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Important Gotcha for Those with Reward Checking Accounts

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The most troublesome reward checking requirement is meeting the number of required debit card purchases for each monthly cycle. If you're late in making those last required debit card purchases, you may not meet the deadline. A reader emailed me about his experience, and it shows the risks of waiting too close to the end of the cycle. Here are excerpts of his email:

I'm currently having a problem with a 'rewards checking account' that relates to the record date of transactions -- i.e., whether these posted during the 'qualification' cycle. Although it seems to me the evidence based on transaction dates shows that I'm clearly 'in the right' so far I am not making any headway with the Bank.
...
even though the 'debit' usage immediately debits the account for the funds in question, it appears that some banks do not always use that date as the posting date. It seems to me that should not be the case, and that in general 'posting dates' should not be left to the arbitrary discretion of banks.

If you're near the end of the cycle, a good tip is to make PIN-based purchases instead of signature-based purchases. This assumes that your bank accepts PIN-based purchases for meeting the requirements. Some banks only allow signature-based purchases since banks make more money on these transactions.

As the reader described, even a PIN-based purchase may not post immediately even if it's made during a business day. The funds may be debited from the checking account, but the posting date could be delayed. So you may find that you will be late in meeting your reward checking requirements.

I've found some information that explains how debit card purchases are processed at this website of the Federal Financial Institutions Examination Council's (FFIEC). Here's an excerpt that summarizes how debit card purchases are processed and when the settlement occurs. Perhaps the settlement time explains the delay.

Both credit and signature-based debit card transactions are processed in batch mode at the POS [Point of Sale], and settlement is delayed until the batches are processed at the end of the day. PIN-based debit card transactions, although processed in real time at the POS, typically settle at the end of the day using the ACH.

If you have more information about the time it takes for the different debit card purchases to post in your account, please leave a comment.

The reader reported that the bank finally relented and gave him the reward interest rate. So this also shows that if you think your bank was wrong for not paying your reward interest rate, make sure you contact your bank and don't give up too early.

For more information about reward checking accounts, please refer to this overview of reward checking.


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Comments
65 Comments.
Comment #1 by Anonymous posted on
Anonymous
Another gotcha: floating/inconsustent qualification periods. For example, see below for Air Academy start and end dates for upcoming cycles.

December-09 11/30/09 12/30/09
January-10 12/31/09 01/28/10
February-10 1/29/10 2/25/10
March-10 2/26/10 3/30/10
April-10 3/31/10 4/29/10
May-10 4/30/10 5/28/10
June-10 5/31/10 6/29/10
July-10 6/30/10 7/29/10
August-10 7/30/10 8/30/10
September-10 8/31/10 9/29/10
October-10 9/30/10 10/28/10

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Comment #2 by Anonymous posted on
Anonymous
A lot of tricky spots for RCA. Banks do need a lot of failures/charges to make money.

If a certain RCA is filled with smart customers who do requirements like clock work, this RCA is bound to change rate drastically or even close their offer; as witnessed more and more recently.

The least we can do is to do some generous debit transactions; not eh cheap-shot $1 ones or even a few cents ones.

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Comment #3 by Anonymous posted on
Anonymous
I have one RCA that sends an email telling me the whether I've qualified for the rewards and when the next cycle will end, generally the last business day of the month.

For all of the RCAs, I try to make my purchases at least a week before the (expected) deadline.

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Comment #4 by Anonymous posted on
Anonymous
It's only been talked about and stated a million times...Get them done early...And do a couple extra, just in case.

BTW-Thanks to the crybaby in the post. We need people like you to keep these RCA's around.

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Comment #5 by Rick (anonymous) posted on
Rick
I echo sentiments already stated that you need to start early. I have two accounts that I have to get 10 transactions each. Unless a charge is over $500 I use my rewards checking card. I make sure I do 12 or more transactions for each bank. It is not worth penny pinching when up to $100 in interest per month per account is at stake.

If you don't meet the requirements one month chalk it up to experience and a cheap lesson in not procrastinating the day of your charges.

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Comment #6 by rjm (anonymous) posted on
rjm
I have 4 accounts and I try to knock out all 48 transactions as soon as possible.

