Farmer & Merchants Bank 5.02% National Online Reward Checking Account

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Farmer & Merchants Bank 5.02% National Online Reward Checking Account in: Deal

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Pakman0209
Senior Member

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posted: Aug. 8, 2008 @ 8:10p

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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?

Message edited by: Pakman0209 on 2008-08-09 13:15:55 CDT

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posted: Aug. 8, 2008 @ 8:10p

1. Fill out application on line.
2. In response to phone call next day, send notarized copy of driver's license to:
Farmers & Merchants Bank
700 East Main St.
Luray, VA 22835
3. Eight days later, they mailed the account opening documentation - its the same form as SBOT, including what must be a typo on the back page which says they may require "not less than 7 days notice in writing before a withdrawal" I believe that should be "not more than" but, instead, its written so they can say, "Sorry we need 500 years notice (not less than 7days) before you can withdraw that money. The documentation states you must fund the account with $10.00 I have no idea if that is a minimum and can be changed, but I am sending them $10.00.

Message edited by: DavidScubadiver on 2008-11-22 08:46:19 CST

tags: checking account, deal, deposits, high yield
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also categorized in:
- Deal
- Subjects › Deposits

ThursdaysChild
Grumpy Member

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posted: Aug. 9, 2008 @ 12:28a

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

dbalkunjr
Addicted Member

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posted: Aug. 9, 2008 @ 8:20a

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Confirmed with CS Rep that a hard pull is done to open account....I hope someone applies and reports back that I was mistaken. I can't pull the trigger until after I launch AOR3.0.

Pakman0209
Senior Member

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posted: Aug. 11, 2008 @ 12:27p

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

lhendricks92
Senior Member - 1K

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posted: Sep. 13, 2008 @ 11:10a

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bump. any news? if you have opened an account, which CRA did they pull?

Alcibiades
Senior Member - 10K

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posted: Sep. 20, 2008 @ 10:16a

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

slavik
Ancient Member

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posted: Sep. 20, 2008 @ 10:26a

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

lhendricks92
Senior Member - 1K

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posted: Sep. 20, 2008 @ 2:44p

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max of 50K vs 25K

Gennyfer
Member

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posted: Sep. 20, 2008 @ 3:25p

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There are Farmers & Merchants Banks all over the US. Normally they pay lousy interest because they're highly rated. If you want to check this one, it's a state-chartered bank in Timberville, VA.

pyro123
Senior Member

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posted: Oct. 3, 2008 @ 3:10p

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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

DavidScubadiver
Frivolous Member

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posted: Nov. 9, 2008 @ 4:56p

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I just filled out the application on-line. I would very much like an account that pays a decent rate on more than $25,000. I hope the rate lasts. Might even put my paycheck here... It has been as SBOT for over a year, so H.R. should not complain too much if I switch it again.

DavidScubadiver
Frivolous Member

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posted: Nov. 10, 2008 @ 6:58p

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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."

RagingBull
Ancient Member

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posted: Nov. 10, 2008 @ 7:01p

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the question is how long will this last

DavidScubadiver
Frivolous Member

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posted: Nov. 10, 2008 @ 7:05p

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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.

lhendricks92
Senior Member - 1K

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posted: Nov. 12, 2008 @ 7:58a

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Hard pull? If so, which CRA?

DavidScubadiver
Frivolous Member

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posted: Nov. 12, 2008 @ 8:15a

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

Message edited by: DavidScubadiver on 2008-11-12 09:30:32 CST

glxpass
Senior Member - 2K

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posted: Nov. 12, 2008 @ 9:29a

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lhendricks92 said:Hard pull? If so, which CRA?
Per a CSR, it's a hard pull with TransUnion. For more information, you can call 540-896-8941 at our Timberville main office Monday - Friday, 8:30 A.M. to 5:00 P.M., and on Saturdays 8:30 A.M. to noon. It's in VA.

Edit: It's TransUnion, not Experian! Sorry about that!

Message edited by: glxpass on 2008-11-12 10:31:43 CST

jcharger
Member

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posted: Nov. 12, 2008 @ 9:37a

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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.