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Free Reward Checking Account at Pacific Resource Credit Union in California - Easy Membership

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Pacific Resource Credit Union

Update 10/02/10: The top rate has fallen to 2.27% APY. Refer to the bottom of the post for the rate history.

Pacific Resource Credit Union is offering a reward checking account called High Flying Checking. The account offers the following features if certain monthly requirements are met:

  • 2.27% APY on balances up to $15,000
  • 0.61% APY on balances over $15,000
  • 0.20% base rate if qualifications are not met
  • ATM fees refunded up to $25 per cycle (and up to $5 per transaction)

The monthly requirements include:

  • 10 debit card purchases
  • one direct deposit or ACH auto debit
  • receive e-statements

Additional features of the account regardless of the monthly requirements include:

  • No minimum to open
  • No minimum balance requirement
  • Free Resource Bill Pay

Credit union membership is open to any member of the Central City Police Boosters. On the first page of the online membership application, you can select "I would like to join the Central City Police Boosters. I understand that Pacific Resource Credit Union will pay my $25 membership fee." You can be eligible to join the credit union without joining this organization if you live, work, worship or attend school in metro Los Angeles, Carson, Cerritos, Cypress, La Palma, Lakewood, or Torrance. Please refer to the credit union's membership page for the full details. Membership requires a minimum balance of $5 in the share savings account.

Branches are located in Los Angeles and Carson, California.

The credit union is federally insured by the NCUA (Charter # 68414).

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:
10/02/10: 2.27% APY up to $15K; 0.61% over
07/01/10: 2.53% APY up to $25K
04/01/10: 3.04% APY
02/01/10: 3.56% APY
05/07/09: 4.07% APY up to $25K; 1.33% over
04/05/09: 4.25% APY up to $25K; 1.01% over; 0.20% base


  Tags: California, Pacific Resource Credit Union, checking account, reward checking account

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Comments
11 comments.
Comment #1 by Anonymous posted on
Anonymous
A nice thing about this account (as is true with many credit unions - although not all) is that they belong to the national network of credit unions, so you may have a local "branch" or several ATMs that accept deposits even if you live thousands of miles away from the credit union.

In this way, it can be more of a "local" account than a reward checking account from a bank that isn't in your area.

The link to the shared branches is here:
http://www.cuservicecenter.com/

The link to the ATMs is here:
http://www.co-opfs.org/public/locators/ATMlocator/index.cfm

1
Comment #2 by Anonymous posted on
Anonymous
What does it mean that "PRCU will pay my $25 membership fee"? Are they paying or am I paying to join??

I ssume the latter, but the writing is so **** stupid.

-1
Comment #3 by Anonymous posted on
Anonymous
I have called the credit union and they have said that if you are not eligible for membership by any other means (e.g. living in the Los Angeles area or working with a qualified employer, etc), then a donation to the Central City Police Boosters will be required to join.

According to them, the statement refers to the fact that the Credit Union would serve as your proxy and pay the $25 membership fee on your behalf by using the initial deposit you use to initially open the account. In other words, you are paying $25 to open the account. The statement simply states that the credit union act as a proxy so that they can save you some hassle in doing it manually.

Nevertheless, the rep's facts are quite contrasting, given this on the membership page:
"Membership is open to anyone who regularly works, resides, worships, or attends school in metro Los Angeles, Carson, Cerritos, Cypress, La Palma, Lakewood, or Torrance. Membership is also open to any member of the Central City Police Boosters and we can help you set up your Boosters membership. It's easy and free."

I guess either I am talking to an ignorant rep or their wording is just outright confusing...

1
Comment #4 by Anonymous posted on
Anonymous
Just to add to the confusion and how their wording can be highly subjective:

On their application page:
"I would like to join the Central City Police Boosters. I understand that Pacific Resource Credit Union will pay my $25 membership fee."

could mean the following:

1) The credit union will use THEIR funds to pay the membership fee for you, sweet!
2) The credit union will use YOUR funds to pay the membership fee for you, crap!

and on the membership page:

"Membership is open to anyone who regularly works, resides, worships, or attends school in metro Los Angeles, Carson, Cerritos, Cypress, La Palma, Lakewood, or Torrance. Membership is also open to any member of the Central City Police Boosters and we can help you set up your Boosters membership. It's easy and free."

could mean the following:

1) Since the credit union will use its funds to pay the membership fees for you, it will be easy and free for you.
2) The credit union will help you set up your Boosters membership for free (no charge for labor), BUT will still take $25 out of your account as membership to the Central City Police Boosters.

I wish they would clarify what they are trying to say online.... =\

 

2
Comment #5 by Anonymous posted on
Anonymous
The wording on the website is misleading.  I am sure it was meant to say that applying was free and easy and would be FREE as long as you are already a police booster member.  If you are not, then you would have to fork out $25 from your account funds to pay for becoming a police booster member.  To  assume that the credit union is going to pay for your police booster membership is sort of ludicrous.  I don't believe there are any credit unions that would offer to pay you money just to join them.  Now as for banks, they are a different story (they often lure you by offering bonus money just to open accounts).  Banks are like full service gas stations.  Credit unions are like self service gas stations.

2
Comment #6 by Anonymous posted on
Anonymous
Can anyone provide a link to open a Tiered Savings account?  I could not find any link on thair site to do so.  Also I find it odd that the Optima Money Market account with a $100,000 minimum balance is offering a rate that is LOWER than the regular money market account with a balance of over $50,000. Am I missing something here?

2
Comment #7 by Anonymous posted on
Anonymous
The tiered savings account rates are calculated using the deposit amount that exceeds the threshold of the previous tier.  In other words, the rate when you reach a specific tier DOES NOT apply to the deposit money below that tier.  So that is why the effective APY is BELOW the initial published rate.  If you have a deposit balance that pushes your overall balance to the next tier, your effective rate is actually closer to the previous tier's rate and not the tier that you just qualified for.  Very few banks do this type of interest calculation.  But this is a way to keep from paying more interest.  It is similar to how income tax is calculated when you file a return.  Specific income amounts are taxed at increasing tax rates from the tax rate schedule.  There is no "flat tax" rate.

1
Comment #8 by John C (anonymous) posted on
John C
Their rate now has been cut to 3.57%, and the credit union was slow/tardy in updading their web site to reflect the change... Any new RCA with them now is opening at 3.57%, not 4.07%.

1
Comment #9 by Anonymous posted on
Anonymous
They just announced that as of July 1, only debit card purchases > $10 will count towards the 10 transaction requirement.

1
Comment #10 by Anonymous posted on
Anonymous
Rate Drop to 2.53%APY and new requirements on 7/1/2010. Now ten, >$10 transactions a month are needed.

1
Comment #11 by Anonymous posted on
Anonymous
Requirments Changed:

10 , $10 or more, debit card purchases



 

1