Samsclub gas is my favorite place to knock out a bunch of transactions. Ive done 15-20 at a time and their pumps have never shut me down.

One of my accounts is down to 2.53% so I plan on closing that one. Its just not worth the trouble for that much extra. Might just stay at 3 accounts. One with $100k, one with $30k and the other with $25k. All 4%.

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Comment #7 by Anonymous posted on
Anonymous
I agree with Anonymous at 9:22 AM. The bank is giving me a good deal so I should only be fair with them. I try to make purchases of at least $5 apiece.

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Comment #8 by Mario (anonymous) posted on
Mario
For the several RCA's I've openend, most or all of them informed me at account opening that it could take a few days to settle debit transactions and not to wait until the end of the month. Often, they recommend no later than the 25th or 27th of the month.

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Comment #9 by Anonymous posted on
Anonymous
I start all mine the 3rd day of the month; I'm done by the 12th. Never had a problem.

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Comment #10 by Anonymous posted on
Anonymous
I've been hit with a Gotcha this month.

The bank requirement is 10 debit card transactions. They're telling me I had 9, because my PayPal transaction does not count, since apparently PayPal processes check card transactions as ATM and not POS transactions. There is nothing about this distinction on the bank's website where account requirements are listed. The site just says you need to make "10 check card transactions".

I am not an ATM user, so please tell me: is it common knowledge that an ATM transaction is not the same thing as a check card transaction?

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Comment #11 by john (anonymous) posted on
john
Banks - like insurance companies - are only interested in one thing; removing as much money from you and I as possible.

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Comment #12 by Virginia (anonymous) posted on
Virginia
To Anonymous asking about PayPal - yes, it's pretty common knowledge that ATM transactions don't count towards the required number of purchases and most banks make this pretty clear in their terms and conditions. Banks make money when you use your card to buy something (profit), but often refund fees as a perk when you use a foreign ATM (loss).

However, I'm not sure that I would have guessed that a PayPal purchase would have shown up as an ATM transaction. I can see how arguments could go either way on that one, though. In general, I try to make purchases early in the month and check my balance frequently to make sure the transactions count. As Rick mentioned, I also try to do a couple extra debits per month as well, just in case. I also figure it keeps the bank happier and less likely to close my account. ;)

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Comment #13 by Dugggg (anonymous) posted on
Dugggg
Paypal tries to process debit cards as an ATM transaction if possible, so it's not your bank's fault.

When paying with Paypal, go to Funding Options and specify the Visa/Mastercard network.

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Comment #14 by AtHomeDad (anonymous) posted on
AtHomeDad
I'll weigh in here as well. With 2 different RCA's and dozens more researched, there are definitely particular requirements you have to attend to.

1) posting delays. It can be up to 2 days, but generally occurs 1 day after the POS takes place.

2) Signature-based transaction. Make sure you understand what transactions count (internet, PIN, or signature only).

3) Statement cycle for qualification. Some have really odd cycle dates (e.g., 3rd Wednesday of the month).

From one of my account disclosures:
"The 12 or more Non-PIN debit card transactions must POST (emphasis in original) to your account on or before the fourth Tuesday of the month. Processing time varies with each MERCHANT (emphasis added) so please allow several days for a transaction to post to your account. Be sure to use your debit card early and often each month to conduct Non-PIN card transactions."

Early, often, and with a simple strategy. (I use it for certain budget items.)

I agree with a couple earlier posters: This is are end of the bargain, and thus our responsibility to monitor, and meet in spirit, as well as letter.

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Comment #15 by Anonymous posted on
Anonymous
Do better by paying with a CC with rewards points and making off the float and postponing payments via bill payment to a CC.

No need to make sure there are a certain number of transactions or worry about fees on the account.

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Comment #16 by Anonymous posted on
Anonymous
The RCAs are one of the few bright spots left in this current environment of pathetic rates. Why would anyone be so greedy and selfish to abuse them and hasten their demise, which will affect everyone who uses them? Shame on rjm and people like you.

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Comment #17 by Anonymous posted on
Anonymous
I agree, banks could save thousands of dollars a month simply by severing clowns like rjm.

