• No monthly maintenance fees • ATM fees refunded up to $25 per month (auto) • Free internet Bill Pay • Insured • Available nationwide • Reward Checking Account can be opened by mail
Requirement (If these are not met the rate falls to 0.11%) • 10 Debit Card transaction • One ACH debit or Credit transaction • Sign up for E-statements
All required forms are available online. All you need is.... notarized signature on your application + copy of drivers license + copy of social security card!
Credit Union membership costs $5.00 Share deposit in Regular savings account and $25 through SPCA for life or lived/worked/membership list
update: CSR # 1-800-348-4738 They have been keeping 7.01 APY rate since Feb'08. Per CSR they have ACH Push and Pull
update 2: Still this offer is as good as gold.
Unfortunately, some of FW members like craig10x, beethovengirl, etc scared several FWers away from this deal by their psychic reading. So beware of these posters and their supporters.
Update 3: Starting 10/01/08, New Rate 6.31% APY. Still Nation's highest yield reward checking account Edit by Moderator: Clarified Title
Gman476 said: How would you rate their online banking? Is ACH available to other institutions?
yes, they have ACH Push and Pull! (ie send, receive and take)
lhendricks92
Senior Member - 1K
posted: Jul. 18, 2008 @ 6:10p
Midwest, meet FatWallet - catalyst for big rate drops at Toledo, First Arkansas, Air Academy, etc., etc.
Buh-bye 7%.
craig10x
Senior Member - 5K
posted: Jul. 18, 2008 @ 6:27p
lhendricks92 said: Midwest, meet FatWallet - catalyst for big rate drops at Toledo, First Arkansas, Air Academy, etc., etc.
Buh-bye 7%.
Yep..either the "FW EFFECT" will kill this rate within a month, or else they will quickly kill off the SPCA membership loophole that will let everyone outside the area get in on this.....probably by Monday when they see they are getting swamped with out of area applications.....
I was tempted to apply..but realizing that likely one of these two scenarios will result, i decided not to waste my time......
PS: I understand why you gave me the red....but don't "shoot" the messengers (me and ihendricks92 ) we have been around on FW a long time, and we are very well familar with what the "fw effect" can cause.......I've seen it happen too many times here already......This CU is going to get hit with a "jillion" applications from here by Monday Morning......
craig10x said: lhendricks92 said: Midwest, meet FatWallet - catalyst for big rate drops at Toledo, First Arkansas, Air Academy, etc., etc.
Buh-bye 7%.
Yep..either the "FW EFFECT" will kill this rate within a month, or else they will quickly kill off the SPCA membership loophole that will let everyone outside the area get in on this.....probably by Monday when they see they are getting swamped with out of area applications.....
I was tempted to apply..but realizing that likely one of these two scenarios will result, i decided not to waste my time......
PS: I understand why you gave me the red....but don't "shoot" the messengers (me and ihendricks92 ) we have been around on FW a long time, and we are very well familar with what the "fw effect" can cause.......I've seen it happen too many times here already......This CU is going to get hit with a "jillion" applications from here by Monday Morning......
Well, Sir, RED for the value of the post. NOT for YOU or your seniority.
2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too.
"jillion" applications from here by Monday Morning......" I can't stop laughing.
Everything is on-line. Why Monday? Oh..got it...you said 'we have been around on FW a long time'
klm123 said: 2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too. That's not entirely accurate. It was not until yesterday that it was publicized on BankDeals that the CU had a loophole creating potential nationwide eligibility for membership. http://bankdeals.blogspot.com/2008/07/update-on-midwest-america-fcus-701.html
So, I agree with lhendricks92 and craig10x.
craig10x
Senior Member - 5K
posted: Jul. 18, 2008 @ 10:17p
Thank you beethovengirl....and she is quite correct, Kim because i saw this deal on a numbers of sites including bankdeals, quite some time ago, and it was always pointed out that this was really a LOCAL deal.....now that the "cats out of the bag" so to speak, just watch and see what happens....we are not trying to be pessimists, just REALISTIC..there's a difference.....
glxpass
Senior Member - 5K
posted: Jul. 18, 2008 @ 11:24p
I didn't want to clutter up this thread, but wanted to post a bit about this account and its possible longevity (or lack of it) as part of a general trend.
See here. Feel free to read it, if you dare and comment on it there. I'll spare this thread anything beyond information about MWAFCU.
Edited to make more coherent. It's past my bedtime.
beethovengirl said: klm123 said: 2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too. That's not entirely accurate. It was not until yesterday that it was publicized on BankDeals that the CU had a loophole creating potential nationwide eligibility for membership. http://bankdeals.blogspot.com/2008/07/update-on-midwest-america-fcus-701.html
So, I agree with lhendricks92 and craig10x.
So funny, Your links clearly says 'This yield has been maintained since my first post of this credit union on February 3rd'
7% yield has been discussed in that site since Feb. See the message by members in that site.
klm123 said: beethovengirl said: klm123 said: 2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too. That's not entirely accurate. It was not until yesterday that it was publicized on BankDeals that the CU had a loophole creating potential nationwide eligibility for membership. http://bankdeals.blogspot.com/2008/07/update-on-midwest-america-fcus-701.html
So, I agree with lhendricks92 and craig10x.
