rickt86 said:wait so everyone's accounts roll on the 4th thur?

He was trying to be funny...because it so happens that the beginning of this new statement began on the 4th thursday in the month

The statement ALWAYS will close on the third WEDNESDAY of each month and the new statement starts the NEXT DAY (thursday)...

Look at the Feb calender, for example: feb 18th is the 3rd Wednesday of the month so that will be the close date...New statement will start feb 19th (which in february is the 3rd thurs of the month)..

Just always remember..statement closes on 3rd wednesday of the month

Got it

If you opened last month as i did...you were on the "clock" beginning yesterday......you have to be finished before the 18th of February.......and never wait until the last date to do transactions because they will post after the statement closes....always complete the 10 several days before the statement is going to close.....debit card transactions can take up to 3 days to final post......

foxhopper said:Somebody earlier was wondering if they were getting the right interest rate. After looking at my statement today, I'm also a little perplexed. My statement says interest paid at 4.97% with an APY of 5.09%. What the heck is up with that. Has everyone checked their statements?

question: at any point during the statement did you have any amount that was GREATER then the $25,000? If so, then the answer is simple....the rate was "blended" to include the 2.25% apy tier you got on the balances above $25,000.....
If you always want to make sure you get 5.25% apy on the "nose" then you will have to make sure there aren't any days in the cycle that you exceed $25,000.....

For example...my statement generated with the full 5.25% apy...but by the time of closing i had not even a single day where i exceeded the $25,000 (in fact had only about $15,000 most of the month)...
However, since then i moved in LARGE amounts (about another $20,000) so for the last few days my rate has dropped considerably (remember: BLENDED RATE) but now that i moved the "excess" into Mega Money Market, my rate should be back to the full 5.13% (yield 5.25%) when i check tomorrow......

craig10x said:foxhopper said:Somebody earlier was wondering if they were getting the right interest rate. After looking at my statement today, I'm also a little perplexed. My statement says interest paid at 4.97% with an APY of 5.09%. What the heck is up with that. Has everyone checked their statements?

question: at any point during the statement did you have any amount that was GREATER then the $25,000? If so, then the answer is simple....the rate was "blended" to include the 2.25% apy tier you got on the balances above $25,000.....
If you always want to make sure you get 5.25% apy on the "nose" then you will have to make sure there aren't any days in the cycle that you exceed $25,000.....

For example...my statement generated with the full 5.25% apy...but by the time of closing i had not even a single day where i exceeded the $25,000 (in fact had only about $15,000 most of the month)...
However, since then i moved in LARGE amounts (about another $20,000) so for the last few days my rate has dropped considerably (remember: BLENDED RATE) but now that i moved the "excess" into Mega Money Market, my rate should be back to the full 5.13% (yield 5.25%) when i check tomorrow......

No, I have yet to come close to the $25,000 point. I opened this account because I have a CD maturing the first week in Febuary, and plan on maxing it out then. So, all that I have in there now is my small ($100.00) opening deposit.

Glitch, since interest is compounded daily (I think), it still seems like it should be based on an apr of 5.13 times the days the account was openned. Maybe I'm missing something, but 4.97% just doesn't make sense to me. I can understand the APY being different for a partial month, but not the daily apr.

It's not a huge deal for me right now because I don't have much in the account, but next month it will make more of a difference.

Cheapoking said:So the key is to keep it as close but not beyond 25K's? Got it, thanks. BTW, just used the Shazam Card for the first time today, no problem using it as "credit," haven't yet try the ATM or PIN use yet.

that would do it...of course...if you have some excess funds you could always add on a Mega MM Account like i did....nicer to get 3.10% apy on that then the 2.25% if it is in the Rewards Checking (over the "tier" limit").......