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Comment #18 by Anonymous posted on
Anonymous
First, Gas pump shuts you off after at most 4 transactions (2 on PIN, two non-pin); in Mass. I doubt the 15-20 at one time!

Off-topic: the new depositaccounts site is messy, confusing, and terrible! Many banks are listed wrongly (e.g., Goldwater Bank). OK, it is fixed now; but still no comparison to the old highhyieldcheckingdeal.com. It is sad.

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Comment #19 by Anonymous posted on
Anonymous
Why the name-calling for a discussion forum, how low can people get?

Talk on issues, do not attck persons. Is that so hard??

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Comment #20 by Anonymous posted on
Anonymous
In life there are things more important than money.

Ive been trying to meet someone for years who I have adored and then everytime something came in thinking I have lost the chance to meet and me feeling sick and to date I keep looking for her to see if what happened is true since I miss her immeasurably.

Life just isn't about money. Its about having people around you who are best of breed in their respective fields and diciplines and having great people surrounded around you at all times who are there with you, not against you.

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Comment #21 by Anonymous posted on
Anonymous
i have 3 rca all with oddball monthly periods. FNCB in Pa starts on the 5th of the month. Patriot Bank in Fla. begins on the 2nd tuesday of the month and Farmers and merchants in VA starts on the 3rd wed. I have a monthly calendar and circle the dates. I am now using the Farmers card(3rd wed of month) I also do due diligence as far as not getting ****ed. I use the card the day after the interest is posted and usually do 13-14 charges on each card,within a 10 day period just to be safe! I average about $15-30.00 on each charge. I also got ****d by 1 bank but you live and learn. I had about 3 bankpay bills paid thru their website and did not get the interest. Why? They had to be debit payments initiated by the biller. So now my Chase Credit card and Amex and discover are all paid thu the charge card site. They dedeuct the funds from the acct. But if you live by the rules. it all works.

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Comment #22 by Anonymous posted on
Anonymous
"Why the name-calling for a discussion forum, how low can people get?"

Too funny. How about racking up 15-20 charges for pennies or a few bucks each, just to game the system? Is that low enough? Hello!

"Talk on issues, do not attck persons. Is that so hard??"

We are talking about issues. This particular issue is that a few people are taking blatant advantage of a good thing, and that will ruin it for everyone. Gee, I wonder why are you defending this behavior ... .

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Comment #23 by Anonymous posted on
Anonymous
Someone mentioned using the cashback option at checkouts to make transactions appear larger. I have been doing this recently, then I just redeposit the cash. Banks get their larger cut, and I'm not spending more money really. This should make everyone happy, except maybe the merchant.

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Comment #24 by Anonymous posted on
Anonymous
I never used cashback at a merchant checkout. Are there any fees associated with that feature?

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Comment #25 by Anonymous posted on
Anonymous
I know my local Walmart and Meijers grocery store doesn't charge a fee for cashback, but when I tried it at a Dollar Tree, last week, they wanted me to OK a one dollar fee. I just clicked "no" and it cleared the cashback option. So, I guess it depends on the merchant.

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Comment #26 by Anonymous posted on
Anonymous
"In life there are things more important than money."

How very, very true!
However, this blog site happens to be about money.

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Comment #27 by Anonymous posted on
Anonymous
509: Now you're talking about issues rather than attacking persons.

If you do not know the difference, mercy on you.

About small transactions, it is human nature. It is not correct, but people do that all the time due to greed. I would encourage all RCA users to do at least a few $5 - $10 transactions, and more transactions than required.

Even with a stronger requirements imposed by FAB&T (as an example), they had to reduce rate significantly (4.44% to 3.5%).

It is just a token cooperation/appreciation from us customers.

You will find those who do small transactions are heavy rate hoppers as well (both from the origin of greed - human nature; not criticizing). They all fall into the category of "win small, but lose big" in life.

Being "cheap" in life eventually loses in any endeavor, personal life, family life, and social life.

JMHO.

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Comment #28 by Anonymous posted on
Anonymous
JMHO.:

Good to know it's just your OPINION.

Why must the topic get off the subject matter and turn into lectures on social life?

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Comment #29 by Anonymous posted on
Anonymous
The point was to give back some to RCA banks, why is that off-topic and name-calling (like clowns) is unnecessary

And what have you got to contribute back to topic??

