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Clear Sky Accounts - New online Bank 3.75% APY Savings Archived From: Finance

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alert mods    
   posted: Feb. 7, 2009 @ 7:23p

Chesapeake Bank, www.chesbank.com , has a savings account paying 3.51%. It sounds more like a 1-year CD. It's called the Automatic Christmas Club Account:
"Automatic Christmas Club Accounts – Save money for the holidays (or property taxes) with automatic monthly or weekly deposits into this account that does not allow withdrawals during the year."


alert mods    
   posted: Feb. 9, 2009 @ 3:11p

Looks like the daily ACH limits have increased. Verbatim from the interbank transfer page:

"The total dollar amount of the inbound transfer may not exceed $100,000.00, and the total dollar amount of the outbound transfer may not exceed $50,000.00."

Also spoke with CSR who said that they can waive the ACH-out limit for one day at a time with a phone call to Clear Sky Accounts at 877-257-7594.


alert mods    
   posted: Feb. 10, 2009 @ 9:12a

^I was just about to post that. I was pleasantly surprised when I went to make a transfer today.

I also finally got my welcome package today with the $15 iTunes gift card. It would be nice if they also told you your account number, but that required a phone call.


alert mods    
   posted: Feb. 10, 2009 @ 9:18a

wxl31 said:ahecht said:Can you push money to or pull money from this account? I can't find an account number or routing number anywhere.

Yes and yes. Transfers initiated from Clear Sky are pretty fast and post by the next business day.

Acct number: when your account funding shows up online, click on the account from the main page, then click on "view image" under ref/check #, and the account number is hand written in the bottom left corner.

Routing number: 051403779.

I was referring to transfers initiated elsewhere. Transfers initiated from Clear Sky would be "pushing from" or "pulling to".

As to the account number, I had two check images for the opening deposit: a DDA DEBIT for Clear Sky Funding and a SAVINGS GENERAL DEPOSIT in my name, and they had different account numbers. The SAVINGS GENERAL DEPOSIT one ended up being my correct account number.


alert mods    
   posted: Feb. 10, 2009 @ 9:20a

^^
Yeah, the account number on the savings deposit form works for ACH push.

I got the itunes card, as well, and my letter indicated I'd be getting the 3.75% rate until march 31st. Excellent.


alert mods    
   posted: Feb. 10, 2009 @ 10:22a

Just to clarify what has been mentioned previously, once your account is actually opened (which will be before you receive your fairly-useless welcome kit in the mail), you can:

1. Return to clearskyaccounts.com
2. Select "Login"
3. Under "Need to finish your application?", enter your email address and select "Login"
4. Answer the security questions and enter the password you provided when you applied for the account
5. Select "Track the status of my account application"
6. Click the icon under "View Documents"

You will then have links to one or more PDF files, each of which may contain multiple merged documents. One of the documents gives instructions for using Online Banking, and contains your Online Banking ID. Another of the documents is the Truth in Savings Disclosure, and this one contains your account number.

You are supposed to receive an email with this information, eventually.


alert mods    
   posted: Feb. 13, 2009 @ 6:13a

Important information from Clear Sky Accounts - Please Read:

When Chesapeake Bank opened our online-only banking arm – Clear Sky Accounts – last November, we saw an opportunity to provide the same level of high-quality service and banking products online that has been the Hallmark of our bank for more than 100 years. While we expected that our savings and checking rates would be well-received by the banking public, we could not have predicted the tremendous response we have received to our offerings, in particular, the 3.75% annual percentage yield savings rate that we made available earlier this year and guaranteed through March 31, 2009.

To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts.

We recognize that this decision will raise more than a few eyebrows, particularly at a time when financial institutions are under a great deal of scrutiny. But for more than a century, we have operated through sound banking principles (we did not solicit nor did we receive any of the federal TARP funds, for example). However, given the many millions of dollars that have been deposited over the past few weeks in Clear Sky, we are at capacity for online deposits. We regret that we had to take this action.

You no doubt have a number of questions, which we stand at the ready to answer (1-877-257-7594). Meanwhile, we want to assure you of the following:

* Your deposits are safe and are available to you at any time
* You are guaranteed the 3.75% annual percentage yield rate of return until March 31, 2009

We anticipate this to be a short-term situation. We look forward to earning your trust and continuing to serve your online banking needs.

Jeff Szyperski
President and CEO
Chesapeake Bank
www.chesbank.com

Clear Sky Accounts
from Chesapeake Bank
PO Box 1654
Williamsburg, VA 23187-1654
877-257-7594
www.clearskyaccounts.com

Member FDICDid people not locked into the 3.75% rate get this email?

Unclear if this also applies to the checking account. I really do not like the idea that my account is now unusable.


alert mods    
   posted: Feb. 13, 2009 @ 6:22a

I got the same email as well. They really should've known when to stop accepting new deposits. I guess I'm in the market for a new account a lot sooner than I thought.

This is by far the sketchiest thing I've seen a legitimate bank do. Thank goodness the withdrawal limit has been removed.


alert mods    
   posted: Feb. 13, 2009 @ 8:25a

Got the same email this morning. I was locked in at the 3.75%, good thing I had already transferred the bulk of my money before this! I do understand their position though, I'm sure they didn't anticipate the FW effect and now literally have too much money. It's an inventive solution, I'll give them that.


alert mods    
   posted: Feb. 13, 2009 @ 8:37a

I hope they lift the deposit ban for people who already have accounts...I just got my federal refund today! Now I have to either find a new bank all together or put that money in a different account....(its not over 10k so its hard to find a decent rate)


alert mods    
   posted: Feb. 13, 2009 @ 8:39a

Did anyone who opened an account get the email today regarding no deposits? Is this savings only or checking also?

