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Debit Card Dangers - When to Use Credit Cards Instead of Debit Cards5.50% Money Market Account Promotion at UMB Bank
POSTED ON BY Ken Tumin
UMB Bank has a money market account promotion with a rate of up to 5.50% APY with balances over $10K. The rate is guaranteed until July 1, 2007. It must be opened by February 24th or by March 1st if you print out their rain check and bring it with you.
UMB doesn't do a good job at disclosing an important issue. The rate is only 5.25% APY for balances over $10K if certain conditions are not met. There's no mention of these conditions in the promotional webpage. So I called and was told that the 5.50% requires that you initiate direct deposit within 60 days of account opening and you add at least one additional product. This can include a VISA credit card, HELOC or a brokerage account.
Some other important details of this money market account include: $1,000 minimum balance to avoid $10/month fees, $100 minimum deposit to open, and a 0.50% APY for balances under $10K. According to the CSR, no hard credit inquiry is done in the application approval process. Only a soft pull is done.
This offer is only available to consumers residing in states where UMB has branches. These include Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska and Oklahoma.
UMB Bank has been FDIC insured since 1934.
[2/22/07 Edit: Updated links by including www in the URLs to ensure link to UMB Bank]
UMB doesn't do a good job at disclosing an important issue. The rate is only 5.25% APY for balances over $10K if certain conditions are not met. There's no mention of these conditions in the promotional webpage. So I called and was told that the 5.50% requires that you initiate direct deposit within 60 days of account opening and you add at least one additional product. This can include a VISA credit card, HELOC or a brokerage account.
Some other important details of this money market account include: $1,000 minimum balance to avoid $10/month fees, $100 minimum deposit to open, and a 0.50% APY for balances under $10K. According to the CSR, no hard credit inquiry is done in the application approval process. Only a soft pull is done.
This offer is only available to consumers residing in states where UMB has branches. These include Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska and Oklahoma.
UMB Bank has been FDIC insured since 1934.
[2/22/07 Edit: Updated links by including www in the URLs to ensure link to UMB Bank]
Anonymous - #1,
It is not necessary to actually get the credit card. You only have to fill out an application. Also UMB can place funds with one of their affiliates and thus have more than $100,000 of FDIC coverage. The Colorado,Kansas and Warsaw Mo UMB Banks are Under a different Charter.
Anonymous - #2,
The link on this post appears to connect to a spoofed site. The correct address for UMB bank is https://www.umb.com/Personal/index.html however, the link herein is https://umb.com/Personal/index.html note the missing "www." and the certificate appears to be invalid/and or issued to a different address
Banking Guy (anonymous) - #3,
Thanks for the warning. To play safe, I've updated the links to include www. On my browser, both URLs give me the same SSL Server Certificate checks. If it is a spoof site, it's very sophisticated and would be a significant story.
Anonymous - #4,
Last year, at this time, I opened a promotional MMA for about 4.5%. It now pays 4%
Anonymous - #5,
Be sure to read the information on this account when closing out. The interest may be accrued and paid once a month. If you close the account before the interest cycle, you loose the accrued interest for that month.
I had a special savings account with TCF Bank that only paid quarterly.
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