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Comment #30 by Anonymous posted on
Anonymous
RCA Rules:

1. Do not fall in love with banks. They are solely for profit. Thus regard RCAs as offers, not charity.

2. Most RCA customers have reward credtit cards, thus debit transactions eat directly into reward. Hit a balance with debit card transactions (in amount as well as numbers). Many banks expect RCA to be used as primary banking account. thus charge on a variety of purchases (gas, coffee, restaurants, supermarkets, etc.).

3. Select only those that are "less known" and "more restricted (in membership)" for stable APY for a long period.

4. Do not do rate chasing. Banks eventually come down to norm/mean. Thus a solid 4% RCA is better than a 5% popular RCA.

5. I have 14 RCAs and I run it like a business with no error margin!

Good luck, folks.

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Comment #31 by rjm (anonymous) posted on
rjm
Anonymous, at 11:17 AM

Please give more detail on how you go about making over 150 debitcard transactions per month.

Let alone making them for a variety of purchases !

I have considered more accounts but frankly, Im not sure Im organized enough.

In fact, my first month with my 4th account, I ****ed up and forgot a deposit and lost rewards on $100k.

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Comment #32 by rjm (anonymous) posted on
rjm
Regarding gas pumps shutting you off, Im well aware that that IS the case at most gas stations. But, with 4 cards, one can still do a number of transactions by swapping cards at one time before some angry indian comes running out cussing in a strange language. (LOL)

Sams is the only place that Ive made lots of transactions at once without getting shut down.

It is a bit more cumbersome as it requires entering your member card every time.

I am reluctant to forgo my regular rewards (5% on Gas, 2-5% on groceries and 1.25-1.50% on everything else).

Aldi is the only place that doesnt accept credit cards and I only go there 3-5 times per month.

I dont feel the need to "give back" to these banks. The average joe with a $600 balance does that for me.

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Comment #33 by dmx (anonymous) posted on
dmx
When I opened my reward check. acct. I checked maybe 20 banks & CU'S, ALL of them explained CLEARLY that the day of the transaction IS NOT the date of POSTING to the acct. That guy tried to be "SMART" and take advantage of his bank and have ONLY the required debit card transactions required, instead of just using his D. card more often during the whole month. People like him give A BAD "taste" to banks & probably we'll all loose at the end of the day by banks putting more restrictions on reward accts.
If I was his bank I would have DENIED his claim & tell him to look for a different bank if he wants to. STOP PLAYING GAMES, BANK IS A BUSINESS TOO & NEED TO MAKE MONEY TOO.
a fan of rwrd. acct.

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Comment #34 by Anonymous posted on
Anonymous
1217:

It is very easy for my 14 RCA accounts. I am usually done within a week after the monthly start date.

It is like clock work; mainly with utility companies and gas station.

ACH is met with Ally.

The most important point of RCAs is to "double-check" each account painstakingly toward the closing date of each month (usually a week before).

BTW< I have two $100K limit, 4% APY RCA accounts.

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Comment #35 by Anonymous posted on
Anonymous
Continue from above post:

When requirements are met, I styill use debit cards continually with all knids of purchases and generous amount.

Record is the second most important point for RCAs. Use a nice notebook, tabulate all cards, and record the purchases as soon as they are made.

I am an engineer so it is not a problem for me to be mechanical and repetitive; especially for profit.

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Comment #36 by anonymoussteve (anonymous) posted on
anonymoussteve
No one would deny that it's best to get the debit card transactions out of the way as soon as possible during the cycle.

But there are circumstances where that may not happen -- e.g., mislaid debit card that can't be found for days or weeks, trip outside the U.S. where debit card use may not be cost-effective compared to using a credit card, etc.). In those circumstances, the question is whether or not the bank can arbitrarily date debits so that they fall outside the qualification cycle, or whether the Bank is bound by any rules or regulations which protect the customer from that happening.

If you make a PIN-based debit it is an immediate withdrawal of funds. If you had $50 in your account and use the debit card at a retailer to spend $50 you can't then make another $50 purchase because the money isn't in your account. If the Bank knows the money isn't in your account as a result of the first purchase, it shouldn't be able to post the transaction on some other date than the one on which it occurred (if it's a PIN-based debit).

