posted: Feb. 15, 2005 @ 11:27a

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Hi all,

I came across this ad in the Philadelphia Inquirer this morning.

Third Federal Bank is offering a special promotion for new customers.

Open a new "Shocking Green Checking" account.
First 3 months, you will earn 10% on balances up to $5000.
If you establish your account as "primary active checking account", you will continue to earn 10% for next 3 months (total of 6 months).

The definition of "primary active checking account" is ONE of the following:

1) Qualified direct deposit at least once per month. According to the CSR, qualified types are payroll or Social Security.
2) Write 5 checks per month.
3) Use free Online Bill Pay to pay 5 bills per month.
4) Get the debit card and make 10 transactions per month.

This promo doesn't appear on the website, but after the promo period, the account is converted to the Interest Bearing Checking account - see here.

The toll free number featured in the ad is 1-888-918-4473.

Might not be worth the hassle for most, but just thought I'd share.

   posted: Feb. 15, 2005 @ 12:04p

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xpguy said:This is a HOT deal if you live in the Philadelphia area. Only way to open an account is at a branch.

Nothing in south philly, too much of a ride to me to the closest branch, have tp pass it up

   posted: Feb. 15, 2005 @ 12:52p

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prozario said:they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.

Reread the definition again,
The definition of "primary active checking account" is ONE of the following:

It says "ONE" not all

   posted: Feb. 15, 2005 @ 1:10p

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prozario said:they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.

As usual they make it hard and we fight it and get it, great FW'ers

   posted: Feb. 15, 2005 @ 3:37p

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well.. if you jump through those loops, u get roughly $250 from having $5k sit there. Doesn't seem much better than the CITI deals considering the additional effort.

   posted: Feb. 16, 2005 @ 9:56a

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prozario said:they got the shocking part right ... 5 chks, 5 bill pay plus 10 trans per month!! Kind of make you think that they really don't want to give that money out.

They use one of the following, so just doing direct deposit looks to be the easiest way to go.

   posted: Feb. 16, 2005 @ 10:35a

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Thanks for the post, skeretz. With $5000 there for 6 months, even at 10% APR compounded daily you're only earning $236.xx, and that's taxable income.

After 6 months, it will drop down to their usual rates, which currently is a pathetic 0.4%. Too much hassle, and not enough of an upside.

Thanks for posting though.

   posted: Feb. 16, 2005 @ 10:54a

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What is the bank trying to get out of this? The savy rate hopper will just leave once the promo is over, and the typical person would not think it is worth the effort involved. Really a not well thought out idea.

   posted: Feb. 16, 2005 @ 1:04p

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link to ad

   posted: Feb. 16, 2005 @ 1:56p

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Too bad they don't open accounts online, do they?