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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posted: Nov. 2, 2009 @ 7:06p
dfogle
Addicted Member
posted: Nov. 2, 2009 @ 7:25p
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 ??
shouyi
Cranky Member
posted: Nov. 2, 2009 @ 8:30p
I just wish they give me couple days' notice. So NICE of them to notify me on the day they change the rate!
pilsah
Senior Member
posted: Nov. 2, 2009 @ 8:35p
Goodbye Charter!
BetterBrainBureau
Member
posted: Nov. 2, 2009 @ 8:55p
All goods things must comes to ends.
Luckily, theres is others banks withs goods rates.
bauzer71487
Greedy Member
posted: Nov. 2, 2009 @ 8:56p
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.
Turbo has turned into turdo, a reward checking account with no reward. Think I'll withdraw all but $0.02.
kenblakely
Senior Member - 2K
posted: Nov. 3, 2009 @ 6:53a
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...
bauzer71487
Greedy Member
posted: Nov. 3, 2009 @ 8:12a
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.
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.
johnnyb82
Member
posted: Nov. 5, 2009 @ 12:33p
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.
decades
Senior Member
posted: Nov. 6, 2009 @ 1:08p
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 .
bauzer71487
Greedy Member
posted: Nov. 6, 2009 @ 2:07p
Ach'd about 35k out. Had to keep 500 for a payment I had coming out. Was kinda getting used to having an account with great rewards and such.
decades
Senior Member
posted: Nov. 6, 2009 @ 7:20p
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)
must pay more attention to e-mails from banks. they sure made it very quiet though. a change of this significance required a great big notice in red letters. in any case, just moved all of my funds out of there. now what?
Downside: Bank with highest nationally available rate usually gets swamped with money and either cuts rates dramatically or goes local only.
johnnyb82
Member
posted: Jan. 23, 2010 @ 8:50a
Is Charter's failure a sign that more banks offering rewards checking will be failing or is this just a special case?
sethdallob
Senior Member - 1K
posted: Jan. 23, 2010 @ 1:08p
Rewards checking isn't a bad sign in and of itself...what really makes the difference is the bank's exposure to commercial real estate loans and crappy mortgages. Rewards checking actually isn't expensive for banks, as the revenue they earn when you swipe your debit card largely offsets the interest you get paid.
bobopig1
Member
posted: Jan. 23, 2010 @ 2:17p
FDIC Information for Charter Bank, Santa Fe, NM On Friday, January 22, 2010, Charter Bank, Santa Fe, NM was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
bobopig1 said: FDIC Information for Charter Bank, Santa Fe, NM On Friday, January 22, 2010, Charter Bank, Santa Fe, NM was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Saw this as well, it goes on to say "All deposit accounts, excluding certain brokered deposits, have been transferred to Charter Bank, Albuquerque, NM. ". So is the Santa Fe branch considered a different "bank" then the Santa Fe Branch? Is the Albuquerque branch still under its own control? It doesn't really matter personally as I only have about $50 at Charter after their rate drop, but seems like a strange situation where one branch would be taken over and the other left intact.
ThursdaysChild
Missed.
posted: Jan. 23, 2010 @ 3:11p
JorgeBurrito said: bobopig1 said: FDIC Information for Charter Bank, Santa Fe, NM On Friday, January 22, 2010, Charter Bank, Santa Fe, NM was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Saw this as well, it goes on to say "All deposit accounts, excluding certain brokered deposits, have been transferred to Charter Bank, Albuquerque, NM. ". So is the Santa Fe branch considered a different "bank" then the Santa Fe Branch? Is the Albuquerque branch still under its own control? It doesn't really matter personally as I only have about $50 at Charter after their rate drop, but seems like a strange situation where one branch would be taken over and the other left intact.Charter Bank, Albuquerque is a newly-organized bank formed to take over the Santa Fe bank (and probably using the name so no one except us and BankDeals will notice the difference and just leave our money there).
