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Lake Michigan CU 4% RCA 15K Cap 10 Debit Card Transactions Easy Membership

Sunday, January 9, 2011 - 11:44 AMLake Michigan Credit Union - Details
Not sure if this deal has been discussed before. 

This article Finding Big Yields in Small Banks - SmartMoney.com

mentions an easy way to join the credit union.  It is in fact one of the first options presented in the online application.   
10
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
1. Sunday, January 9, 2011 - 12:45 PM
Thanks for mentioning this reward checking account.

It has been over 3 years since I last reviewed this account and credit union. The rates have held up well over the years. Joining the ALS Association does appear to be an easy way to become eligible to join the credit union.
5
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
2. Sunday, January 9, 2011 - 1:05 PM
Have taken many of the seniors I help to open accounts at Lake Michigan. They are very friendly and very helpful to those that need a little extra help with the debit card or using their on line banking statement which you have to log into 4 times a month. Most are used to phone banking. The seniors like that it is a brick and mortar branch in our area and that they have  people they can talk to. Lake Michigan  took over Citizens credit union a few months ago and so they have more branches around us  and have built a new branch close to where I shop. I also have referred this credit union to others that are a lot younger. Looking at the statement 4 times a month can be challenging to the older group though. This is an unusual requirement but the site  has a status button that you can click on the see how many debits you have done, if your direct deposit was made in the right month, and how many times you have been on line looking at your statement.  Can use the card as a debit or credit to comply with requirements. Some retirement checks are deposited on the preceding business day if the 1st is on a weekend or holiday. They have been very understanding when this happens.
5
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
3. Sunday, January 9, 2011 - 5:09 PM
By Direct Deposit, it means pay roll type (not ACH), right?  Log in four times seems to be a piece of cake, one can do it all at once at the beginning of the month and forget about it.

The 15K/4%/10 debit transactions is indeed a good combo nowadays.
11
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
4. Sunday, January 9, 2011 - 6:16 PM
The CSR said a  direct deposit from payroll, pension or Social Security is required.  They said an ACH did not count. Did not mention any specific amount. Said the debit card could be used as a debit or credit and would count toward the requirement. Looking at your account 4 times a month is fine for fast internet. We have only dial-up no broadband etc where I live and it can take 20 minutes sometimes to get to the account and then sometimes we can get kicked out or the bank will kick you out. Then it has to reset before you can do it again. You cannot look at your account close the site and then sign back in. The system has to reset. That is what I was told.
8
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
5. Monday, January 10, 2011 - 7:38 AM
Note that on this account funds over $15,000 earn 0%.
13
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
6. Monday, January 10, 2011 - 1:35 PM
I spoke with a really pleasant, helpful CSR and have conflicting information about the DD (direct deposit) requirement.  Initially, I was told that it had to come from Payroll, but I gave the scenario of having money in another bank account that I wanted to push via ACH to LMCU in, say, $100 increments.  I was told that this would meet the DD requirement, as long as it was an ACH credit.  There is also no minimum amount for the ACH requirement.

Other information from the CSR:

* 1 account per primary SSN.  A child under 16 can't have their own checking account (except for specially designated kids accounts, so you can't get around this limit by opening an account for your under-16-y.o. child and being a joint accountholder on their RCA (reward checking account).  The total a person and their spouse can earn at LMCU at 4% APY is $30K.

* Unlike many other RCAs, there's is no first-month waiver of the requirements.  New members are advised that, depending on when they open the account in a given month, it's possible they won't start earning 4% APY until the following month.

* They use ChexSystems to check for negative information, such as charge-offs, but the CU doesn't care about the number of recent ChexSystems inquiries.

* No hard credit inquiry, although they do a soft inquiry (with no effect on one's credit report or score) for identity verification.

* FOM (field of membership) includes one's spouse, so once one becomes a member of the CU, their spouse can join the CU without having to join the ALS organization (for example).  A minimum $5 deposit is required to each member's share account.

* The rate has been stable for a long time, and, although there are no guarantees, the CU doesn't plan to change the rate.  I've no reason to doubt the CSR, but it's unllikely the CSR determines policy.  :)

It looks like a good opportunity, although for me, the low cap and restriction on number of accounts are deal-killers.  For a cap of $25K, I would have jumped at this offer.  This is obviously just my opinion and subject to change.  :)
14
glxpassglxpass38 posts since
May 2, 2010
Rep Points: 240
7. Monday, January 10, 2011 - 2:59 PM
GLXpass, very thorough write-up, thank you.    I agree that a $15K cap doesn't seem like a terrific deal.  Still, I regard it as insurance of sorts, especially if the number of Chex inquiries is not important.    I plan to move forward with the account, initially with minimal funds, a recurring ACH deposit and an occasional transaction.  That way I'll have the framework in place in case conditions deteriorate further as they have elsewhere. 