And as far as scratching the banks' backs goes, let's not forget that they have the use of your $25K or $50K to do what they want with, so it's not like they're getting nothing except via the debit card transactions.

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Comment #37 by Anonymous posted on
Anonymous
rjm: LOL on Gas Pump stories. I, of course, had similar experience. Some guy kept shutting off the gas even after the first charge. Nasty guy with a real bad mood, haha.

OK, of course I know the multi-card drill at the gas station. So far, I identified only one Mobil Station that is totally hands-off. I can do 20 transactions without any interference. I thought ath you said 20 with one card, that must be magic.

In this cold weather, I refuse to go through the gas station torture. Just stay home and play with online charges.

People are green with envy to attack you, carry on with the good work!

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Comment #38 by AtHome Dad (anonymous) posted on
AtHome Dad
"Green with envy" at the thought of standing there at the gas pump to make a $30 fill into 30 transactions?

No thanks.

We all meet the RCA requirements in our own way, and have the accounts for our own needs (14 of them?!!).

This has been an enlightening and entertaining discussion.

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Comment #39 by Anonymous posted on
Anonymous
Not surprised that the bank will try any way to reduce the interest payout wherever they can. Someone who does a $1.00 purchase multiple times from one merchant will look very odd on an account statement as well as to the processing center. I guess since a computer is handling all of these transactions, then the bank won't notice it. But I guess if you can juggle 14 RCAs at the same time, then more power to you. I guess if Tiger can do it, anyone else can too (with 14 mistresses and counting).

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Comment #40 by Anonymous posted on
Anonymous
To each its own...

I have my own money, banks' 0% credit card money, and low-rate HELOC money.

14 accounts are a bit too much, but there is a balance point (say 4% APY) that I would stop doing that and close RCAs. So, hopefully I would not do that for the rest of my life.:-)

Now comparing this RCA chore to Tiger's adventure is both off-topic and irrelevant; but FUNNY. First, I do not enjoy doing 14 RCAs as much as Tiger enjoy doing 14 blonde. Second, it is legit to do 14 RCAs (I definitely do more than the $1 debit transactions). Third, I would never fall in love with any of the RCAs. Fourth, some may be green with envy with Tiger's money and women but we all know that Tiger is not happy at all.

Well, the Tiger-claimed addiction one (which I do not believe) is a bit similar to the RCA part...haha

Peace!

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Comment #41 by Anonymous posted on
Anonymous
When banks figure out that they are not making as much profit as they thought, they will phase out RCAs as old time memories.
Enjoy it while it lasts. For all of you who are abusing it, shame on you, low life creatures.

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Comment #42 by Anonymous posted on
Anonymous
Define "abuse" exactly??

Banks offer RCA with T&Cs, customers earn interest via staying within bank T&C. What is so "abusing" about it??

Several banks set minimum debit card transaction to $5 - %10; then one has to abide by it to earn interest. Otherwise, anything is legit.

Banks, on the other hand, put vague rules like using RCAs like primary checking accounts. It is for them to request and for customers to follow according to their interpretation.

It is more like a legalized game. As long as one gets by with the claimed high interest monthly, it is even.

As for "low life" name calling, where does the anger come from? Are you a victim from RCA "abusing" or you are just anrgy that you did not earn such interest?? My sympathy to you:-)

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Comment #43 by Anonymous posted on
Anonymous
I for one am glad that the abusers have found this outlet for their sociopathic tendencies. Otherwise, they might be out mugging little old ladies for their change, or worse. No matter how you try to justify it, it is just plain wrong.

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Comment #44 by CU (anonymous) posted on
CU
The reason the “qualification cycle" is a little ambiguous has to do with the timing of how a bank or credit union chooses to process their month-end cycles and how the requirements of the account are tabulated. In addition, the number of consumers the institution serves comes into play. The back-end systems that tabulate the number of debit card transactions, checks for direct deposits or ACH transactions, monitors your on-line banking sign-on’s and flags your accounts for electronic statements - can take a long time to do its work. That being the case, sometimes having a "traditional" monthly cycle for qualifications might delay payment of your rewards and payment of interest on any other deposit account until the second business day of the month. That would impact EVERY consumer of the institution regardless of whether they have an RCA or not. Most FI's (and their consumers) don't want to inconvenience the bigger group, nor do they want to extend the payment of interest/dividends into the second business day of the month. Unfortunately, that sometimes causes FI's to choose a timeframe other than the typical "first-to-the-last-day" of the month for their qualifications cycle. It can be a difficult condition for non-employees to grasp. This could cause some issues with the processing of debit transactions of course. However, most institutions who truly care about more than their bottom line would be willing to extend a level of amnesty for those consumers who are surprised by the atypical cycle.

