Farmer & Merchants Bank 5.02% National Online Reward Checking Account

I searched but did not find anything on Farmers & Merchants Bank.

They have a 5.02% nationally available online checking account with the usually list of requirements:
-10 Visa check transaction
-1 Direct deposit or Auto ACH
-E-statements
-Visit site once per month

*They offer a 50K max compared to the usual 25K max.

FMB link
Post from bankdeals.com

I know its not as high of a rate as the 7.01% MidWest America FCU (which requires joining other groups and may not be a sustainable rate), but it is better than the 4.01% Bank of Toledo rate.

Just wondering why it hasn't come up. Am I missing something in the details that makes this a bad deal?

What makes it even better, they pay 2.05% on amounts over $50,000, and the minimum to open is only $10.00.

Anyone get more information on this?
I'm waiting for a call back.

And they reimburse ATM fees (no "up to" limit is mentioned)
Good find

max of 50K vs 25K

slavik said: why would this be better then any of the 6 or 7% offers?

Because there is no limit of the number of accounts to open

So the "next step" was a call from customer service telling me I need to mail them a notarized copy of my driver's license. For those of you who are new to this sort of thing, often a notary will look at you like you are crazy asking them to notarize a driver's license. Type on the photocopy, something to the effect of, "On this __ day of November, 2008, came before me David Scubadiver, known to me, who has affirmed that the identification pictured above is his Driver's License. ________________[Notary Public]"

Its not necessary, but it will help them at least understand what it is they are notarizing, and prevent them from saying "I can't notarize a driver's license."

Well, that's a fair enough question. I have no idea. The Midwest account has been going strong since July, and the Charter Bank bank has been paying 6% for longer than that. Frankly, as long as it pays higher than a savings account, I have no complaints. I like free checking and free ATMs, and that should last forever.

Unfortunately, I no longer have an active subscription to any credit monitoring so I do not know the answer to that question.

I am local to this account (I opened two) it has been going unchanged for about a year, they are still advertising actively, no end date in sight yet.

And so a bit over a week after sending in my license, notarized, I received the account opening package to sign (no notarizations required) and send back together with the requested $10.00 opening deposit. The forms are identical to the forms used to open the SBOT account - Expere 1992 Bankers System, Form MPSC-LAX-VA 4/19/2004. The back states that they may require 'not less than 7 days notice in writing' before each withdrawal from an interest bearing account other than a time deposit. I have no idea why it says this, but expect they mean tot say not MORE than 7 days notice.

Well, how would you like to receive a notice that says, "Thank you for depositing your emergency and lifetime savings with us. We require 14 years (i.e., not less than 7 days) prior written notice before you make a withdrawal." ?

Transunion for me too. I got denied because too much debt. Damn, they suck

Like some other banks, they want to know how you intend to use the account (average deposits, etc). They say its to help them monitor for fraud. I have no idea how it helps, but I told them I doubt I'll ever have checks, that i expected transactions will be by ACH, and that they will likely be large transactions for deposits and withdrawals, but that I hoped to use the account more as a savings account.

And, finally, my pin card arrived 12/12 and my Pin on 12/15. I am in business. I believe the statement cycle for December starts tomorrow, the third wednesday, so everything is in order to make a big deposit to start reaping the rewards.

Lol! The moment I can start using the card! Oddly I received my notice that I qualified for the cycle beginning 12/2/08 and ending 12/16/08. What kind of 14 day cycle are they talking about?

DavidScubadiver said: Lol! The moment I can start using the card! Oddly I received my notice that I qualified for the cycle beginning 12/2/08 and ending 12/16/08. What kind of 14 day cycle are they talking about?

A partial cycle? Don't their cycles start the third Wednesday of each month?

DavidScubadiver said: Lol! The moment I can start using the card! Oddly I received my notice that I qualified for the cycle beginning 12/2/08 and ending 12/16/08. What kind of 14 day cycle are they talking about?Its for the statment period 11/17-12/16, only you didnt open the account until 12/2. Pretty typical when you open a new account mid-cycle at a bank that uses universal statement periods.

bump

wow I was just about to throw $$$ at them too!

tks kenb

lhendricks92 said: anybody figured out how to add this sucka in yodlee?

ditto on this request. There are numerous variations of Farmers and Merchants banks listed in yodlee's list, but the general one doesn't work and none of the others seem to correlate with the city and county where farmersandmerchants.biz is located.