Joined in late October 2011 and we've had no trouble with this bank since joining. Our interest payments are deposited each month and the staff has always been very friendly and helpful.
The staff even encouraged us to open a second joint account once we reached the $25,000 cap to get the most interest possible. (They allow up to 2 accounts per household)
Their locations can be limited/inconvenient, and their online services are somewhat lacking (lackluster website and generic iPhone app that isn't worth downloading), but I would still rate this bank at 5 stars due to the high interest rate and great service.
Also, just an FYI, some other reviewers have complained about transactions needing to clear by the 29th. As of April 2012, they have changed that restriction to be the last calendar day of the month, or the previous business day before the last calendar day.
My direct deposit from my employer falls on the last working day of the month. Coppermark however has carefully set up a 29 day statement period. This ever so slightly truncated time period allows them to avoid paying the higher rate of interest on several months of the year. Coppermark is unwilling to compromise or make right this deficiency. As a result I have no option but to change banks. So be cautious when considering this bank.
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.
There's NO parking available at the N Central Expressway (Dallas) branch, and the restaurant next door has a sign that if you park there, your car will be towed, crushed, and turned into tin cans (lol). Also, the 16 debit card purchases must post by the 29th of the month. If the 29th falls on a weekend or holiday, the transactioins must post and clear by the business day before the 29th.
I don't know of any checking account where you don't have to jump through some "hoops" to get an interest return. CopperMark Bank, however, gives you a yeld that is worth the effort.
After a few months of using their checking accounts, you will automatically have the monthly requirements memorized and should develope a routine of checking your balance well in advance of the end-of-month deadline for required purchases.
WARNING-- Just be sure to use the debit card only for preauthorized purchases (i.e.- purchases where you are required to punch in 4 id numbers before completing the purchase), because some merchants will use the debit card as a preauthorized credit card transaction and not a pre-authorized debit purchase and the credit type purchase, even though your account is debited, will not count toward your monthly quota for debit card use purchases (i.e. - you must use the 4 digit code to complete the purchase to receive credit for the 16 required purchases per month).
WARNING 2 -- Don't wait until the end of the month to try and complete the 16 purchases you need. Some merchants can delay reporting of thier transactions to your financial institutions by as much as 48 hrs. You always need to give 2 to 3 days for merchants to post your transactions to the bank. This is not necessarly the fault of the bank but may be associated with how efficiently the merchant posts daily transactions, so keep this in mind.
At present, 4% is about as good as you are going to get at any bank for a checking account. I try to keep my accounts above 25k so the pruchases I make come from the over 25K money drawing low interest $$ and not the bottom 25K in the account drawing the high interest.. This way you can do all your monthly expenses from this account and avoid the worry about the bank assuming the you are using the account as your primary checking account. The nice feature about this account is that you can get to the 4% 25K money immediately if needed just by writing a check and their are no penalties or interest lost as with a CD's or other savings account restrictions. Even if you can't exceed the 25K high interest ceiling, better to have your funds drawing interest at 4% on a daily basis until your bills are due rather than in an account where you get no return on your checking account regardless of when bills come due each month.
The only consideration that is at all logical is to put everything you have into this account and leave it in here as long as you can. It has all the features to pay your bills automatically(bill pay) and give you 4% interest on your deposits for as long as you can keep them in the account and still meet you monthly financial oblications. So, whats not to like?
If you pay attention to what the others said, this is a good deal. I have collected good interest in my first full month banking with Coppermark! I don't know of any other bank that offers this interest rate, and 16 debit card purchases per month goes by faster than it sounds.
For some reason whenever I go to this bank, its always empty. Hmm. Service is good, though. A+
I used this bank for several years, but since the intrest rated dropped well below 2 percent from the 4.00% it was before I am moving on to a new bank.
Incase you're wondering this bank was consumed by prosperity bank, and Im 99% sure that the merger forced the change in their reward rates (which were steady for the last 2 years or so), Either way I'm done.
My Mom's account has a Payable on Death indicator, but when I call Coppermark, they want me to jump through hoops and get all surviving siblings to agree to who receives the funds. I discovered the POD didn't get updated from the form when opening the account, now 6 months have past and the SSA's authority of the death isn't enough proof of death...
They charge a non-customer a $5.00 charge to cash one of their account holders' checks. If they charge for this then who knows what else. Looks like I will never be an account holder. Hope it is worth it!!!!!!!
Something I noticed recently in regards to the interest deposit since I just opened a rewards checking account with this bank and was mentioned as well by the person that commented on April 2nd. They only pay you for the interest earned from the 1st of the month to the 29th of the month. Meaning that for each month that has more then 29 days, which would be every month except February, you are never paid the full correct amount of interest earned. Over all that's eighteen days of the year almost three weeks of interest never paid. I know that doesn't sound like a big deal but it seems a bit deceptive to me since they could easily just pay you the interest on the last day of each month.
It's refreshing to walk into a bank and be greeted by friendly helpful employees. This bank is definitely doing something right. Their employees are willing to go the extra mile for you. The free high interest checking account is what brought me into the bank. It is a high yielding account, but it does have monthly qualifications that must be met. As long as you meet the qualifications, you will be paid 4.00% APY on balances up to $25,000 - not too bad considering the market.