Author Topic: 5% consumers credit union  (Read 10631 times)

kib

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5% consumers credit union
« on: March 20, 2015, 02:07:23 PM »
http://www.myconsumers.org/personal/checking/free-rewards-checking.html

I thought this sounded like one of the better interest checking offers.  It's still got transaction requirements and a balance limit of $20K, but the restrictions don't seem quite as odious as some.  It also appears to be open nationwide.

Thoughts?

SaintM

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Re: 5% consumers credit union
« Reply #1 on: March 20, 2015, 02:33:43 PM »
To earn 5.09% APY on up to $20k, every month one must:

- 12 debit card purchases (pin-less only)
- 12 credit card purchases
- Spend $1000 on the credit card
- 1 direct deposit, ACH, or bill pay
- Online access
- Receive electronic statements

That is a lot of qualifications to keep track of.  Good luck.

kib

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Re: 5% consumers credit union
« Reply #2 on: March 20, 2015, 04:53:21 PM »
I did a live chat and came up with this

David Krause
3:42:43 p.m.
Thank you for contacting Consumers Credit Union, this is David. How may I assist you today?


me
3:43:41 p.m.
Hi. I'm a little confused about the 5.09% checking rewards account. I see you have to spend $1,000 a month, but if you want to earn 5%, how many transactions must you make - 1, 12 or 24?

David Krause
3:44:56 p.m.
There is no restriction on how many credit card transactions you would need to complete provided that at least $1,000.00 has been spent on the credit card.  A total of twelve debit card transactions would also need to be completed. The two transaction requirements are conducted on two separate cards, but you could make one credit card transaction for $1,000.00 and then twelve debit card transactions to earn the 5.09% APY tier.

So 12 debits and then you use the credit card.  If you use the credit card 12 times but you don't hit $1,000 you still get 4%.  I think this is more or less what I'm already doing.

It's still not work free, but for $800-$1,000 in interest (assuming these rates last), it doesn't sound that bad. (I will admit I'm not thrilled about the idea of having to use a separate credit card, I thought they were referring strictly to credit transactions on the debit card). 
« Last Edit: March 20, 2015, 05:13:12 PM by frufrau »

SaintM

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Re: 5% consumers credit union
« Reply #3 on: March 20, 2015, 05:34:07 PM »
I see.  One need not fulfill the 4% criteria to get the 5% rate.

One of my banks does a deal for 4.1% on balances of up to $15k.  The conditions are:
- 15 debit transactions (PIN or no PIN)
- online statements
- 1 direct deposit or ACH

I have a small allotment from my paycheck going to the account, and use Square Cash to send weekly debit payments to my kids for their allowance.  The interest on $15k basically pays for the allowance.

johnny847

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Re: 5% consumers credit union
« Reply #4 on: March 20, 2015, 05:53:58 PM »
SaintMichael, which bank is that?

I just fulfill the requirements for the 3% rate. I fulfill them by:

1) Log in once a month to grab my monthly statement
2) Set up automatic daily loads of my Amex Serve from the CCU debit card. I schedule this for the first 12 days every month
3) I'm constantly moving money around my accounts, so i end up fulfilling the ACH requirement easily. If not though, you can just withdraw the money you loaded onto the Serve back to your CCU account
4) Receive online statements

Really easy to fulfill with an Amex Serve.

I didn't want to get another credit card so I didn't try to get the 4% or 5%. Firstly, I don't keep over $10k in my checking account - I keep around $3k. So an extra 1 or 2% in interest will only net me $30 or $60 a year. Secondly, I have a lot of recent credit cards, and I didn't want to add any more because I'd rather get cards that will net me higher bonuses.

kib

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Re: 5% consumers credit union
« Reply #5 on: March 20, 2015, 06:06:55 PM »
Yes, I used to do it too, same requirements, it wasn't that bad.  The problem I've been having is finding an institution that doesn't limit its customers to in-state only; I'd be able to do this and the rate would be much better than anything local I've come up with.

kib

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Re: 5% consumers credit union
« Reply #6 on: March 20, 2015, 06:08:51 PM »
I don't know about amex serve.  So you can auto-debit your bank debit card (putting the transactions through as if it was a credit card?)  That would be awesome. I used to do the debits by buying gas in $1 increments.  (Insert blushy face, it's an embarrassing nuisance).  How does AS work?

