Dedicated to Deposits: Deals, Data, and Discussion

2.68% Reward Checking Account at a South Florida CU (Eastern Financial Florida)


Eastern Financial Florida Credit Union
Update 11/09/09: The top yield has fallen to 2.68% APY. See bottom of the post for the rate history.

Eastern Financial Florida Credit Union is offering a reward checking account that pays 2.68% APY on balances up to $25,000 (0.50% for over) and refunds ATM fees (up to $20/month) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one direct deposit or an electronic automatic transaction, and 3) receive e-statements. If these are not met, the rate falls to 0%. There are no monthly service charge. One nice perk is that they offer free checks.

Membership is open to those who live or work in Miami-Dade, Broward, Palm Beach, Hillsborough or Pinellas County. You can also be eligible via select employer groups, associations and immediate family. Please refer to their Membership page for the full details. Membership requires a minimum $5 deposit into your primary credit union account.

Branches are located throughout South Florida. Some of the cities include Miami, Ft. Lauderdale, Hollywood, Boca Raton, Tampa, Clearwater and St. Petersburg.

Update 9/07/09: Eastern Financial Credit Union is now a division of Space Coast Credit Union. Refer to this post for more details.

The credit union is federally insured by the NCUA (Charter # 68486). It's a large credit union with $2.0 billion in assets and 224,671 members.

Thanks to the reader who mentioned this reward checking in the Finding-the-best-rates post.

Other High Yield Reward Checking Accounts

Another reward checking option for those in South Florida is at Power Financial Credit Union which has been offering a 6.01% yield since last summer (see post). Please see my reward checking overview for general information and a history of these reward checking accounts. For other reward checking accounts please see my list of reward checking accounts around the nation and the best checking account post.

Rate History:
11/01/09: 2.68% APY; 0.50% over; 0.00% base
09/06/09: 2.81% APY
06/01/09: 3.05% APY
12/01/08: 4.05% APY
05/15/08: 5.01% APY
02/03/08: 6.01% APY; 0.50% over; 0.25% base

  Tags: checking account, reward checking account, Florida, Eastern Financial Florida Credit Union

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Comment #1 by Anonymous posted on
I read recently in a local South Florida newspaper that Eastern Financial's CEO stepped down effective immediately. The article also noted that Eastern Financial reported a net loss in 2007.

Comment #2 by Anonymous posted on
I used to me a member of this CU but cancelled years ago. Their website clearly states "once a member, you are always a member" but my attempts at getting them to understand have been futile so far.

As I told them I was going to do, I filed complaints with both the BBB and the Florida Attorney General.

They called me back today. After checking again that I dont qualify through their regular ways, they say they are going to get back with me.

It appears "Once a member, always a member" really means, Once a member, always a member untill you close your account.

Comment #3 by Bob (anonymous) posted on
They called back & left a message. It seems they are going to let me join after BBB and Attorney General complaints.

But, I just noticed the rate is down to 5.01%. That must have changed within the last month.

Comment #4 by rjm (anonymous) posted on
As a new member I went to set up my monthly billpay and saw they are offering $25 for paying 10 bills. So I went ahead and set 10 up.

They use checkfree which is the same as Im used to with Presidential but, Im not inclined to pay more than the 1 per month from here because my goal is to keep my balance as close to $25k as possible without going over.

I also found out that I can make deposits at pretty much ANY credit union which is good for me since I dont live in FL.

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Comment #5 by Anonymous posted on
Looks like NCAU has taken over the assets of this bank (bank failure?). I believe Space Coast Credit Union is merging with this bank. Not sure that the rewards checking will continue to be offered. Better contact the bank before trying to sign up. Here is the post:

April 27, 2009

Space Coast Credit Union (SCCU), a state-chartered credit union headquartered in Melbourne, Florida, that serves over 160,000 members holding assets of over $1.6 billion, has signed an agreement that states the credit union's intention to merge Eastern Financial Florida Credit Union (EFFCU) with Space Coast Credit Union, with Space Coast Credit Union remaining as the surviving institution. Space Coast Credit Union has also entered into an agreement to function as interim management for EFFCU until the time of a merger.

Comment #6 by rjm (anonymous) posted on
Just noticed today that their rate is down to 3.05% per their website.