Does anybody know when is the first statement cycle day for Bank of the Sierra? I don't have an account yet and I cannot find this information online. Also, if anybody has a link to the "Account Agreement", that would be useful too.

Thanks!

Anyone get an e-statement notice from Heartland this morning saying that their statement is ready? This usually doesn't happen until the cutoff (2nd Tuesday of the month) after interest is posted. In this case, I got the notice today, yet no interest posted or new statement available - as is expected since it's not the 2nd Tuesday yet. Anyone get this?

dugggg said:A spooky start to the weekend...

Charter Bank (of NM) has pulled its popular Turbo Checking RCA off its website.

Nightmare confirmed:

As the financial markets continue to fluctuate, we are working hard to ensure that MORE of your money earns higher-than-average rates.
To accomplish this, several changes to your TurboChecking Account will go into effect today, November 2, 2009.

While the maximum rate that Turbo will pay will be reduced to 1.25%APY,
The maximum balance on which you can earn the maximum will DOUBLE to $50,000, and
You will only need to post ONE debit card transaction per cycle.

This makes it easier than ever for you to earn the maximum rate and enjoy the other unique benefits of your TurboChecking account!

STILL No ATM Fees Nationwide
STILL Overdraft Privilege
STILL No cost Online Bill Pay

Beginning November 2nd, the following rates will be paid when you meet the monthly requirements

* Earn 1.25% Annual Percentage Yield (rate of 1.243%) on your balances of $0 to $50,000, 1.01% Annual Percentage Yield (rate of 1.01%) on all amounts above $50,000, and 0.25% Annual Percentage Yield (rate of .25.%)
on all balances if the requirements are not met each statement cycle.

We've been a rewards checking leader since we began TurboChecking in October, 2007. Be assured that as the marketplace allows, we will pay you the highest rate that we can.

We believe you will find that TurboChecking still offers a good return on your deposits.

Our many thanks to you for your business, we look forward to many years of serving you with the best deposit products on the market.

If you have any questions regarding your Turbo Checking account, please reply to this email or contact us in Albuquerque at 505-291-3777, in Santa Fe at 505-992-1777, or Toll Free at 1-877-91-TURBO (1-877-918-8726).

Sincerely,

Charter Bank Customer Care

Charter is a Member FDIC

76hhma said:
FAB&T, and now Charter; all with big and huge interest rate cut. Both are nationally available. FAB&T even "urges" customers to make larger debit transactions (say $5 - $10). These banks may have found out what we already knew: RCA is not that much a money-maker for offerers due to (1) small debit transactions from most customers, (2) high interest paid to the maximum balance ($50K for FAB&T and $25K for Charter) for many accounts, (3) Etc. FAB&T made three-fold changes (cutting interest rate, reducing limit, and changing allowable number of accounts). Charter made an emgergency move (taking down the RCA website)... More banks to follow, IMHO.Frankly, I think the Reward Checking package is too "confusing" for the customer they are targeted towards. Average Joe Customer doesnt want to be bothered with following requirements and rules, regardless of the benefit (and being told they failed to qualify for the month probably hurts their self esteem and makes them feel bad about themselves). Which leaves "us", those with minimal activity and maximum balances who always meet the requirements like clockwork, as the majority of accountholders.

Charter's response clearly addresses such situation - slash the rate to get rid of "us", slash the requirements to attract "them". Can you really blame them? If not for the explosion of rewards checking packages over the past couple years, we'd be considering 1.25% a relatively decent rate right now, especially for a checking account.

I think Charter made a mistake in pricing if it expects to keep its current account holders or attract new ones. 1.25% APY (at least at the moment) is too low if one has to meet transaction and ACH requirements. So either Charter made a mistake in pricing or deliberately wants to lose deposits.

I just received a notice from my alert requests at State Bank of Toledo that my account was charged a $3.00 service fee, and a $.21 sales tax fee, which puts my account in the negative.

Does anyone know about this fee? I was under the impression that the account had no minimum balance required and no service fees.

TIA.

uutxs said:gwu1986 said:I just received a notice from my alert requests at State Bank of Toledo that my account was charged a $3.00 service fee, and a $.21 sales tax fee, which puts my account in the negative.

Does anyone know about this fee? I was under the impression that the account had no minimum balance required and no service fees.

TIA.
I dont know if this a/c has a "dormant a/c fee." When was the last transaction on this a/c?Last interest posted 12/31/2009. My last transaction was 10/22/2008. Yes, that may be the explanation. From SBOT's fee schedule, "Dormant account fee: Fee applies to checking and savings accounts which have had no account activity during the previous one year period and a minimum balance below $100.00". This does not explain the "sales tax", though. ODD. Time to close, or add funds.

Thanks, uutxs.

Dormant acct fees are one risk of keeping old RCAs open. Another is that the longer a debit card is active, the more likely the card info will be stolen.

This happened to me with my SBoT card. Fortunately, SBoT has an alert system that sends an email the evening of the first misuse, so I was able to close the card the next day.

Unfortunately, several illegitimate purchases were charged that first day. Because SBoT wanted a $25 dispute fee PER CHARGE, I had to contact one merchant myself to reverse the $60 transaction, and I had to absorb all the charges below $25.

However, when these spurious charges overdrew my acct, SBoT did refund their NSF fee---so that was nice.

Since I have yet to find an RCA that ever increases its rate, my current policy is to close such accounts shortly after finding a replacement.

dugggg said:Since I have yet to find an RCA that ever increases its rate, my current policy is to close such accounts shortly after finding a replacement.

Just a reminder: There is typically an early account closure fee (it varies: 30-90 days, $10 - $25) for RCAs.

RiversideTom said:
Any idea what Malvern's policy on closing is? I couldn't find that information on their site.

I've been with them at least 6 months and would hope that doesn't qualify as leaving early when I do at the end of this month.

You seem safe, the maximum required stay I experience is "90 days." But I still recommend double-check.

I usually look at their fee schedule or T&C in the welcome package. If I cannot find it, I would call them (ask them as a general question, non-specific to my accounts).

Also, I typically give 2-3 months for closure action, on the safe side, to ensure all those auto-billpay/forgotten checks sink in.