6% 6-Month to 12-Month CD Available to All at WestBridge Bank and Trust.
Nov 1, 2006 - 7:57 PM by Ken Tumin
I had reported on WestBridge Bank and Trust's 6.00% CD special last week. Since then, I've confirmed that they do accept out of state deposits and they will open the CD by mail. The special is shown on their home page. You can choose a 6.00% APY certificate of deposit with a term between 6 and 12 months. The minimum deposit is $10K, and the early withdrawal penalty is 3 months of interest.
The bank can send you by email the application and instructions to open the CD by mail. In addition to the application and check, they'll need a copy of the primary ID for the new account holder(s) (i.e. driver's license) and a copy of a secondary form of ID (i.e. major credit card). In addition to check, they also accept wire transfers. On receipt of your application, they'll open the CD and send you the signature card, a postage-paid return envelope, and a copy of the certificate in return mail. Once they receive the signed signature card, they'll mail your original certificate. Please contact the bank for the application and details.
Westbridge is a new bank located in Missouri that was just established with FDIC insurance in February of 2006.
The bank can send you by email the application and instructions to open the CD by mail. In addition to the application and check, they'll need a copy of the primary ID for the new account holder(s) (i.e. driver's license) and a copy of a secondary form of ID (i.e. major credit card). In addition to check, they also accept wire transfers. On receipt of your application, they'll open the CD and send you the signature card, a postage-paid return envelope, and a copy of the certificate in return mail. Once they receive the signed signature card, they'll mail your original certificate. Please contact the bank for the application and details.
Westbridge is a new bank located in Missouri that was just established with FDIC insurance in February of 2006.
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Anonymous - #1, Tuesday, October 17, 2006 - 11:27 AM
It is a great yield, no question. But for CD customers wanting a monthly interest payout the sledding is a bit rough; only practical collection option is mailed check. Their DDA accounts all have minimum balances prohibitively high. And they are unable to ACH the interest monthly. Also they have no relationship or age-related DDA options. Still a good deal on their CD regardless, but I wish banks better understood the needs of some customers and made important products available. Receiving checks in the mail is so last century. In this case, if you are at all able, consider allowing the interest to compound.
Banking Guy (anonymous) - #2, Tuesday, October 17, 2006 - 6:39 PM
By DDA do you mean the savings/checkings/MMA accounts?
The savings account looks like it requires a $300 balance to avoid fees. If you could request monthly transfers into this account, then the account holder could initiate an ACH pull from another bank? The interest rate on this savings account is very low, so you definitely wouldn't want to hold it in there too long.
Anonymous - #3, Tuesday, October 17, 2006 - 11:49 PM
Banking Guy asked:
"By DDA do you mean the savings/checkings/MMA accounts?"
You are at least very close and maybe even spot on.
DDA is the industry term: "Demand Deposit Account". To me it has always meant pretty much any account that allows you to write a check. But DDA might also refer to savings accounts. I do not know. Have no use for savings accounts.
Always hope to open checking or MM account with no interest/no minimum balance along with my CD. It can make life easier each month and enhance security. It also can help at maturity. If you plan carefully, one or more days of double interest can be achieved when you use check to move funds to next institution. Of course today one must beware of Check 21, which can make this impossible. But today still many banks do not yet use Check 21. You have to ask.
Anonymous - #4, Wednesday, October 18, 2006 - 2:24 PM
They are stopping this special on 10/20.
Banking Guy (anonymous) - #5, Wednesday, October 18, 2006 - 5:27 PM
Thanks for the update. Looks like everyone will have to hurry.
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