Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Royal Banks of Missouri1.85%-$25kMajestic Checking
Accounts mentioned in this post. Rates as of April 23, 2014

3.51% Reward Checking Account at Royal Banks of Missouri

POSTED ON BY

Royal Banks of Missouri

Update 4/15/2010: The top rate has fallen to 3.51%. Refer to the bottom of the post for the account history.

Royal Banks of Missouri has a reward checking account called Majestic Checking that pays 3.51% APY on balances up to $25,000 (1.40% for above) and refunds ATM fees of up to $25 per cycle if the following monthly requirements are met:

  • 10 point of sale debit card transactions (15 starting 3/09/2010)
  • 1 direct deposit or ACH debit/credit
  • E-Statements

If these are not met, the rate falls to 0.15%. The minimum initial deposit is $100. There are no minimum balance requirements or monthly service fees.

Update 1/28/2010: The checking account no longer shows up on CheckingFinder for most US zip codes. It appears to now only be available to the bank's local market in Missouri.

Update 1/31/09: The checking account now shows up on CheckingFinder.com for all zip codes. So it's now available to people in any state. Here's the link to the bank's CheckingFinder page where you can apply online.

Branches are located in Saint Louis, Missouri.

The bank has a 4-star rating (excellent) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Both are based on 3/31/08 data. The bank has been FDIC insured since 1965 (FDIC Certificate # 19512).

Other Reward Checking Accounts

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:

04/14/10: 3.51% APY up to $25K
03/09/10: Require 15 debit card purchases
01/28/10: No longer available nationwide
05/07/09: 4.30% APY up to $25K; 1.40% over $25K
03/05/09: 4.55% APY up to $25K; 1.80% over $25K
12/30/08: 4.78% APY
08/04/08: 5.10% APY up to $25K; 2.00% over $25K; 10 debit card purchases

  Tags: Royal Banks of Missouri, Missouri, checking account, reward checking account

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Comments
32 comments.
Comment #1 by Anonymous posted on
Anonymous
Rate is down to 4.78%

1
Comment #2 by Anonymous posted on
Anonymous
As of 3/5/09 the top 2 tiers have fallen to 4.55% APY and 1.80% respectively. Base rate remains same.

1
Comment #3 by Anonymous posted on
Anonymous
As of 5/7/09 the rates have fallen to 4.30% APY, 1.40% over, and base is same.

1
Comment #4 by Anonymous posted on
Anonymous
This bank makes it pretty easy to open an account online. You can e-mail scans of your ID or fax it to them, they don't require a notary or any of that nonsense.

1
Comment #5 by Anonymous posted on
Anonymous
Does anyone know if this bank does a soft or hard pull on the credit?

1
Comment #6 by marialaxara (anonymous) posted on
marialaxara
About a month ago I used the checkingfinder.com site to start the process to open an acct. with Royal Banks of Missouri. I did an electronic transfer of $150 to them. 4 days later a rep from the bank emailed me. During this 4 day period I reconsidered & decided not to pursue this & when I notified the rep she that I no longer wished to open the acct. she stated that she would take care of it. Pls. note that at this time I had received no notification from Royal Banks as to a new acct. number or any info. relating to this acct. I further emailed Royal Banks & asked if there was anything I needed to do & they said that they would take care of it on their end. At no point was there any mention of any fees related to any of this. A week or so later I received a check from Royal banks for $100, which was $50 less than my deposit. Enclosed was just the check & a small receipt that said $50 charge closing acct. No letter, nothing. I emailed Royal to complain about this charge which was done without my knowledge & consent & got no response. A true cautionary tale for those of you thinking about doing business with Royal Banks of Missouri

1
Comment #7 by Anonymous posted on
Anonymous
To Marialaxara:
In researching this bank, I found this link to deposit account disclosures, which notes:
"Account closing upon request
Account closing within 15 days of opening Free
Account closing within 16- 90 days of opening $15 if the balance is not transferred to another RBC Royal Bank account."

https://www.rbcroyalbank.com/onlinebanking/servicech/disclosures/part2H.html
(It's under "Other Account Services and Fees.)

Maybe you should try writing them and tell them your understanding is there are no fees for closing within 15 days as stated in their own disclosure, and request they send you the rest of your money. Do it in writing, plus document (date and time, if you remember) conversations you had with their reps, plus note they did not disclose up front any such penalty. Send it to an executive. Call a branch to get names without going into detail, or google up their President. I wouldn't criticize them, but treat it as someone made a mistake, so just state the facts and request they rectify that mistake by sending your balance. They may not know someone in lower or middle management handled it badly or maybe someone really did just make a big mistake. But even if it's upper management policy, they may return your money anyway because it's not worth their time and pr taking a stance.

