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4.00% ($10k max) rewards checking, Redneck Bank Archived From: Finance

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alert mods    
   posted: Jun. 18, 2009 @ 9:36a

Yes, I understand that they vary, but it appears that all 10 got posted on my last statement. Also, I remember that my 10th transaction was made on Saturday, June 13th at Wendy's ordering some chicken nuggets. It spent 2 days pending and it got posted on the 17th.


alert mods    
   posted: Jun. 18, 2009 @ 9:57a

In general, the banks are more than happy to see one does not make the cut. I witnessed debit transactions taking several days to post (and sometimes they even disappear and re-appear). I would not trust banks to count my transactions.

Thus I make the transactions at the start of the statement cycle (finishing them within 2-3 days) and I always make 1-2 more transactions for safety. Toward the end of the statement cycle (one week beforehand), I double check to ensure that I qualify. All these efforts are well worth it, IMHO.


alert mods    
   posted: Jun. 18, 2009 @ 11:01a

roadwarrior313 said:Yes, I understand that they vary, but it appears that all 10 got posted on my last statement. Also, I remember that my 10th transaction was made on Saturday, June 13th at Wendy's ordering some chicken nuggets. It spent 2 days pending and it got posted on the 17th.

Well there's the problem. Too close. Ooops. Lesson learned.


alert mods    
   posted: Jun. 18, 2009 @ 3:40p

I missed out on 3 accounts one month because I was so busy at work I had no time to actually do anything. The good news is, a few hundred bucks lost isn't the end of the world though it certainly dampens one's returns.


alert mods    
   posted: Jun. 18, 2009 @ 6:09p

roadwarrior313 said:I did not get the 4% interest rate this past month. When I look at my statement, I saw a total of 10 purchases. The first purchase is on May 21 and the last purchase on June 17. The last one posted on the 17th. I thought it's fine if it posts on the last day of the statement end date. I think I made my first purchase prior to May 21, but it didn't get posted till May 21.

Does anyone know when the start and cutoff date for purchases are to get the interest rate?

Their cycle runs from and to the THIRD WEDNESDAY of every month. Your first transaction occurred on Thursday May 17th, right after the cycle started, and your last transaction hit the bank exactly on WEDNESDAY May 21st, the same day the cycle closed. Maybe the transaction was "pending," but did not "clear" on or before WEDNESDAY May 21st, as required; hence the reason why you did not get the interest.

When a transaction "clears" this bank, is clearly marked as such and can be seeing online immediately it happens. The same holds true for transaction that are just "pending."

Keep an eye on "pending" transactions vs. "cleared."

Call them and verify.


alert mods    
   posted: Jun. 18, 2009 @ 8:03p

When America net dropped to 4%, I left for greener (read: 5%) pastures. Good thing I didn't close it because 4% is looking pretty good now.


alert mods    
   posted: Jun. 19, 2009 @ 11:34a

For some reason I got "INTEREST AT 2.98 %" on the last statement. How did they get this rate ?


alert mods    
   posted: Jun. 19, 2009 @ 11:46a

Is your balance over $10k? Could be a blended rate reflecting 2% for anything over $10k.


alert mods    
   posted: Jun. 19, 2009 @ 4:57p

renaud said:Is your balance over $10k? Could be a blended rate reflecting 2% for anything over $10k.
Thank you!!! I completely forgot that I had more than 10K for the first week of last statement cycle.


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