-- ok I couldn't wait and went and figured it out for myself.  :-)  This is going to be Soooo easy!  12 automatic debit reloads, an automatic credit reload totalling $1,000 and I earn 5%.   It looks like I might even be able to set up a transfer of the AS balance back to CCU?  At worst, a 10 minute trip to the bank.
« Last Edit: March 20, 2015, 06:36:06 PM by frufrau »

Indexer

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Re: 5% consumers credit union
« Reply #7 on: March 20, 2015, 06:19:03 PM »
(Bolded for 'effect'.   Font shrank down so that all the disclosures would fit in a decent amount of space....)

Quote from: Consumer Credit Union
Earn up to 5.09% APY with Free Rewards Checking
Rate GUARANTEED 'til 2016!
Tired of "bait and switch" teaser rates from big banks?


Free Rewards Checking account, an interest bearing checking account that pays up to 5.09% Annual Percentage Yield (APY) on balances up to $20,000! This is one of the highest interest rates you'll find for checking accounts in Lake County, Illinois, or nationwide.

And don't worry about paying ATM fees* or any administrative fees. We charge no fees and we refund fees from other banks' ATMs when you meet your Rewards Checking requirements.

To earn the wonderful interest rate, CCU only asks that you help us operate more efficiently by banking in ways that likely are already familiar to you.

Recap of the rate tiers for this high interest checking account:
To earn the 3.09% APY* on balances up to $10,000 and ATM refunds complete the following requirements:

Complete at least 12 Debit/Check Card point-of-sale purchases (transactions must be made without using your personal identification number (PIN) to count toward the minimum of 12 and must post and clear your account on or before the last day of the calendar month)
Each calendar month, one direct deposit OR one ACH debit OR pay one bill when using Consumers Credit Union's free online bill payment system must post and clear your account on or before the last day of the calendar month
Access Online Banking at least once each calendar month
Receive eDocuments (enroll and accept the disclosure)
To earn 4.09% APY* on balances up to $20,000 and ATM refunds perform the following each qualifying cycle:

Simply meet the requirements to earn 3.09% APY . . . then add:
Complete 12 CCU VISA Credit Card purchase transactions, NO MINIMUM purchase requirement.
To earn 5.09% APY* on balances on $20,000 and ATM refunds perform the following each qualifying cycle:
Simply meet the requirements to earn 3.09% APY . . . and
Spend $1000 or more in CCU VISA purchase transactions, regardless of the number of purchases
Check out these other great benefits from Free Rewards Checking:

5.09% APY Guaranteed 'till August 2015
No ATM fees- CCU will reimburse all ATM and surcharge fees
Free VISA Debit Card*
Free mobile banking
Free online banking and bill payment
Free eDocuments
Unlimited check-writing privileges
Access to over 1,800 Shared Branch Networks and nearly 30,000 surcharge FREE ATMs
Qualified Members receive Overdraft Privilege, a helpful resource that covers your overdrawn checks and provides you peace of mind you should expect from an attentive credit union (fees apply)
So let the convenience of Free Rewards Checking benefit you. It's part of our commitment to helping you achieve your financial potential.


What happens if I don't meet the four requirements listed above?


You will still enjoy free checking with free Online Banking and free Online Bill Payment. You won't earn ATM refunds, but CCU will pay 0.01% APY* dividend (interest) in such cases! With Free Rewards Checking, you get the benefits of free checking with an interest bearing checking account.


Who can take advantage of Free Rewards Checking?


Anyone even if you already have another checking account with CCU! New Members, existing Members, friends and family are all welcome to join and enroll in Free Rewards Checking!


With Free Rewards Checking, you can't lose! Apply online and open your account today.


View the terms and conditions to learn more.