1
Comment #8 by Anonymous posted on
Anonymous
Thank you for that information. I have in fact contacted them in writing about this & received no response. But the written policy stating that an account closing within 15 days is supposed to be free is very helpful. I will pursue this further & update if there's any resolution to this.

1
Comment #9 by Anonymous posted on
Anonymous
Ok, the link (& thereby all the information as well) provided was not for Royal Banks of Missouri. It was for RBC or Royal Bank of CANADA. So, thankyou for the effort, but............

1
Comment #10 by Anonymous posted on
Anonymous
Ooops - sorry about that.
So I called the Glendale branch, and they said once an application is submitted, the account must remain open for 90 days or a $25 fee will be assessed.

I hope you can persuade/inspire/shame them into returning your $50 since no such penalties were ever disclosed at any time. Plus you did it before an account was established. Plus other banks allow a grace period to change one's mind.

I'd request that for the sake of consumer confidence and good will, they grant an exception and pay back the full $50, due to your circumstances, plus their additional mistake overcharging you by $25. Then hereafter they should disclose their policy up front to avoid suspicious practices.

I'd "cc" notable public forums (google up the respected ones like this that have been reporting on this bank), and any other Missouri or nationwide consumer protection groups or agencies. Banking there is regulated by State of Missouri Division of Finance, and there are always govt reps to "cc", but the sites that talk up this bank is where they get many clients.

CheckingFinder needs to also be notified, because they should include in their disclosures that some banks do this. They list msnbc.com, DaveRamsey.com, Rasmussen.com, as primary referals, so I'd "cc" them. The bank needs to know that the sources talking about them to the public will be notified if they don't exhibit consumer confidence.

And if the Bank ends up not giving a hoot, then you can inform such sources, since they have forums and commentary. I'm hoping the bank will do the right thing.

It's the principle, since it's not in ANY disclosures up front of either CheckingFinder or RBOM.

1
Comment #11 by Anonymous posted on
Anonymous
Might help when you write to quote them their own Mission Statement, particularly on "Courage" (and Accountability) below.

http://www.royalbanksofmo.com/home/about/profile

Our Core Values

At Royal Banks of Missouri, clients are our First Priority.
* Teamwork - our team includes our clients. We need them to partner with us so that we can provide awesome service.
* Courage is rarely seen in the business world today. However, it is needed for people to act honestly and with integrity. Our bank is built on treating people fairly.
* Accountability is the cornerstone of any financial institution. Our team members are not faces in the crowd. We want you to know whom you are dealing with for your financial needs.
* Innovation is a critical component of our service delivery. We will provide the big bank service.

1
Comment #12 by Anonymous posted on
Anonymous
If you really think about it, the fact that this bank, or any of these banks for that matter, might have "hidden" fees or would nonchalantly **** someone around......should really not come as a huge surprise. Banks aren't doing us a favor by offering what amounts to being 10x to 20x the national average in interest with these accts. There are many thousands of "community" banks across the country that are not offering 3-4% interest on any of their accounts. So why are these handful banks doing it? Why are these rates so obscenely out of line with other banks? Bottom line answer is that these banks don't comptete well in their local area. They're obviously not very well run community banks. They're not convenient enough & not very good at the hundred other things that community banks are supposed to be good at in comparison to the major banks in their area. I mean, I have a small community bank in my area (less than 10 branches total) Their best interest rate on anything is less than 1.5% on a CD. They're not hanging a sign saying 4% checking to anyone in the country because they obviously don't need to. Hell, if they hung a sign saying 2.5% on something, half the state would be here depositing. Obviously Royal Banks & these other high yield account banks do this because this is the only way they can get new customers through the door. And that's certainly not literal because 99% of these new customers will never set foot through their door. Think about all this before you send your 25k half way across the country.

1
Comment #13 by Anonymous posted on
Anonymous
Anonymous 2:50am: dont forget that it could be alot of marketing and promoting from BankVue FirstROI and gullable bank execs at these small banks. To 10:36am: not sure who you spoke with or if the rep was referring to RoyalBanks ofMissouri's other checking accounts, or if this bank is constantly increasing their fees and not disclosing everything. The Truth In Savings Disclosures for the Majestic Checking dated 11/04/2009 states "Closed account fee within first 180 days is $50.00". I'm not sure what it was on and before 10/31/2009 for marialaxara. Also, why is this bank not disclosing other important disclosures for banking consumers, such as "Availability of Funds", the "Schedule of Fees" for all bank services. Stay away?

1
Comment #14 by Anonymous posted on
Anonymous
I'd bet that the $50 account closing fee wasn't there previously. But the truly stupid part is that if one wants to "close" an account & avoid the fee they can do so quite easily by withdrawing through their debit card or checks. So the only reason someone would suffer their ridiculous $50 closing fee is if the fee wasn't disclosed to them. Very underhanded but unfortunately quite typical. Stay away? No walk away............quickly.

