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Free Reward Checking Account at an Indiana CU (Financial Center)

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Financial Center Federal Credit Union
Update 9/2/2011: The top rate has fallen to 2.01% APY. Refer to the bottom of the post for the rate history.

Financial Center FCU is offering a reward checking account that pays 2.01% APY on balances up to $25,000 (0.51% for above) and refunds ATM fees if the following monthly requirements are met:
  • 12 debit card purchases
  • one direct deposit or ACH debit
  • receive electronic statements
If these are not met, the rate falls to 0.05%. The minimum initial deposit is $100. There are no monthly service charges.

Membership is open to anyone who lives, works, volunteers, worships or attends school in Marion County. Please refer to their About Us Page for more details.

Branches are located in and around Indianapolis. The credit union is federally insured by the NCUA (Charter # 8594). It has $369.9 million in assets and 36,438 members.

Other Reward Checking Accounts

This is the first reward checking account that I've found being offered in the Indianapolis area. There are a few other reward checking accounts being offered in other areas of Indiana. The best is at MidWest America FCU which has been offering 7.01% APY for balances up to $25K since February (see post).

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
09/02/11: 2.01% APY up to $25K
07/09/10: 2.51% APY up to $25K
12/01/09: 3.01% APY up to $25K; 0.51% over; 0.05% base
06/16/08: 4.51% APY up to $25K; 1.01% over; 0.30% base

  Tags: Indiana, Financial Center Federal Credit Union, checking account, reward checking account

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Comments
6 comments.
Comment #1 by Matthew (anonymous) posted on
Matthew
Down to 3.01% APY as of today, 12/1/09.

1
Comment #2 by bas (anonymous) posted on
bas
This credit union is a Piece of sh*t. They will also do a hard credit pull on you and lie to you saying it's a soft pull when in fact it's not. I filled a complaint against them for their **** poor customer service. I would avoid this place like the plague.

1
Comment #3 by Anonymous posted on
Anonymous
From 4.51% to 3.01% is a huge drop, maybe under FDIC regulation?

1
Comment #4 by Anonymous posted on
Anonymous
Depositaccounts.com did not update this change since the 1 December change.

Not sure how update is this new site any more??

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Just found out that DepositAccounts.com has been monitoring the credit union's checking rates page which stills shows the old rate as of 12/29/09.

1
Comment #6 by Anonymous posted on
Anonymous
Yeah, the new "amazing rate" of 3.01% will be effective on 1 January 2010; what a great way to start the New Year for savers!!

1