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Comment #45 by Anonymous posted on
Anonymous
Better be a rich abuser than a poor wretched who calls everybody clowns and low-life.

No justification needed, the 5% interest for several ten-thousands speaks for itself.

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Comment #46 by Anonymous posted on
Anonymous
To the self proclaimed abuser above this post:
You are not rich person, money does not make people rich.
Only low-life persons think that way.
Richness is found in the good character, good deeds, caring and giving and being responsible.
You are missing the whole point in life. Character like you can have all the money in the world and still will feel miserable if not involved in some sort of mischief.
Gloating and praising yourself proves my point of view.

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Comment #47 by Anonymous posted on
Anonymous
758: Thanks for the social lecture for all. Off-topic again.

You really do not know me at all. And you keep on your "low life accusation." That is not healthy for your mental life, dude.

How do you know whether I am rich or not? I was just making a general remark.

Accusing others without any fact proves my point that you are just wishing for those good characters of a so-called "rich person."

Are you being responsible to accuse an unknown person on the internet based on a paragraph or two?

Do you have good character/deed to do that based on extremely limited information? Who knows, we may have mutual respect for each other if we get to truly know each other? Why are you being so presumptuous?

Reading through your own post and the tone of your post, do you feel that you are kind to people?

I was making general remarks on earning 5% is good enough, abusing or not is not an issue at all.

And you are launching personal attack, accusing me being rich (thanks, I am not that rich at all) and living a miserable life.

Hey, it is Christmas. Truce to you and wish you/your family a Merry Christmas and Happy New Year!

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Comment #48 by Anonymous posted on
Anonymous
Enough meaningless debate/stuff for the above 2-3 posts (Please stop and take it to sideline):

Back to Topic:

Another point of challenge for RCAs is when to change to a bank of higher rate.

My criterion is that it will take at least 1% difference for even considering a change of bank.

Somewhat related is whether to keep all the RCAs or to close some of them (once becoming unattractive). My criterion is to close those that have really low APYs (e.g., 3%), but keeping others; in the hope that they will return to high rate in the future. Note that most banks charge fees for early closure (90-180 days). Most banks also charge dormant fees after 3-6 months of inactivity.

Yes, traps after traps to watch out for.

Hope this helps.

Let us help one another in this thread instead of meaningless debate on how one meets debit transaction requirements (and whether it is abusing or not). We are not the banks and we are not consumer advocates!

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Comment #49 by Anonymous posted on
Anonymous
There are always people with bad mood accusing everybody doing something wrong, even with mostly anonymous posts.

Well, there may be just 1, at most two; hint, hint.

I do not even know, and care, what the fight is about!

Can't we just get along?

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Comment #50 by Anonymous posted on
Anonymous
Anony (8:35 PM):


It seems to be a losers' game to rate chase. Banks usually offer high rate to attract new money/customers. Once the quota is met (money-wise and fund-wise), they drop rate, coupled with limits locality.

It may be wise just to stay with some local restricted banks with stable rate.

I keep all RCAs due to laziness.

Good points though for important gotcha.

Thanks for your contribution.

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Comment #51 by Anonymous posted on
Anonymous
Let's get it clear:

Charging $1 or so on RCA debit transaction may be a loophole of banks. They detected that long ago. Many banks do not care. For those who care (FAB&T, etc.), they further clarified in their T&C (or FAQ) that they define debit transactions as at least $5 - $10 per transaction. For those who do not care, there is no abusing if one does such small transactions (pending further warning). All customers are playing by the banks' rule so there is no such term as abusing. The dollar coin buy/sell is another matter, typical as abusing can be used.

