I Just called the bank at 1-866-604-7946 and asked about Do i need to maintain 5000 for 11 month. The answer is NO. You can with draw $5000 with the debit card. You need to keep the account opened for 11 months minimum though.
If you need more info you can call the above 866 number for more info....
================================= I just came from the bank branch. Update: At local branches BASIC CHECKING ACCOUNT OFFER is no longer valid. You need to open minimum with PLATINUM Checking ($1000 minimum average daily balance else $8 fee). This platinum account gives free locker fecility too.
Existing account holder also eligible for this offer if you fund the account with $5000 and meet 2 other requiremtns(ebill sign up)
Expiry of this offer is till end of AUGUST 2009.
Message edited by: mail9139 on 2009-06-15 18:05:05 CDT
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Irwin Union #2 Login in Yodlee If you are using Yodlee and your Irwin Union login URL is https://www.netteller.com/irwinunion2/login.cfm (with #2) and you cannot login, please send in an adding site request via Yodlee CustomerCare after you login to your Yodlee.
Yodlee has the regular irwinunion login (without #2) but not the one with #2. I put in the request about couple of weeks ago and acccording to the Yodlee's India customer service, they are currently not working on the request nor the request is in their priority list for adding the Irwinunion #2 because there's no enough request/popularity. When you put in the request, you'll receive a ticket #. If there's enough ticket #, I think they will at least put it in their priority list.
... Funding of the account is required during the application. Have the account information available (transit and account#).
Some applicant's had issues with question #4 during the authentication process.
a fee of $500 for costs associated with the promotional gift will be charged if the account is closed within 11 months of opening. Early withdrawal penalty on certificate of Deposit (CD) will be an amount equal to 91 days interest on the amount withdrawn plus $500 for costs associated with the promotional gift ... $2.25 monthly dormant account fee ... $25 early account closure fee (this is in addition to the $500 promotional "fee")
A recent Amazon price for the TV quoted a value of $299. It seems that the bank will send a 1099 indicating a $250 taxable value. Assuming 25% marginal tax rate, your gain (excluding time invested in applying) is $187.50.
6-15-09 10:00pm EST, site maintenance notice. Presumable they're changing the terms for the promotional?? FW Effects??
Bank Stability? I wonder which FDIC Insured Bank this is according to Bankrate.com there are two Irwin Unions, IRWIN UNION BANK AND TRUST COMPANY and IRWIN UNION BANK, F.S.B. The first has $1 billion in assets with a Sound rating of 2 Stars (1 is worst) and second has $100 Billion in assets with a rating of 1 star!! Just thought people should know if they are putting over $250,000 in a poorly performing bank BankRate.com Irwin Linky
*** NOW RESTRICTED TO JUST A 11-MONTH CD OPTION WITH $20K MINIMUM!!! (6/17) ***
... Both of our checking accounts are held by Irwin Union Bank, FSB which has 1 star rating from Bankrate. I hope they don't belly up before paying out the bonus.
Message edited by: ziffy on 2009-07-07 03:50:11 CDT
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Getting free TV for stuffing $5K in free checking looks tempting. Don't see what are requirements through, anybody? How long have to keep it open, any hoops to jump through? DD, transactions per month etc.
CrazierRus said:Don't see what are requirements through, anybody? How long have to keep it open, any hoops to jump through? DD, transactions per month etc. All the fine print is on the link provided by the OP. The Summer Personal Checking says it's "Free Online banking and bill payment." The Platinum and Solid Gold checking have monthly fees if balance is less than $1,000 which will not be the case for anyone here. Just open the Free Basic Checking option to keep it simple.
"For a Summer Checking and Summer MMIA a fee of $500 for costs associated with the promotional gift will be charged if the account is closed within 11 months of opening. Early withdrawal penalty on Certificate of Deposit (CD) will be an amount equal to 91 days interest on the amount withdrawn plus $500 for costs associated with the promotional gift."
Nice find OP, in 4 one. Maybe one for the wife as well.
I will Pass!, but GREEN for OP for heads up. It looks like that they valued the promotion at $500.00 So, they will report this amount to IRS as interest. You have to pay tax on this $500 depending on your tax bracket. Plus, there is a opportunity cost of investing $5000 for 11 months at least. And at last, they flip minoHD costs $229.99 at Best Buy. I am passing this because, I calculated that it will cost me more than $180.00.
Does anyone know if you have to maintain a $5k balance in order to get the gift? I see that you have to open the account with that amount, but nothing about an average daily balance or anything like that. Thanks.
patel99 said:I will Pass!, but GREEN for OP for heads up. It looks like that they valued the promotion at $500.00 So, they will report this amount to IRS as interest. You have to pay tax on this $500 depending on your tax bracket. Plus, there is a opportunity cost of investing $5000 for 11 months at least. And at last, they flip minoHD costs $229.99 at Best Buy. I am passing this because, I calculated that it will cost me more than $180.00. You can invest $20K in their 11 month CD paying 2.16%; and let's hope they don't report to the IRS.
The interest rate for the 11-month CD isn't bad either at 2.61%, but the minimum for the CD is $20k.
So there shouldn't be any problems if you open the basic checking account with $5000, and then withdraw most of it immediately (probably better to wait 30 days until after you receive the gift)? The downside is if they report the value of the promotional gift at $500 to the IRS, that's probably close to double the actual value and the taxes alone could wipe out most of the benefit of the deal.