Rewards Checking. The Rewards Checking account is a Tiered Rate account (see chart below). If your Daily Balance is $20,000.00 or below AND you meet all of the all basic service requirements during the calendar month, the applicable Tier 1 Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply for Levels A and B; if your Daily Balance is $10,000.00 or below AND you meet all of the all basic service requirements during the calendar month, the applicable Tier 1 Dividend Rate and Annual Percentage Yield listed for this account in the Rate Schedule will apply for Level C. The basic service requirements include: a) you make twelve (12) PIN-less card transactions (any transaction that does not require a PIN) that post to and clear your Reward Checking account; b) you access Online Banking at least once; c) you receive e-Documents (must have enrolled and accepted the disclosure; and d) you have a direct deposit or ACH debit (including Bill Payment) post to and clear your Reward Checking account. You will earn the Tier 1-A Dividend Rate and Annual Percentage Rate on balances of $20,000.00 or less if you meet the basic service requirements and have $1,000 in credit card purchase transactions during the period beginning on the 28th day of the prior calendar month and ending on the 27th day of the current calendar month. You will earn the Tier 1-B Dividend Rate and Annual Percentage Rate on balances of $20,000.00 or less if you meet the basic service requirements and have 12 credit card purchase transactions during the period beginning on the 28th day of the prior calendar month and ending on the 27th day of the current calendar month. You will earn the Tier 1-C Dividend Rate and Annual Percentage Rate on balances of $10,000.00 or less if you meet the basic service requirements but do not meet either of the credit card transaction criteria required to earn a higher rate. The Tier 2 Dividend Rate and range of Annual Percentage Yields listed for Level C for this account will apply to balances of $10,000.01 to $24,999.99 if you meet all of the basic service requirements. The Tier 3 Dividend Rate and range of Annual Percentage Yields listed for this account will apply to balances of $25,000.00 or greater if you meet all of the basic service requirements. The rates applicable to Tiers 1, 2 and 3 will apply only to that portion of the account balance within each balance range. When you meet all of the basic service requirements for the calendar month, ATM fees incurred during the month will be refunded to you.

If you fail to meet any of the basic service requirements during a calendar month, you will earn 0.01% Annual Percentage Yield for this account and your ATM fees will NOT be refunded. One Rewards Checking account is allowed per member. Business accounts are not eligible for rewards. Qualifying credit card transactions must be made using a Consumers Credit Union-issued card. Credit Card cash advances and balance transfers do not count towards credit card purchases.


LOL!   Tired of bait and switch?   Lets introduce you to the very definition of bait of switch.  Here you can have 5% interest... after you complete a very long laundry list of unreasonable requirements including opening a bunch of additional accounts, using said accounts, direct deposit, etc.

I'll stick with MangoMoney.  6%, and all I have to do is have direct deposit.

kib

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Re: 5% consumers credit union
« Reply #8 on: March 20, 2015, 06:22:28 PM »
Nope, bait and switch is when they get you all set up and then lower the rate to 1%.  This is a laundry list, but straightforward enough.

 I looked into MangoMoney; I don't have any gov or paycheck to dd, so I think this will wind up working better.

Indexer

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Re: 5% consumers credit union
« Reply #9 on: March 20, 2015, 06:40:04 PM »
Nope, bait and switch is when they get you all set up and then lower the rate to 1%.  This is a laundry list, but straightforward enough.

"Bait and switch:  the action (generally illegal) of advertising goods that are an apparent bargain, with the intention of substituting inferior or more expensive goods."

In order to get the good interest rate you have to sign up for a long list of other crap.... including a credit card(which isn't competitive at all with the cards currently available).  If you miss even 1 of the requirements you earn 0.01%. 

Many banks have 'some' requirements to get the better rate.  I get that.  I just find it hypocritical as $%&# to imply the other banks are committing 'bait and switch' when this bank's list of requirements is twice as long as the other banks. 

johnny847

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Re: 5% consumers credit union
« Reply #10 on: March 20, 2015, 06:43:35 PM »
I don't know about amex serve.  So you can auto-debit your bank debit card (putting the transactions through as if it was a credit card?)  That would be awesome. I used to do the debits by buying gas in $1 increments.  (Insert blushy face, it's an embarrassing nuisance).  How does AS work?

