Charter Bank - Turbochecking * 4.01% APY* on balances to $25,000 * 1.01% APY* on balances above $25,000 * .25% APY* if requirements are not met * No ATM Fees Nationwide * Overdraft Privilege * Free Online Bill Pay * Make at least 13 debit card transactions monthly (excluding ATM transactions) * Receive one direct deposit or ACH auto debit monthly * Receive your monthly statement electronically (e-statement) * Access on-line banking at least once a month * Limit one per household
IS NOW:
While the maximum rate that Turbo will pay will be reduced to 1.25%APY, The maximum balance on which you can earn the maximum will DOUBLE to $50,000, and You will only need to post ONE debit card transaction per cycle.
This makes it easier than ever for you to earn the maximum rate and enjoy the other unique benefits of your TurboChecking account!
STILL No ATM Fees Nationwide STILL Overdraft Privilege STILL No cost Online Bill Pay
Beginning November 2nd, the following rates will be paid when you meet the monthly requirements
* Earn 1.25% Annual Percentage Yield (rate of 1.243%) on your balances of $0 to $50,000, 1.01% Annual Percentage Yield (rate of 1.01%) on all amounts above $50,000, and 0.25% Annual Percentage Yield (rate of .25.%) on all balances if the requirements are not met each statement cycle.
Per Email Sent out to Everyone today. I don't know about you guys, but 4.01 to 1.25 is probably not a good sign. Months ago Charter was a 3 star and I checked today and are a 2 star at bauer financial. Although the star rating can/and possibly mean nothing about their futures.
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this is a huge change ... bye bye charter... I'm looking for another bank to put some money in.
Oh yeah - do they actually think it's attractive that we can now increase the amount we earn that full interest rate on to $50K when the rate is sooo low ??
Message edited by: dfogle on 2009-11-02 19:27:16 CST
I can foresee 100 of thousands leaving that place in the next couple of days. I agree that they could have given some notice. I also hate that it takes a couple days for the interest to post. Oh well, later. Where's everyone off to now?
bauzer71487 said:I can foresee 100 of thousands leaving that place in the next couple of days. I agree that they could have given some notice. I also hate that it takes a couple days for the interest to post. Oh well, later. Where's everyone off to now?
I don't know where I'm going to put my 25k just yet, but I know I am taking it out immediately. This is a bitch move, changing the rate well after COB, and on the current day. I would rather hold my money in cash than leave it in charter's accounts anymore.
dfogle said:this is a huge change ... bye bye charter... I'm looking for another bank to put some money in.
Oh yeah - do they actually think it's attractive that we can now increase the amount we earn that full interest rate on to $50K when the rate is sooo low ??Agree. I just initiated the ACH pulls to move all my $ outta Charter and back to ING. ING's giving 1.5% with no ATM hassles, and it's a better bank with a non-wanky website to boot. You gotta assume these reward checking accounts are basically loss leader products anyway; offer high rates to get lots of deposits. They figger most people won't go to the trouble of moving their money after they lower their rates. If they had eliminated the ACH / TM requirements and had a website tha didn't utterly suck, they would be right. Donno what's going on at Charter, but it's not really a good sign...
I bet you most everyone except for those that live in NM will be withdrawing their money from this place, perhaps that is what they want. Who knows, but ACH getting pulled tomorrow by Fidelity and will sit there until I find somewhere to stash it.
MrNovember said:What's the best way to move it out? Write a check and deposit to another bank?
I typically use "some bank" as an ACH hub for this type of massive transfer since reliability, speed, fund availability, and peace of mind are my top priority. In this manner, I am certain where my money is at any moment of the transfer process; and I get double dips for weekends (not much in this case with the Charter "amazing" interest rate).
Writing a check with mailing in this case would keep the money in the Charter extemely low interest account for uncessarily long period of time (mailing, other bank's processing, crediting, processing). Checks might get lost in the mail (at least write "For Deposit Only" if one opts this way). Some banks may put a long hold for such a large incoming fund.
If one can physically go to the receiving bank for depositing the check, that seems prudent as well since supposedly it starts accrue interest that day or the next business day (depending on bank policy); even the bank put a hold on the check.
Message edited by: 76hhma on 2009-11-03 09:03:51 CST
bauzer71487 said:I bet you most everyone except for those that live in NM will be withdrawing their money from this place, perhaps that is what they want. Who knows, but ACH getting pulled tomorrow by Fidelity and will sit there until I find somewhere to stash it.
I am in NM and also withdrawing my money. Even before the rate drop there was slightly better choices locally (not enough to make it worth the change though). With the massive rate drop, it becomes worth the hassle and really there is no reason to keep money at Charter.
Message edited by: JorgeBurrito on 2009-11-03 11:40:03 CST
My problem is that I made it so a lot of accounts took money out of Charter. I need to go through the long process of taking them off before removing all my money.
ACH ed my 25k from Charter to capital one with extreme prejudice. I had previously removed all but .02 from MIdwest CU cuz they lowered rate to 3.5%. That rate does'nt look so bad now ,will have to zap charters 25k in their for now. Hopefully someday Charter can get thier act together and stop causing all this inconvienece for thier customers .
Message edited by: decades on 2009-11-06 13:12:32 CST
OKAY CHARTER YOU WANT TO PLAY AROUND.....WE'LL PLAY !!
went to this link http://www.highyieldcheckingdeals.com/
noticed GE fcu credit union rewards checking was available to me , and you are allowed 2 accounts and thier csr explained how to game the system (go to self checkout at Giant Eagle and pay for each item individually)
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