1
Comment #15 by Anonymous posted on
Anonymous
Anyway you want to look at it, this bank is either incompetent or doesn't give a crap. Also, as self important as sites like this one & others of this type like to feel, added together they don't add up to even 1 percent in new business for this or the other banks offering these types of deals. So who cares about a few negative comments. Most people are too lazy to even read them.

1
Comment #16 by Anonymous posted on
Anonymous
Come on, almost all RCAs come with account closure fee (typically within (30-90 days) and dormant fee (typically 6 months).

1
Comment #17 by Anonymous posted on
Anonymous
RBM seems a royal "pain." Once you click to their website, they have this annoying commercial (bob Ramsey?) with a loud and nasty sound.

I e-mailed them and they finally got rid of that stupid tape.

Now that they are the "best nationally available RCA", let's broadcast that and count the days it will drop its rate; LOL.

1
Comment #18 by Anonymous posted on
Anonymous
The complaint about early closure fee has no ground.

Lady, you have the right to change your mind, but banks have the right to demand that you pay for it. It is most fair!

I like the argument that whenever there is some tiny issue, it is THE BANK that conspire to get you, the small potato!! Or even some Government conspiracy!! What a joke!

1
Comment #19 by Anonymous posted on
Anonymous
Let us see how soon this top-rated national RCA would last in their rate... 1, 2, 3, ...

1
Comment #20 by Anonymous posted on
Anonymous
Of course the bank has the right to charge closure fees or any other fees for that matter. That IS NOT the point. The point is that the bank must DISCLOSE the fees they are charging. They must also DISCLOSE any changes to the fee so that the customer can look at his options. Royal Banks has done either. They only disclosed AFTER the fact. Got it?

1
Comment #21 by Anonymous posted on
Anonymous
It is also the reponsibility of bank customers to track the fee schedule. When all RCAs are charging account closure fee and inactivity fee, one had better be on the alert!

When Maria asked to close the account (the lady reserves the right to change her mind), it is definitely her responsibility to check the account closure fee (it is somewhat her fault to change her mind after setting up the account, IMO). Asking what she had to do does not pulse the bank to reveal fees (I would not if I were the CSR).

Anyhow, that is the issue. When I make any changes, the first thing I would ask is if there is any fees involved. It is common sense. I do not think that RBM was hiding fees at all.

1
Comment #22 by Anonymous posted on
Anonymous
In addition, you need to show me (and RBM) that they did change their fee for this case, I do not see that at all. A big bank like RBM has no need to do that for a chicken fee like $50!!

Come on, not the whole world is out to get you. Just let it go; or if you are so sensitve about the $50, go to their president's office and ask for a one-time courtesy. But to balme the bank in this case is totally uncalled for!

1
Comment #23 by Anonymous posted on
Anonymous
correction: blame.

1
Comment #26 by Nini (anonymous) posted on
Nini
It's no longer available nationwide

1
Comment #27 by Dave (anonymous) posted on
Dave
I tried to open a new account but it is not available in my area.

1
Comment #28 by 51hh posted on
51hh
As the top nationally-available RCA, it will not last long (see 12/25/09 7:13 PM post).  Next move may be rate dropping.

1
Comment #29 by 51hh posted on
51hh
OK, next move is changing required number of debit transactions from 10 to 15; then the rate reduction when they find out the above change would not do a thing to their profit.

2
Comment #30 by Anonymous posted on
Anonymous
Indeed, Majestic has made another move but it's not rate-dropping (so far).  I just received an e-mail from them that states

"Beginning March 9, 2010 the bank will require each client to complete 15 Debit Card Transactions monthly for each Majestic Checking Account. Previously, you were only required to complete ten transactions in a statement cycle."

 

1
Comment #31 by Sarah N (anonymous) posted on
Sarah N
Account opening notes which might be useful to others:

Apparently I tried to open an account right after they restricted availability through checking finder, but before the official cut off.  I called when the "nationally available" account couldn't be opened through checking finder and they had me open it by mail instead, which worked fine.  There is a long hold for check deposits for new accounts/out of state checks (not unreasonable, but don't plan to withdraw your money for 11 business days.)

I asked about free starter checks and they offered to order me 50, no charge.  They arrived the following week, about the same time as the debit card.

Everyone I've contacted on phone or e-mail has been helpful.

1
Comment #32 by 51hh posted on
51hh
My post on 26 January:

"OK, next move is changing required number of debit transactions from 10 to 15; then the rate reduction when they find out the above change would not do a thing to their profit."

Sadly it becomes true on 14 April: Rate dropped to 3.51%; which is the norm (for new offers as well as old RCAs) these days.

 

1