-- ok I couldn't wait and went and figured it out for myself.  :-)  This is going to be Soooo easy!  12 automatic debit reloads, an automatic credit reload totalling $1,000 and I earn 5%.   It looks like I might even be able to set up a transfer of the AS balance back to CCU?  At worst, a 10 minute trip to the bank.

The online credit card loads are going away 4/16 unfortunately.

You can still use the Amex Serve for automatic online debit loads to get that 3%.
I don't think you can do an automatic bank transfer from Serve, but if you figure it out let me know.
But I'm confused by "10 minute trip to the bank." To transfer money from Serve to your bank, you just log into serve and hit transfer.

kib

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Re: 5% consumers credit union
« Reply #11 on: March 20, 2015, 08:47:35 PM »
ok, that's what I was hoping - the direct transfer - I just didn't see it.

 The website still says you can link ccs.  April 16 or April 2016?  Too bad.  It will still work, though.  I can easily use the cc 12 times, and cross my fingers for the $1000.

kib

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Re: 5% consumers credit union
« Reply #12 on: March 20, 2015, 08:55:33 PM »
Nope, bait and switch is when they get you all set up and then lower the rate to 1%.  This is a laundry list, but straightforward enough.

"Bait and switch:  the action (generally illegal) of advertising goods that are an apparent bargain, with the intention of substituting inferior or more expensive goods."

In order to get the good interest rate you have to sign up for a long list of other crap.... including a credit card(which isn't competitive at all with the cards currently available).  If you miss even 1 of the requirements you earn 0.01%. 

Many banks have 'some' requirements to get the better rate.  I get that.  I just find it hypocritical as $%&# to imply the other banks are committing 'bait and switch' when this bank's list of requirements is twice as long as the other banks.
CCU isn't substituting anything.  Of course they're hoping you screw up their terms, but that's the way of the world, that's not bait & switch.  If you don't screw up, they're promising this rate for x number of months.  They're not cheating you.  I Have signed up and gone through hoops only to have my rate dropped two weeks later.  That, to me, is bait & switch.

johnny847

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Re: 5% consumers credit union
« Reply #13 on: March 20, 2015, 08:57:08 PM »
ok, that's what I was hoping - the direct transfer - I just didn't see it.

 The website still says you can link ccs.  April 16 or April 2016?  Too bad.  It will still work, though.  I can easily use the cc 12 times, and cross my fingers for the $1000.

April 16th.

tj

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Re: 5% consumers credit union
« Reply #14 on: March 21, 2015, 11:57:21 AM »
CCU isn't trying to cheat anyone. They clearly show you what your progress is in meeting the reward level. If you're too lazy to check that's your own problem.

http://www.myconsumers.org/personal/checking/new-rewards-update-feature.html


Also, is it that hard to use the debit and credit card 12 times at the store, restaurant etc?

If you use Serve for it, you'll probably get shut down eventually, whether by CCU or Amex.

johnny847

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Re: 5% consumers credit union
« Reply #15 on: March 21, 2015, 03:01:13 PM »
Also, is it that hard to use the debit and credit card 12 times at the store, restaurant etc?

If you use Serve for it, you'll probably get shut down eventually, whether by CCU or Amex.

It is when a vast majority of my transactions are at places where I earn 5% on my CC, and I'd rather not use my debit card and lose out that.

I doubt Amex gives a shit about me loading with a debit card a bunch of times. They have bigger fish to fry, ie, people who MS with it.

If CCU cares, then they can shut me down. *shrug*. It's 3% interest on my average balance of $3k. When I set it up, I usually maintained about $7k in the account, so it was worth more to me. Now with an average balance of $3k in there, it's really not netting me much.

tj

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Re: 5% consumers credit union
« Reply #16 on: March 21, 2015, 03:28:21 PM »
Also, is it that hard to use the debit and credit card 12 times at the store, restaurant etc?

