6.06% with no cap, but this changed effective 2/5/2008. Account holders prior to 2/5 will earn 4.44% APY, but be grandfathered in with no cap, at least until June, 2008. Credit goes to Bank Deals for this post.

To ask questions about Reward Checking accounts in general, debate their merits, discuss strategies of meeting their requirements, or discuss methods that might encourage banks and credit unions to continue to offer their reward checking products at favorable terms, please go to the Reward Checking Accounts - Issues and Discussion Thread. Let's confine the scope of this thread to FirstNet Checking.

A little too much work for me (see first requirement in QS); though nice flexibility, ATM access, and rate. Wonder which vendor provides the billpay. Thanks OP.

Your formatting is much nicer

I'm sure Scott and David will appear shortly to argue the merits of the ease of meeting the debit transaction requirements. I will gladly admit that I've always shied away so I don't have any experience trying it. The most I've been willing to do is the 2 discover 0% for life transactions. Perhaps you might add a pointer in the QS to what I believe is another thread discussing strategies for meeting the min. debit transaction requirement. The ATM fee refund is very tempting. If you call them, please also find out ATM withdrawal limits (also another link to consider adding based on the recent ATM withdrawal thread - boy I'm lazy!). I run a small cash business that often requires taking out a couple thousand on occasion. Thanks.

signed up. lets see if it works! Thanks OP and bankdeals!

inevitable question...hard pull?

lhendricks92 said: inevitable question...hard pull?
As the Quick Summary says, no -- at least that's what a CSR told me when I called.

Edited way after the fact to say that either a hard pull *might* be done or *will* be done. Will report on when I know.

Maybe Dave can now find true love again? Then he can start a thread about how to make $1 automated debits so that many can abuse the intent of the bank and the next thing you know deal ends or greatly lowered. I will probably stay away, No problem with requirements as I do find it very easy by just buying coffee at Starbucks a few times a week. Just don't really feel like opening another account right now when i know rate will not last.

even if it just lasts a few months, 6.06% is a fantastic rate. plus, they're making it pretty easy to set up with no hard pull. what's not to like?

i didn't jump on Toledo because it seemed like a total pain in the arse to set up (notarized slips of paper? wtf?), and my money was working just as hard elsewhere. the timing and the ease of this deal may actually spur me to act.

ok, for shits and giggles I just did the application. Put initial deposit at $100k and in the funding box I put "Check/ACH?" Will be fun to see where this accounts goes

scott1961 said: Maybe Dave can now find true love again? Then he can start a thread about how to make $1 automated debits so that many can abuse the intent of the bank and the next thing you know deal ends or greatly lowered. I will probably stay away, No problem with requirements as I do find it very easy by just buying coffee at Starbucks a few times a week. Just don't really feel like opening another account right now when i know rate will not last.
As one of the what you call "abusers", I thought I'd respond. Yes, it's quite possible that a plethora of people making $1.00 (or less) transactions will reduce the lifespan of these deals. IMO though, there are many other factors that could cause the demise of these accounts, or least lowered rates and greater restrictions:

. The poor rate environment (for savers, but good for borrowers, especially banks) that we're in.
. Tons of people opening these accounts, making the banks pay huge amounts of interest to account holders.
, A bank or CU making the account open to all, even more encouragement for high volume.
. No cap; ditto on the encouragement.
. Not putting a minimum $ amount on transactions that meet the number of transactions requirement.

It's interesting to me how loopholes make AORs so desirable. IMO, credit card companies are more sophisticated in the strategies they follow, though. For Reward Checking accounts, I get the impression that banks are just using a template -- specific marketing materials have been linked to in other threads -- and not really taking into consideration the factors that they can control.

I simply don't feel responsible for looking out for a bank's or CU's or credit card company's best interests. I'd rather have them assume responsibility for coming up with a plan that balances their profit with gaining customers.

I think any posts beyond this one -- and I apologize for going OT -- discussing how to or even whether to behave in a certain fashion in order to maximize the duration of a Reward Checking account belong in a new thread, where we can debate this to our heart's content.

When someone finds out, please post
Any notarization needed?What is needed to activate the debit card?
When someone finds out, please post
ABA#?
When do you get account#?
Hold time on deposits?

Yay! FABT even reads like SBOT.
just sent in my app from my blackberry. Good way to start new year when they call to confirm information.

Scott, last I checked (and I DID), the bank is pleased as punch to have multiple small transactions to qualify for the rate. Sure they's rather you screw up and miss the bonus but they don't care how you qualify for the bonus.

scott1961 said: . I did find Arkansas info

How did you miss Huckibee who may be the next president?

mhesidence said: What the heck do they want for "Source of Initial Deposit"? Just a bank name? Routing and account number?I think the bigger question is WHY do they want to know the source. Didn't FNBO have some scary wording about only being able to withdraw money using the account of the initial deposit? Scary because I funded FNBO from World Savings which no longer exists.

76hhma said: scott1961 said: DavidScubadiver said: Yay! FABT even reads like SBOT.

Yes but no Michelle to help you. I did find Arkansas CSR info

It's more like FNBO

TC: We think alike

FNBO had no requirements for their rate. SBoT had all the above. In for it because I missed out on the SBoT (just got the apps in the mail about a week ago after waiting for like 3 weeks). Submitted my app so I get in before they have too much paper work to handle it all, but I assume over the holiday people will be submitting like crazy. Initial deposit: 100, Funding deposit: 175,000. Lets see how long we get this one for.

I was told by a CSR that a revocable trust also qualified for the checking account (she seemed surprised by the question). Just apply online and they will call you back with the info needed.

Katoo said: Is there a grace period for the first cycle while you await the debit card?
Yes. From the FAQ: "All account holders will receive rewards during their very first statement cycle." I'll add a link to the Quick Summary to an interactive tutorial that includes the above-referenced FAQ.

So my question now is, what have we learned from SBoT that we can pass on to this post? Dave must have the best points around because he was there from start to finish, but is there a way to give Arkansas enough benefit without cutting into our own profits such as spending a dollar and getting the max amount of Cash Back at the grocery store to charge that store a higher percentage to the benefit of FABT? Any other idea generations would be great, as long as it is a circular movement of my money in order to provide some extra benefit to the bank. I know others have to be thinking this same thing because they want this deal to last as long as possible.

DreamR2I said: I think the need of the hour is some insider who knows what makes banks these kind of accounts profitable...

#1, Keep it away from FW people.
But really, It's not rocket science. Bank does not say you can't do a bunch of $1 automated transactions but you know doing them is not what the bank intended. Just use common sense. Use the card for small real purchases, Few cups of coffee, lunch at Mickey D's, When you get gas you this card for a couple bucks before you enter your 5% card. Doubt I would use to pay a monthly bill but I can easily have $10 a week DD from my paycheck.

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.

Just got an email with new terms, As of June 3rd $50k+ 1.76