We are not clear why certain ones are so sensitive to put a big hat on people in general without any facts and proof.

Just show us how any internet forum can be filled with strange personality; that we try hard to stay away from.

We, for one, do at least $4- $5 transactions. Look at it this way, for 12 $5 transactions, it is $60 per month and a loss of $1.2 in credit card reward loss (for a 2% card). Thus recommend charge to things that is usually in the 2% category (e.g., utility) and give back the $1.2 a month.

Case solved and no arguments incurred!

Last point, banks change rate all the time; really very little to do with small debit transactions. To repeat, if they think that it is a problem, they simply need to impose new rules on debit transactions, like some banks did.

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Comment #52 by Anonymous posted on
Anonymous
I agree with the above post, a balanced view of Reward Checking.

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Comment #53 by Anonymous posted on
Anonymous
Looks like the top critics for small RCA debit transactions are gone; maybe to attend the next heated political debates.

Positively, this forum has become more lively with these "interesting" personalities.

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Comment #54 by Anonymous posted on
Anonymous
Those negative persons have too many fronts to cover:

Finance, Health Care, Tiger Wood, ****-****tual, Corporate Conspiracy, Politics, and of cource, reward Checking.

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Comment #55 by Anonymous posted on
Anonymous
I wish I could break down my monthly payments into separate $1 transactions. Then I could easily fulfill all of the requirements of well over 100 RCA accounts. But then my Form 1040 Schedule B would get very crowded though.

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Comment #56 by Anonymous posted on
Anonymous
Most utility companies (e.g., telephone, cell, etc.) allow $1 multiple payments, FYI.

BTW, most people who criticize RCAs never tried RCA at all; then they feel all green when people did them easily.

Come on guys, it is not rocket science.

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Comment #57 by Anonymous posted on
Anonymous
$5.00 seems to be the smallest payable amount with any of my utilities or creditors.

I am against minimal $1 dollar purchases, especially at small mom/pop type businesses, but I often make small donations to charity. A couple of my local charities don't mind at all getting my small donations. Even after fees, they are ahead.

You can even donate a dollar to banking guys paypal donation link. After fees he probably still clears .70 cents. Better then nothing, and your not hurting a small business owner.

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Comment #58 by Anonymous posted on
Anonymous
Verizon, T-Mobile all allow transactions of $1 and more.

We do at least $4 - $5 payment as well.

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Comment #59 by Anonymous posted on
Anonymous
You mean that I can submit 400 $1 EFT debit transactions every month to my utility company if my bill is $400? For example, I have three insurance bills that come out to $1500 last month. I can send 1,500 $1 debit card payments to them? What about my real estate bill that is over $5000 a year now? I can send 5,000 $1 over the year? I guess if the biller gets their money in full, then they won't care if it comes in piecemeal?

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Comment #60 by Anonymous posted on
Anonymous
No, not insurance/RE bills since they do not have their website desgined for it.

Only Utility companies like Verizon.

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Comment #61 by Anonymous posted on
Anonymous
Last word on RCA:

IT ROCKS!

Those who **** and moan about abusers just do not have the nerve to test it out.

They are missing a lot, with a mere 1% - 1.5% APY saving rate.

They may win in the high-horse ethical debate (and money isn't everthing poorman logic), but lose big time in the real life financial marathon!!

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Comment #62 by Anonymous posted on
Anonymous
I didn't think those that were talking about the abuse were only just using non-RCA accounts. I thought they were also RCA account owners who were "denigrating" their fellow RCA owners regarding their technique to "gouge" the system and then bring about its downfall (by having banks cancel those type of accounts). I didn't think that the criticism came from non-RCA customers?

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Comment #63 by sligg (anonymous) posted on
sligg
I have searched for the $100000 RCA but have found none.

To those that claim they have these $100000 @ 4% accounts, pray tell us where they are?

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Comment #64 by Anonymous posted on
Anonymous
A maximum rca appears to be 50k. Good is 25k. 3 to 4 percent... usually 3. The trend is less yield.

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Comment #65 by earthling (anonymous) posted on
earthling
it is all a game or contest if you will. the banks and regulators make the rules and can change them at will. observing the rules is the only moral consideration. so play well.

1