If you use Serve for it, you'll probably get shut down eventually, whether by CCU or Amex.

It is when a vast majority of my transactions are at places where I earn 5% on my CC, and I'd rather not use my debit card and lose out that.

I doubt Amex gives a shit about me loading with a debit card a bunch of times. They have bigger fish to fry, ie, people who MS with it.

If CCU cares, then they can shut me down. *shrug*. It's 3% interest on my average balance of $3k. When I set it up, I usually maintained about $7k in the account, so it was worth more to me. Now with an average balance of $3k in there, it's really not netting me much.

If I use my debit card 12 times for $5 at a 5% shop, I am losing out on 5% of $60/mo or $3. I keep $20k in the checking account, so obviously earning $51.50/month in interest is worth the lost $3/month in credit card rewards. Obviously it depends on the math for your situation - I wouldn't bother with the rewards checking for having $3k in the account, but I guess if you have it automated you might as well collect the extra $100 or so annually.

johnny847

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Re: 5% consumers credit union
« Reply #17 on: March 21, 2015, 03:48:14 PM »
Also, is it that hard to use the debit and credit card 12 times at the store, restaurant etc?

If you use Serve for it, you'll probably get shut down eventually, whether by CCU or Amex.

It is when a vast majority of my transactions are at places where I earn 5% on my CC, and I'd rather not use my debit card and lose out that.

I doubt Amex gives a shit about me loading with a debit card a bunch of times. They have bigger fish to fry, ie, people who MS with it.

If CCU cares, then they can shut me down. *shrug*. It's 3% interest on my average balance of $3k. When I set it up, I usually maintained about $7k in the account, so it was worth more to me. Now with an average balance of $3k in there, it's really not netting me much.

If I use my debit card 12 times for $5 at a 5% shop, I am losing out on 5% of $60/mo or $3. I keep $20k in the checking account, so obviously earning $51.50/month in interest is worth the lost $3/month in credit card rewards. Obviously it depends on the math for your situation - I wouldn't bother with the rewards checking for having $3k in the account, but I guess if you have it automated you might as well collect the extra $100 or so annually.

That's precisely it - the math for my situation is different from yours. I typically spend $60+ in a single transaction at a 5% shop. I could break that out into many transactions, but that's extra hassle that annoys the cashier and people behind me. And there's no self checkout at the places that I get 5% at.

It's just a matter of risk to reward. I view the risk of shutdown by Serve to be virtually zero. And I really don't give a shit if CCU shuts me down, because 2% on $3k is only $60 (2% because I earn 3% at CCU, and if I were shut down I'd be earning 1% at Ally instead). Obviously I wouldn't have set up the account for such a paltry sum if I had realized I would drop my average balance to $3000 instead of the $7000 I was planning on. But I already have the account, and can automate the Serve debits. It's a hell of a lot easier to automate Serve debits than to break up my transactions at the store.

kpd905

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Re: 5% consumers credit union
« Reply #18 on: March 21, 2015, 05:42:12 PM »
Buy 12 Amazon gift cards a month for $0.50 each.

johnny847

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Re: 5% consumers credit union
« Reply #19 on: March 21, 2015, 05:59:06 PM »
Buy 12 Amazon gift cards a month for $0.50 each.

I already have an excess of Amazon gift cards because I use Bing Rewards to get a free $5 Amazon gift card roughly every 18 days. I have more Amazon gift card money coming in than I spend.

kpd905

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Re: 5% consumers credit union
« Reply #20 on: March 21, 2015, 08:25:12 PM »

I already have an excess of Amazon gift cards because I use Bing Rewards to get a free $5 Amazon gift card roughly every 18 days. I have more Amazon gift card money coming in than I spend.

I'm sure you could find a way to spend an extra $6/month on Amazon.  You can buy food, household supplies on there.