It gives an error message "Question #4 is required" even though I am specifying the answer. I tried many times but no go. Is anybody else facing this problem?
hguy229 said:It gives an error message "Question #4 is required" even though I am specifying the answer. I tried many times but no go. Is anybody else facing this problem?
Call up 866# up in the OP
Message edited by: mail9139 on 2009-06-15 10:10:40 CDT
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patel99 said:I will Pass!, but GREEN for OP for heads up. It looks like that they valued the promotion at $500.00 So, they will report this amount to IRS as interest. You have to pay tax on this $500 depending on your tax bracket. Plus, there is a opportunity cost of investing $5000 for 11 months at least. And at last, they flip minoHD costs $229.99 at Best Buy. I am passing this because, I calculated that it will cost me more than $180.00. How much does a 22 in HD LCD TV go for? Is there a choice when selecting the gift?
mail9139 said:hguy229 said:It gives an error message "Question #4 is required" even though I am specifying the answer. I tried many times but no go. Is anybody else facing this problem?
Call up 866# up in the OPI called and extremely nice lady said there was an issue this morning and that the developer assigned to the ticket was having difficulty recreating the problem.
She took down my name (she immediately saw the online application attempt). She confirmed my phone number and offered to call me back to complete the application over the phone.
bharatiya said:patel99 said:I will Pass!, but GREEN for OP for heads up. It looks like that they valued the promotion at $500.00 So, they will report this amount to IRS as interest. You have to pay tax on this $500 depending on your tax bracket. Plus, there is a opportunity cost of investing $5000 for 11 months at least. And at last, they flip minoHD costs $229.99 at Best Buy. I am passing this because, I calculated that it will cost me more than $180.00. How much does a 22 in HD LCD TV go for? Is there a choice when selecting the gift?$299 on Amazon
There is a radio button for your selection (TV or Cam).
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"One promotional gift item valued up to $250 will be provided per Tax Identification Number within 30 days of account opening."
"A fee of $500 for costs associated with the promotional gift will be charged, if you close your account within 11 months of opening."
So if they send a 1099 for $250, most people will pay something like $60-70 in taxes. If the $5000 balance is not required for the 11 months, it seems worth it to me assuming you need a TV or camcorder anyways. If not you could probably get > $200 on eBay for it after fees.
curtisekarr said:The Platinum and Solid Gold checking have monthly fees if balance is less than $1,000 which will not be the case for anyone here. Just open the Free Basic Checking option to keep it simple. I assume that the only requirement for basic checking is an opening deposit of $5K and there is no minimum required balance thereafter (to avoid fees). Does this sound right?
Message edited by: hguy229 on 2009-06-15 12:01:40 CDT
I have a few questions that I was wondering if anyone had called and verified (and if not, I'll call myself and post the answers I receive): 1. Can someone provide a link to the full terms that were posted in the quick summary? I can't seem to find them on the site. 2. Will a 1099-INT be issued in the amount of $250? 3. Is there a minimum monthly balance for the account during the 11 month period? 4. Is there a hard pull for opening a checking account?
I know some of these have been discussed, but I viewed the discussion as conjecture and was wondering if anyone called and received a definitive answer. Thanks!
EDIT: I was just told by a very nice CSR (Katie Wilson) that the free basic checking no longer qualifies for the TV or Camcorder Summer Promotion (she said they changed the promotion this past Friday and haven't updated the website yet). Also, in addition to opening and properly funding one of the qualifying accounts, you also have to satisfy 2 of the following requirements: 1) Additional Savings Account, 2)Additional CD, 3) Additional MMA, 4) An IRA, 5) Activate Debit Card, 6) Use online banking with BillPay (I'm assuming this means you'd need to set up a billpay), 7) Enroll in e-Statements.
So, for the Platinum Checking there is a minimum $1,000 average daily balance to avoid an $8/month service charge. Like the Free Checking, there's a $5,000 minimum opening balance, but you can withdraw down to $1000.00 and avoid any fees. You only earn interest on balances over $2,500 but the interest is 0.01% so that's essentially neglegible. You also would get all of the extra features that come with Platinum here.
Answers: 1. Additional terms not provided on the website, including full disclosure, are mailed after applying online 2. 1099-INT in the amount of $250, in addition to any interest earned on the account, will be issued 3. Min. average balance of $1000 to avoid $8 fee for Platinum 4. No hard pull (confirmed with 2 CSRs), only a soft pull through the "checks verification program"
Due to the additional requirements that were stated for receiving the TV/camcorder and the minimum balance requirement for Platinum Checking, I'm now considering possibly opening the MMIA instead since it doesn't have any minimum balance requirement and even though it's $10,000 opening balance instead of $5,000, you can withdraw $9,999 right after opening (or right after receiving the TV/camcorder if you want to play it safe). But, I'm wondering if any of the same "must meet 2 additional requirements" applies to the MMIA as well...
EDIT 2: Sorry for how long this post is getting... I called again and confirmed that 2 additional requirements are necessary for the checking account (but would easily be satisfied with activating the debit card and enrolling in either billpay or e-statements). However, there are no additional requirements for the MMIA and while you need to have a $10,000 opening balance, there is no minimum average monthly balance to receive the gift or avoid fees and you get the 0.94% interest rate (YMMV) regardless of balance.
Message edited by: bjg31483 on 2009-06-15 16:57:42 CDT
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