Edit nevermind!!!!!!


I have emailed several times regarding the checking account being effected but no response. Anyone called the phone number in the email?

Also I had my tax refund direct deposited into my savings and it was supposed to go in today but had actually showed in my account last night. I was really starting to like this bank.


alert mods    
   posted: Feb. 13, 2009 @ 9:19a

Ok just had a online chat and here is what I got from them:

 


Kim: Hello! How may I help you?

you: regarding the email on deposits does this effect checking accounts or new cds?

Kim: May I have your name please?

you: XXXXXXXXXXX

Kim: One moment...

Kim: I will check on that for you.

Kim: I do not see a CD on your profile.

Kim: Have you already applied for that account.

Kim: *?

you: i know but i was considering one and the email sent to all your customers is very vague and not specific

you: is just says no deposits what does that mean

Kim: Due to a surplus of applications in response to Clear Sky's most recent promotion, Chesapeake Bank is temporarily not accepting any new applications.

Kim: The email regarding deposits applied to savings accounts opened as part of that promotion.

you: ok so it only applies to savings not checking accounts as i have automatic transfers set to go into the checking

Kim: Direct Deposit into checking will not be affected.

you: are were able to transfer money from our checking to our savings?

Kim: Unfortunately, no deposits of any kind will be accepted into the promotional savings.

you: until when?

Kim: I apologize. This is not something that we here at Clear Sky want to do. However, in order to maintain a secure ratio, we must limit incoming funds.

Kim: We anticipate the situtation to dissolve over the coming weeks.

Kim: I suspect April 1 at the very latest.

Kim: Although, I am not at liberty to promise that.

you: This is for the savings only not checking...

Kim: Yes

Kim: Is there anything else I can assist you with?

And just got response from emails.

From: Sandy Smith

Subject: Re:Email for no deposits
Received: Friday February 13, 2009 10:07 AM Eastern Time
Read: 02/13/2009 10:23 AM Eastern Time by
Urgency: High
Attachment:


--------------------------------------------------------------------------------

Hello Mr. XXXX,

I apologize for the confusion. The Interbank Transfer inbound transfer option will limit your ability to transfer funds into your savings account, not your checking account. Please let me know if you have any further questions.

Sandy Smith
Online Banking Support


alert mods    
   posted: Feb. 13, 2009 @ 9:58a

I also got this email. I wasn't aware that banks had limits to the amounts of money they could handle. What sort of policies/laws are in place that limit incoming deposits or the number of accounts they can handle?


alert mods    
   posted: Feb. 13, 2009 @ 10:10a

There aren't limits per se, I believe. I think they were looking to shore up their reserve ratio by offering 3.75% and didn't realize exactly how much that would cost them if they suddenly got millions of dollars in new deposits; now they're trying to limit losses by preventing new deposits until the lock-in rate expires.

Oh, poor chesapeake bank. You have so much to learn about the internet.


alert mods    
   posted: Feb. 13, 2009 @ 10:22a

rockker22 said:I also got this email. I wasn't aware that banks had limits to the amounts of money they could handle. What sort of policies/laws are in place that limit incoming deposits or the number of accounts they can handle?

Commercial banks make money off the interest rate spread. In other words, they pay us a smaller percentage for our deposits than they charge people who borrow money from them to buy a house or what not. If they have more money in deposits than people really want to borrow, they're in trouble.


alert mods    
   posted: Feb. 13, 2009 @ 10:30a

Was just able to successfully transfer funds from Clear Sky's checking account into the savings account, despite what the email says.

On the other hand, an interbank transfer I put in yesterday has not shown up yet, which is unusual.

There is a post on BankDeals where a CSR says that direct deposits will continue to be accepted. While that may be a small way to circumvent this ban, I am debating whether to change my direct deposit out of CSA just to avoid the hassle of hunting down a paper paycheck if the CSR is wrong.

The logic of the situation simply eludes me. Why an outright ban on deposits into the account? Why not just say all NEW deposits starting today earn 0%? And there is no date on the email about when this policy will be active, although I presume it will be effective immediately. The ban is worrisome enough but the lack of a warning also leaves doubts re: how this bank is being run.

I will remain with CSA for now but I expect massive withdrawals from most CSA accounts on March 31st if the rates do not remain competitive. Even if they remained competitive, I am inclined to jump ship to a bank with a slightly lower rate for the peace of mind.


alert mods    
   posted: Feb. 13, 2009 @ 5:37p

There's a lot to be desired in this message. Basically, it sounds like someone said, "Crap! We have too much money, and it keeps coming!" Although they've given some later clarifications, the message they sent out is confusing.

Very sloppy.


alert mods    
   posted: Feb. 14, 2009 @ 5:00p

Lesson learned. Rate chasing is a waste of time. High promo rates are just a banking version of "Bait and Switch"


alert mods    
   posted: Feb. 14, 2009 @ 9:59p

actually, this is much more due to the decreasing rates in the markets that can be earned from lending; the banks with excess funds (e.g. non-insolvent or not non-TARP receiving banks) are having rates lowered so much through the Fed Funds rate that it has become much less cost-effective. However, this bank has handled the situation especially poorly. I am sure that the Clear Sky's Assets will decrease significantly on 4/1


alert mods    
   posted: Feb. 16, 2009 @ 5:32p

received an email saying they don't accept new deposit


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