I have roughly $150 a month in Amazon credit coming in from Swagbucks, Bing, InstaGC, Perk and a few others.
« Last Edit: March 21, 2015, 08:51:10 PM by kpd905 »

johnny847

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Re: 5% consumers credit union
« Reply #21 on: March 21, 2015, 08:56:14 PM »

I already have an excess of Amazon gift cards because I use Bing Rewards to get a free $5 Amazon gift card roughly every 18 days. I have more Amazon gift card money coming in than I spend.

I'm sure you could find a way to spend an extra $6/month on Amazon.  You can buy food, household supplies on there.

I have roughly $150 a month in Amazon credit coming in from Swagbucks, Bing, InstaGC, Perk and a few others.

I've checked the prices on food and household supplies. They're cheaper locally.

How much work is Swagbucks and InstaGC?

kpd905

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Re: 5% consumers credit union
« Reply #22 on: March 21, 2015, 08:58:44 PM »

I've checked the prices on food and household supplies. They're cheaper locally.

How much work is Swagbucks and InstaGC?

Reddit/beermoney has a referral contest where you put in your link and if you win everyone signs up through your link for a week.  I do nothing on these sites, but just collect $150/month because I won the referral contest a few times.  So this takes me about 5 minutes a week to enter the referral contest for each site.

For Perk I just tap a button on my phones a few times a day, but that is not a majority of my income, maybe $35-40.
« Last Edit: March 21, 2015, 09:01:15 PM by kpd905 »

kib

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Re: 5% consumers credit union
« Reply #23 on: March 21, 2015, 09:38:17 PM »
Just curious, why do you think CCU would shut you down for using the debit card to load your Serve account?  I don't see how that's a breach of contract.  As I say, I used to stand there putting gas in my car one blessed dollar at a time, and no one seemed to care a bit. 

I also don't see it being a breach of contract on the Amex side.  You have to load the account somehow, and it's really no one's business if you do it in $5 increments - if they wanted to prohibit it, they would set the parameters of the account so it couldn't happen.

And I like the Amazon gift card idea too.  Certainly less work and embarrassment than the gas station.  In fact it would work perfectly because I have Subscribe and Save items I have to pay for every month - you can find a bargain with that, but you have to stay on top of it. They pull from the gift card balance first ...hmm, that's definitely working for me. 
« Last Edit: March 21, 2015, 09:53:04 PM by frufrau »

tj

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Re: 5% consumers credit union
« Reply #24 on: March 22, 2015, 09:36:05 AM »
Just curious, why do you think CCU would shut you down for using the debit card to load your Serve account?  I don't see how that's a breach of contract.  As I say, I used to stand there putting gas in my car one blessed dollar at a time, and no one seemed to care a bit. 

I also don't see it being a breach of contract on the Amex side.  You have to load the account somehow, and it's really no one's business if you do it in $5 increments - if they wanted to prohibit it, they would set the parameters of the account so it couldn't happen.

And I like the Amazon gift card idea too.  Certainly less work and embarrassment than the gas station.  In fact it would work perfectly because I have Subscribe and Save items I have to pay for every month - you can find a bargain with that, but you have to stay on top of it. They pull from the gift card balance first ...hmm, that's definitely working for me.

Because it is not profitable for them if you to make 12 sub-$1 transactions, it's clearly not the intended use of the program.

kib

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Re: 5% consumers credit union
« Reply #25 on: March 23, 2015, 10:06:43 AM »
I don't think they can legally close your account for following their own rules just because it turns out "not profitable for them", can they? Not my fault it's not profitable.  ... don't they get a transaction fee for every debit?  I would think it's the other end that would have the profitability problem - i.e. amazon or the gas station.

tj

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Re: 5% consumers credit union
« Reply #26 on: March 23, 2015, 10:46:47 AM »
I don't think they can legally close your account for following their own rules just because it turns out "not profitable for them", can they? Not my fault it's not profitable.  ... don't they get a transaction fee for every debit?  I would think it's the other end that would have the profitability problem - i.e. amazon or the gas station.

Any bank can close your account for any reason they want. They are not required to do business with you.