Coppermark Bank

Must Be Primary Checking Account
- txtooker - Wednesday, October 26, 2011 - 2:56 PM

I am glad I called to get more details on this account.  The account exec told me 2 things that I wanted to pass on to others considering this account.  First, is they can change their rates whenever they wish and don't have to forewarn you like on the previous statement.  Second, the bank monitors these accounts to make sure you are using them as a true primary checking account.  The rules are not written but if you plan to keep your balance near the upper limit, make just your required debit card purchases and direct deposit/bill pay, then they will say you are using it more like a savings account then your primary checking account and will switch it to one of their non-high interest accounts.

Caution Encouraged
- OkieOso - Saturday, January 21, 2012 - 5:59 PM

While most rewards checking accounts do not provide paper statements, Coppermark requires that you specifally take additional steps online to opt out of paper statements.  Just logging on and checking your account online is not sufficient.  So be sure you follow all the steps to make sure you don't miss out on the interest rate your first month.

So Far, So Good
- dwkennedy - Monday, January 9, 2012 - 1:12 PM

in response to txtooker's comments about hidden "primary account" requirements-- so far I have had my account two months, keep it topped up to $25,000 make nothing but 16 $1 purchases and required direct deposits, and have received my interest as advertised.  I even transfer the interest to another account to avoid getting over the $25K limit.

There's really no risk here, except the risk of receiving the interest for a few months then having to move your money somewhere else.  But that could happen anyway as interest rates rise and fall (mostly fall)