So funny, Your links clearly says 'This yield has been maintained since my first post of this credit union on February 3rd'
7% yield has been discussed in that site since Feb. See the message by members in that site.
Yes....but what you don't seem to get that it wasn't until now that they realized about this loophole in..notice all the comments are just from the last few days (regarding SPCA membership)...that's what i meant when i said the "cats out of the bag" and that's what may cause one or both of the effects that i mentioned.....
I read about the deal on Bank Deals quite a long time ago, checked out the website and said..wow..this is great, and was ready to put an application then, but upon further reading (at bankdeals) gave me the impression it was LOCAL ONLY so i didn't bother (i hadn't noticed at the time about the SPCA membership at the CU's website)....
So while it's true that the CU HAS maintained this terrific rate that long....this could quickly change the situation...especially if they get a flood of rate chasers from fw, bank deals and other sites that will now point this out.....
At this point, i won't make any further comments..just wanted to clarify that
RobInBoston
Senior Member
posted: Jul. 19, 2008 @ 10:05a
The FW effect~! I was all ready to switch until I read about this effect. Guess I'll keep the 4.01 I currently get
HEPennypacker
Senior Member
posted: Jul. 19, 2008 @ 10:27a
RobInBoston said: The FW effect~! I was all ready to switch until I read about this effect. Guess I'll keep the 4.01 I currently get
Or sign up for a good local deal, if you can find one (or a national deal that's guaranteed, like Arizona was...until the fwf effect). That's what I did, having been burned by the fwf effect a few times in my short time here.
malathyr said: they say dividend instead of interest. does this mean they will be taxed @ 15% instead of normal tax rate?. That would be a plus right? CUs call it dividend; it has no bearing as far as taxes go. I believe this has to do with the fact that you are actually a "shareholder" in a CU.
Also, the preferential tax rate applies to "qualified dividends" and not "ordinary dividend" distributed by any company.
someone must be looking out for me. I lost my SS card 9 years ago and never had it replaced. So I can't send a photocopy of it with my application. So I have to pass this one up or get a new ss card. Now that seems too much of a hassle.
zoop76
Addicted Member
posted: Jul. 21, 2008 @ 1:34p
gwu1986 said: vickh said: for the app. do we use Advantage Checking or Freedom CheckingNeither. Use the Reward Checking link Do you know if you have to fill out the CU membership app first?
mh83
Senior Member
posted: Jul. 21, 2008 @ 2:18p
DavidScubadiver said: someone must be looking out for me. I lost my SS card 9 years ago and never had it replaced. So I can't send a photocopy of it with my application. So I have to pass this one up or get a new ss card. Now that seems too much of a hassle. You can send a photocopy of your passport, or was that lost also?
zoop76 said: gwu1986 said: vickh said: for the app. do we use Advantage Checking or Freedom CheckingNeither. Use the Reward Checking link Do you know if you have to fill out the CU membership app first? No, I don't know. I have not joined the cu.
HBax
Member
posted: Jul. 21, 2008 @ 4:34p
Eh, I assume it is one account per person ?
glxpass
Senior Member - 5K
posted: Jul. 21, 2008 @ 6:09p
HBax said: Eh, I assume it is one account per person ? Yes, one account per primary SSN.
OK - no FW effect so far and the rate is still 7.01%.
But Paypoo is adding $1.06 as "shipping & handling" for online SPCA membership - what a piece of crock. Any way to get around it (except for mailing a check)?
TIA
glxpass
Senior Member - 5K
posted: Jul. 24, 2008 @ 10:35p
TheTigger said: OK - no FW effect so far and the rate is still 7.01%.
But Paypoo is adding $1.06 as "shipping & handling" for online SPCA membership - what a piece of crock. Any way to get around it (except for mailing a check)?
TIA Joining Allen County SPCA should be part of the membership application process. You don't have to join it on your own.
ThursdaysChild
Missed.
posted: Jul. 25, 2008 @ 12:12a
zoop76 said: gwu1986 said: vickh said: for the app. do we use Advantage Checking or Freedom CheckingNeither. Use the Reward Checking link Do you know if you have to fill out the CU membership app first? Normally yes, in order to get a checking account (or CD or other account) you have to "join" or "become a member" of a credit union.
I applied online filling out the online form for rewards checking. I received CU membership form with postage paid return envelope allong with the required disclosures (which must be notarized) in the mail within about 2 days. On the CU APPlication I wrote "member of ACSPCA" and separately made my membership for $26 through the ACSPCA website... it might not have been necessary to do it separately? not sure yet...hope to get account info back in the mail soon. I will update when process is complete.
citifan said: I know most FWF'ers have flocked away from Midwest due to the rate drops. However, for those who still have accounts... If you didn't get the 3.51% rate this month be aware that for some reason, transactions on 8/7 were not automatically counted towards your requirement. So if you made transactions on the 7th (ACH or Debit) they didn't count. However, I was told they were correcting the situation by weeks end and we would get the proper interest creditted to the account.
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