Rosie43, it's nice to know that they are as friendly and helpful in person as they are on the phone.  Thank you also for mentioning that funds over $15K pay 0% as that was not clear on the website. 

 

 
7
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
8. Monday, January 10, 2011 - 9:13 PM
I did a transfer to my account Sunday night. When I went on line today the trial transfer was done and the code was the same as my direct deposit and when I clicked the status button it said my direct deposit requirement had been met.
11
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
9. Tuesday, January 11, 2011 - 11:51 AM
Their online application system is new and they are still working the bugs out.  All applications still go through a representative, who will contact you.  I just spoke with one who was very friendly and extremely helpful. 

To complete the account application, they will send a packet of information which includes forms to be signed and returned.  Once they receive the forms, they send you a second packet with your account number, online ID, how to get direct deposit set up, etc. 

The CSR also confirmed that an ACH deposit originated at another institution will suffice for the direct deposit requirement. 

The qualification period for the debit transactions is from the first to the last of the month although that does not appear to be documented anywhere online. 
11
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
10. Tuesday, January 18, 2011 - 12:58 PM
I actually spoke to a CSR today and i was informed that they actually pull credit (hard inquiry) . I asked here twice and she answered positively on both occassions sounding very clear that its a hard credit inquiry

Anybody recently opened an account ? Did they pull your credit ? Please provide inputs

Thanks
2
recklessmaxrecklessmax12 posts since
Oct 18, 2010
Rep Points: 27
11. Tuesday, January 18, 2011 - 1:15 PM
It is under inquires. Not sure if it is a hard pull or not. I have 17 under inquiries in the last 3 years. Have never been denied an account and never has my FICO score went lower than 3 points to 796. I check it monthly. It has not moved from 799 in 6 months and I have opened 3 checking accounts and 2 credit cards during that 6 month period. So if it is a hard pull it has not changed my score.
7
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
12. Tuesday, January 18, 2011 - 6:20 PM
ANybody else have experience about hard credit inquiry with Lake Michigan CU ??The last hard credit inquiry with Beacon lowered my scrore by about 20 points
3
recklessmaxrecklessmax12 posts since
Oct 18, 2010
Rep Points: 27
13. Thursday, January 20, 2011 - 4:10 PM
ANybody else have experience about hard credit inquiry with Lake Michigan CU ??The last hard credit inquiry with Beacon lowered my scrore by about 20 points

I recently opened an account and had to unfreeze my credit report. Haven't had a chance to review my credit report since I just opened the account this month but when I do I'll report back.


So far been impressed with the bank. Applied online then received a phone call to follow up and verify credit report information. Final step was to sign an account agreement and send in a copy of my driver's license. Have already met the 10 debits and 4 logins. Set up an ACH transfer from my checking account and the trial deposit qualified as the direct deposit. I used my debit card to pay some utility bills. Some were processed as bill pays (not qualifying for the 10 transactions) and some as debit so check carefully. Hopefully the rate stays at 4%. J
6
76776719 posts since
Sep 20, 2010
Rep Points: 133
14. Tuesday, February 1, 2011 - 3:31 PM
I called today and was assured that the credit inquiry is a *soft* hit. If you're patient enough to wait a few weeks I may be able to report whether that's really true or not :).
3
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
15. Tuesday, February 1, 2011 - 4:18 PM
To recklessmax-- I recently opened an account at Beacon and Lake Michigan as well as 2 others plus an credit card. Not sure about hard or soft pulls but my FICO score never moved. I am not sure why your score went down 20 points while mine never moved.
3
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
16. Tuesday, February 1, 2011 - 5:36 PM
Post #15: Two reasons I can think of for varying hard-pull impacts on FICO score:

1. There are three credit reporting agencies, you may want to check all three for hard-pull impacts.

2. Banks/credit unions may do hard-pull selectively (or when needed). 
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
17. Tuesday, February 1, 2011 - 5:48 PM
 

51HH ---Thanks. I never use the score or even looked at it until lately out of curiosity. We don't borrow and I didn't care what it was. I just get it from Digital Credit Union. I just read all the posts about how bad opening accounts could be for your score and the same for credit cards. I do it all the time for the cash bonus and have never been denied and the score is 799 again this month.
4
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
18. Friday, February 4, 2011 - 1:49 PM
Hi guys,

I've been trying to find a good rewards checking account (this would be my first), and this one came across my radar.

Can anyone help with a couple quick questions?

- can you use the lake michigan account to initiate ACH transactions to/from other banks?  Any fees or limits?

