mooingmooseman said: cdancer20 said: montee4 said: LMCU started doing that to me at McDonalds. They started coding it as a debit transaction and not a CC transaction and would not show up on my counter. I called them to complain but the CR rep had no clue what I was talking about. I closed my account there last month as I didn't want to have to keep checking to see what each transaction was coded as.
I realize it is cheaper for the merchant when they are processed as Debit vs Credit, but I thought the reason it was cheaper was due to the PIN entry as being more secure. So I'm not sure how they can change the coding like that. I'm not sure why it mattered for you at McDonalds. As stated above, LMCU counts debit and Credit transactions. I'm 100% sure of this because my transactions were almost all debit/pin last month. "PIN" transactions don't qualify on my LMCU account either, I tried doing it through paypal (who no longer lets you process debit as credit) The last time I tried was 6 months ago and it did not qualify according to the counter. I stopped using the account and closed it 3 months later, so maybe they changed it based on complaints.
I have never had a problem with any purchase (debit or credit) counting towards the LMCU 10 debit/credit requirement. But then I don't try to make a single $10 purchase count for ten purchases by making ten $1 'purchase' debits for the same item . . . I find LMCU's policy, 10 purchases, to be fair, and do not see the need to scam the system.
fw2000 said: Can anyone suggest a small business checking account? I've found Capital One's Spark Business checking to be the most straight forward, fee free account option for businesses. Great phone app, can easily write notes on transactions, and I have been able to download transactions to QuickBooks.
I have a question. I recently got married to a non-American citizen and we're currently undergoing the naturalization process. They recommended we open a joint checking account which is fine. I've had a banking relationship with BOA for about 10 years (both personal and business) and was thinking about opening a basic account there, but if I could get some interest back without jumping through too many hoops (I don't want to deal with debit card transactions), I would totally do it. Both BOA and Wells Fargo have 0.01% with $10,000 but it doesn't really seem worth it to me. Do you guys have any suggestions? I also have a Fort Knox account despite not having any of the ATM's near me.
PhrostByte said: I have a question. I recently got married to a non-American citizen and we're currently undergoing the naturalization process. They recommended we open a joint checking account which is fine. I've had a banking relationship with BOA for about 10 years (both personal and business) and was thinking about opening a basic account there, but if I could get some interest back without jumping through too many hoops (I don't want to deal with debit card transactions), I would totally do it. Both BOA and Wells Fargo have 0.01% with $10,000 but it doesn't really seem worth it to me. Do you guys have any suggestions? I also have a Fort Knox account despite not having any of the ATM's near me. I would suggest Alliant. It has 0.65% interest OR Aspiration Bank which has 1% interest.
Prngr44 said: Looks like Lake Michigan CU is the best current bet for a "max checking" style account? It is IMO. I've had great experience with them for a couple years. Just transferred my HSA from them though since that rate has declined.
Prngr44 said: Looks like Lake Michigan CU is the best current bet for a "max checking" style account? It terms of ease of meeting requirements, by far. One thing that is a plus about them over others is that they count pin-based & debit transactions as meeting the requirements. It doesn't require signature base. However, for rates, I prefer Consumers Credit Union if you qualify for their credit card and can do the monthly $500-$1000 spending. I have both.
NVcheapster said: Anyone bank with bluefcu.com? Looks like it is at 4% up to $15K. It looks like to get the 4% you have to have 9+ points. Here is how you accumulate the points to get to that rate. Seems like a lot needed to get the 4%
NVcheapster said: Anyone bank with bluefcu.com? Looks like it is at 4% up to $15K.
Looks interesting, but it also seems you need to have more products from bluefcu to make it worthwhile, especially for the first few years. You earn points for products, balances and time with the credit union. In order to get the 4% rate on checking, you need at least 9 points (Sapphire level). To get even 3%, you need at least 5 points (Gold level), otherwise you're at 2%. If you just open the rewards checking account and keep $20k in it, it looks like you'd have 3 points (1 for checking account, 1 for balance, 1 for minimum loyalty). The question is how can I easily get to 9 points? I suppose I could open a Money Market account and a Share certificate for 2 more. That would get me to Gold level, which would qualify me for 3%. I could squeak out a couple more points by upping my balances to over $75k. But to get up to Sapphire level, it looks like I'd have to either add some IRA's and/or add some loan products, which I'm loathe to do just to earn more % on my checking.
ETA: Money Market rates top out at 0.55%, and that's with a $100k balance. No thanks. Certificates are competitive with the market, but still, locking up money for 24 months to earn a little over 1% seems a high hurdle.
NVcheapster said: Thanks, montee4! Looks like a deal killer! You could try something like this....
Rewards Checking = 1 point Years of Membership (0-5 years) = 1 point 5 separate certificates (min $2000 each) = 5 points Combined Balances (assuming you put in the $15k limit in the rewards checking + the $10k from the certificates ) = 2 points
This would give you the 9 points for the 4%, plus the certificate rates increase when you hit the 9 points.(This is assuming they count each certificate as 1 point)
Looks like you could open a MM account with a small balance for a point. Montee has a good outline if multiple CDs do count. That reduces your total return though. Unless you can keep recycling through 6 month CDs and open them with a credit card, not sure it's worth it.
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