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New Reward Checking Option With Pretty Easy Qualifications

Wednesday, January 20, 2010 - 1:12 PM1st Commonwealth Bank of Virginia - Details
New reward checking option with pretty easy qualifications.

4.01% to $25K

requires 12 debit card purchases, and 1 direct deposit OR 1 auto debit OR 1 bill pay.

This is a new bank - just opened last fall - with one small office in Arlington, VA. I spoke to the branch manager and she said they will accept accounts nationwide. They have no online account opening process but she is willing, for now, to open them by mail/fax (they just started offering the account yesterday). As I said, this is a VERY small bank, so I am sure that policy will change if a ton of people call her!

Also, as far as I know, it's the only local bank here in the Washington DC area offering reward checking, so it's noteworthy for that reason as well.
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,950
1. Wednesday, March 9, 2011 - 1:21 PM
I just called the bank to open an account.  The person who answered the phone stated you had to live within an hour drive of Arlington (which could be around the corner in DC/No. VA traffic!)

BillGatesBillGates6 posts since
Mar 1, 2011
Rep Points: 23
2. Friday, March 11, 2011 - 5:36 PM
The bank board and executives were fined by regulators (OTS).

The OTS has an issue with a mortgage origination volume that exceeds the OTS's expectations based on the originally approved charter and business plan according to this Washington Post (3/6/2010) article:
jkinmdjkinmd15 posts since
Jul 1, 2010
Rep Points: 62