ThursdaysChild said: JorgeBurrito said: bobopig1 said: FDIC Information for Charter Bank, Santa Fe, NM On Friday, January 22, 2010, Charter Bank, Santa Fe, NM was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Saw this as well, it goes on to say "All deposit accounts, excluding certain brokered deposits, have been transferred to Charter Bank, Albuquerque, NM. ". So is the Santa Fe branch considered a different "bank" then the Santa Fe Branch? Is the Albuquerque branch still under its own control? It doesn't really matter personally as I only have about $50 at Charter after their rate drop, but seems like a strange situation where one branch would be taken over and the other left intact.Charter Bank, Albuquerque is a newly-organized bank formed to take over the Santa Fe bank (and probably using the name so no one except us and BankDeals will notice the difference and just leave our money there).
Funny, the day before this happened I bill paid myself the last of my $25k i had in there. Whew. I had a feeling something was up when they had such a major rate drop! So far I like Bank of the Sierra quite well.
bankdealsrule
Senior Member
posted: Jan. 24, 2010 @ 3:41p
For an interest checking account, why is this so bad?!? 1.25% apy on balance upto $50k, 1.01% on balances above it. The only requirements are make 1 debit card POS transaction, 1 direct deposit or ACH auto debit, access Charterco online banking, and receive monthly statement electronically each month. Plus, you get nationwide ATM fees reimbursed; and, use your CharterBank ATM card at any Charter Bank or WellsFargo branch ATM (except CA) free of charge! It' seems much better than, say ING's Electric Orange checking. Though, I see $500 max daily ATM withdrawals, and POS cannot exceed more than $2,000 per day per card. As of 7/01/2009, foreign ATM usage fee is $1; stop payment online$20; outdoing wire domestic=$15 (may have to be in NM to do it?) If you dont meet their requirements, you still earn 0.25% apy (still higher than the large banks of BoA, Chase, CapOne, Citi, SatinderSovereign, and the others.) Isnt this still decent?
bankdealsrule said: For an interest checking account, why is this so bad?!? 1.25% apy on balance upto $50k, 1.01% on balances above it. The only requirements are make 1 debit card POS transaction, 1 direct deposit or ACH auto debit, access Charterco online banking, and receive monthly statement electronically each month. Plus, you get nationwide ATM fees reimbursed; and, use your CharterBank ATM card at any Charter Bank or WellsFargo branch ATM (except CA) free of charge! It' seems much better than, say ING's Electric Orange checking. Though, I see $500 max daily ATM withdrawals, and POS cannot exceed more than $2,000 per day per card. As of 7/01/2009, foreign ATM usage fee is $1; stop payment online$20; outdoing wire domestic=$15 (may have to be in NM to do it?) If you dont meet their requirements, you still earn 0.25% apy (still higher than the large banks of BoA, Chase, CapOne, Citi, SatinderSovereign, and the others.) Isnt this still decent?
No, it's terrible. From Ally:
Interest Checking - $15,000 or more 1.15% Online Savings 1.48%
From Alliant:
Savings 1.982 High Rate Checking 1.736
johnnyb82
Member
posted: Feb. 2, 2010 @ 7:22p
bankdealsrule said: For an interest checking account, why is this so bad?!? 1.25% apy on balance upto $50k, 1.01% on balances above it. The only requirements are make 1 debit card POS transaction, 1 direct deposit or ACH auto debit, access Charterco online banking, and receive monthly statement electronically each month. Plus, you get nationwide ATM fees reimbursed; and, use your CharterBank ATM card at any Charter Bank or WellsFargo branch ATM (except CA) free of charge! It' seems much better than, say ING's Electric Orange checking. Though, I see $500 max daily ATM withdrawals, and POS cannot exceed more than $2,000 per day per card. As of 7/01/2009, foreign ATM usage fee is $1; stop payment online$20; outdoing wire domestic=$15 (may have to be in NM to do it?) If you dont meet their requirements, you still earn 0.25% apy (still higher than the large banks of BoA, Chase, CapOne, Citi, SatinderSovereign, and the others.) Isnt this still decent?
Well it's 0.25% now. I was skeptical about the rewards checking thing but picked Charter because it did not do a hard inquiry and had requirements that seemed more sustainable than others' What a mistake...
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