Cheapoking said:Now that DSD has dropped their APR, I'm seriously looking into the MM account from RN, and will keep them on mind. I need to safe-shelter an extra 45K's in the event DSD keeps coming down. My plan is to keep RN at or right below 25K, I also have another HY account with a max of 30K paying 5.06 APY, and will leave the 45K's at DSD until the inevitable happens. If so, money will be moved to RN MMA pronto.
If you have $45k you may want to consider http://www.westbankiowa.com/reward_me_checking, which is 5% APY on balances up to $50k. The downside is it requires 12 debit transactions instead of 10 and requires a ach debit or credit, which Redneck etc do not.

Edit: Sorry, didn't realize you were just looking for MM not reward checking.

Xeon852 said:Cheapoking said:Now that DSD has dropped their APR, I'm seriously looking into the MM account from RN, and will keep them on mind. I need to safe-shelter an extra 45K's in the event DSD keeps coming down. My plan is to keep RN at or right below 25K, I also have another HY account with a max of 30K paying 5.06 APY, and will leave the 45K's at DSD until the inevitable happens. If so, money will be moved to RN MMA pronto.
If you have $45k you may want to consider http://www.westbankiowa.com/reward_me_checking, which is 5% APY on balances up to $50k. The downside is it requires 12 debit transactions instead of 10 and requires a ach debit or credit, which Redneck etc do not.

Edit: Sorry, didn't realize you were just looking for MM not reward checking.

I hate to get too OT, but the offer from West Bank looks like a hell of a deal. I couldn't find a FW thread on this offer. Am I missing something?

Hopefully with all these rate reductions, these reward checking accounts stay or at least dont drop as fast.

gonzo787 said:Xeon852 said:If you have $45k you may want to consider http://www.westbankiowa.com/reward_me_checking, which is 5% APY on balances up to $50k. The downside is it requires 12 debit transactions instead of 10 and requires a ach debit or credit, which Redneck etc do not.I hate to get too OT, but the offer from West Bank looks like a hell of a deal. I couldn't find a FW thread on this offer. Am I missing something?I have this account. Their account interface is very bad (multi-level graphical drop down menus to navigate to common screens) and their bill pay is not well layed out, in my opinion. Also, some common payees are not "electronic" and a physical check is sent. If you care about such things, beware.

Xeon852 said:Cheapoking said:Now that DSD has dropped their APR, I'm seriously looking into the MM account from RN, and will keep them on mind. I need to safe-shelter an extra 45K's in the event DSD keeps coming down. My plan is to keep RN at or right below 25K, I also have another HY account with a max of 30K paying 5.06 APY, and will leave the 45K's at DSD until the inevitable happens. If so, money will be moved to RN MMA pronto.
If you have $45k you may want to consider http://www.westbankiowa.com/reward_me_checking, which is 5% APY on balances up to $50k. The downside is it requires 12 debit transactions instead of 10 and requires a ach debit or credit, which Redneck etc do not.

Edit: Sorry, didn't realize you were just looking for MM not reward checking.

I'm already maxed out on Reward Accounts and don't believe I can manage to meet the debit transactions per month, yet on another RA. At this time I'd settle for a competitive MMA, and since I already have RN open, might consider them for the MMA too. Thanks for the link though.

new accounts (less then 30 days old) at most banks have much longer check holds then they would normally have...Redneck Bank is not really unusual or unique in that regard....After 30 days, their normal check hold policy would apply.....

Bank to Bank Transfer is part of the Bill Pay interface...and you should have been able to see the Bill Pay Interface once you logged into Online Banking...it should be located toward the bottom of the first page you see when you log in...if you aren't getting it, you should call customer service on monday and have them find out what the problem is.....

Initially Bank To Bank Transfer will let you add links to it...but in order to begin doing transfers, you have to call them after the 30 days are up and ask them to turn it on for you....then you will be able to begin using it.....

None of us here yet have had the account over 30 days...so i don't think anyone has begun using it yet....but it will probably take about 3 days or so on a transfer because that is what the standard "cashedge" system transfers usually take.....