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7.01% APY on a checking account?
Old 07-29-2008, 11:50 AM   #1
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7.01% APY on a checking account?

Too good to be true?

MidWest America Federal Credit Union

The only 3 requirements I see are:
- 10 monthly debit card transactions
- 1 ACH or credit transaction
- online statements

up to $25,000....

It is NCUA insured....but what do you all think?
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Old 07-29-2008, 11:53 AM   #2
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Sounds like one of these:

Reward Checking Accounts (High Yield and Available to All)

2Cor521
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Old 07-29-2008, 12:04 PM   #3
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Lots of hoops to jump through - Most are simple but, the major problem is the 10 Debit card transactions PER BILLING CYCLE. Miss just one and you do not get the rate that period. How long is the rate applicable? I may have missed the rate period, and when it ends, is there some fee to withdraw/transfer your money?
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Old 07-29-2008, 12:15 PM   #4
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How long is the rate applicable? I may have missed the rate period, and when it ends, is there some fee to withdraw/transfer your money?
I didn't see a time limit on the offer. It sounds like a fairly good deal--with a $25K limit, you'd still make almost $1000 more in interest in one year than in a 3-4% fixed investment, and your money isn't tied up.

You just need to remember to go and buy 10 candy bars in 10 separate transactions once per month using your debit card.

People go through a lot more risk and more hassle to earn less money with the stoozing craziness.
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Old 07-29-2008, 12:32 PM   #5
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You just need to remember to go and buy 10 candy bars in 10 separate transactions once per month using your debit card.
Or go the the grocery store and buy 10 items and then go through the "10 Items or Less" express lane, and have the checker ring up each one separately and swipe the card for each transaction. It'll probably drive the checker nuts, and probably really p*ss off the people behind you in line......but your monthly mission will be accomplished successfully.

(P.S.>>>> Please don't do it if I'm in line behind you though.....just let me go ahead of you. )
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Old 07-29-2008, 02:26 PM   #6
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I've read through about half of the massive FatWallet thread and I can't find any big minuses thus far. All they're talking about is how to get the 10 transactions per month, which doesn't seem too onerous to me. I'm pretty darn cheap but I did 20 debit transactions in July.

Thanks for bringing this up, Keyboard Ninja, sounds like a good thing to be aware of.
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Old 07-29-2008, 05:13 PM   #7
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(P.S.>>>> Please don't do it if I'm in line behind you though.....just let me go ahead of you. )
He'll just have to use the exchange's "Active Duty In Uniform" line...

Seems like they're counting on a small percentage of people who will fail to jump the hoops and end up carrying the rest of their eager new customers. I'd love to see the probability/statistics analysis of this revenue plan.
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Old 07-29-2008, 10:47 PM   #8
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7.01% APY on a checking account
Too good to be true?
Wow, what a nice rate! The credit union we belong to made a very similar offer except the interest is "only" 5.25% APY. Since we already use our debit card on a regular basis --- makes it easy to track all expenses via Quicken downloads from the credit union --- this was pretty much a no-brainer for us. We switched over and just a few weeks ago received our first interest payout. We didn't change anything about how we do our banking and we get rewarded, sweet!

Just this week I received the similar 5.25% offer from another local credit union. It would sure be nice to see more competition in the rates as more and more credit unions extend this type of offer.

--Linney
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