- can you do an ach push and pull FROM other accounts?  (Can I initiate a pull from an outside bank?  I assume pushing money in is not a problem!)  Any fees/limits?

- For the debit card requirements, do they requir signature based transactions?  Pin-based?  Does it matter?  (Again, I'm new to this...)

Thanks - this has actually been the most helpful info I've found on LMCU online so far :)

-Jen
3
jendoejendoe3 posts since
Feb 4, 2011
Rep Points: 6
19. Saturday, February 5, 2011 - 2:28 PM
I do not have an account with LMCU, but I will answer these questions in general; hopefully account holders can add/correct/modify my answers:

Most RCA banks do not have their own ACH mechanism; with a few (nice) exceptions.

One can awalys pull/push from an external account (say from Ally/Alliant); no fees but there is a daily limit varying from bank to bank.  Ally has a large daily limit ($150K) while Alliant has a small limit.

Unless specified, most RCA banks allow both PIN-based and non-PIN-based debit transactions.  Non-PIN-based transactions have more protections by VISA/MC.  Some RCAs require Non-PIN-based (i.e., signature-based) debit transactions.  PIN-based transactions are usually posted in real-time. 

Hope this helps.
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
20. Saturday, February 5, 2011 - 3:05 PM
Alliant's daily ACH transfer limit is now $100K for established accounts.  New customers have a lower limit at first.
4
AlanAlan33 posts since
Jun 7, 2010
Rep Points: 206
21. Friday, February 11, 2011 - 1:20 PM
As posted above, I was told over the phone that they would *not* do a hard pull, but guess what. My wife applied earlier this week, we checked her TransUnion report today and there it is, under "Regular Inquiries", ie inquiries that "remain on your credit report for two years". That's a hard hit.

Not too big of a deal to us, but it may be to you. So be warned!
2
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
22. Friday, February 11, 2011 - 6:33 PM
Hi guys,

I've been trying to find a good rewards checking account (this would be my first), and this one came across my radar.

Can anyone help with a couple quick questions?

- can you use the lake michigan account to initiate ACH transactions to/from other banks?  Any fees or limits?

- can you do an ach push and pull FROM other accounts?  (Can I initiate a pull from an outside bank?  I assume pushing money in is not a problem!)  Any fees/limits?

- For the debit card requirements, do they requir signature based transactions?  Pin-based?  Does it matter?  (Again, I'm new to this...)

Thanks - this has actually been the most helpful info I've found on LMCU online so far :)

-Jen
Hi Jen,

To answer your questions (although 51hh has pretty much answered them already):

1) You cannot use LMCU to initiate ACH transfers

2) You can ACH push/pull from other accounts. There are no limits or fees imposed by LMCU.

3) To meet the debit card requirement, selecting either credit or debit works. One cool feature about this account is that you can check the status of your monthly requirements to see if you have met them or not (4 logins, direct deposits, debits).

Hope this helps. I've had this account for over a month now and am very pleased.
5
76776719 posts since
Sep 20, 2010
Rep Points: 133
23. Wednesday, February 16, 2011 - 1:18 PM
We just received our account information package in the mail. How long did it take to receive the debit card?

As we're only halfway through the month I'm hoping to be able to qualify this month still.
1
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
24. Wednesday, February 16, 2011 - 1:57 PM
They say it takes 7-10 business days from the time they order the card.
2
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
25. Wednesday, February 16, 2011 - 3:41 PM
OK, thanks, that'll be cutting it close. Better not max out the account just yet :).
1
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
26. Saturday, April 23, 2011 - 10:17 PM
Sorry it took me so long to get back here - I just wanted to say THANKS for answering my questions, it's very helpful.  I've been going back and forth, trying to decide if I should take the plunge.... Thanks!
1
jendoejendoe3 posts since
Feb 4, 2011
Rep Points: 6
27. Sunday, April 24, 2011 - 9:23 AM
I have found LMCU to have the best website display for Rewards Checking.  By clicking the status button once you have signed on, the display indicates how many items (debits [10], Direct deposit [1], or website visits [4])still need to be completed to meet the qualification for the month.  Once all categories are listed as "Yes" you have officially met all requirements . . . no need to count all the items yourself.  An additional plus is the ability to change your PIN (effective the next day) to a number of your choice!  Kudos, LMCU.
3
AlanAlan33 posts since
Jun 7, 2010
Rep Points: 206
28. Sunday, April 24, 2011 - 5:20 PM
Apart from the wrong info on the hard credit report hit we've had no complaints. It did take about 10 days to get the debit card so we waited until March - transfered a bunch of money, used the debit card here and there and got our 4% interest. Anticipating the same in April :).

Reiterating some points:
  • not everything paid on line counts as a debit card transaction, eg a phone bill I paid showed up as "Bill Payment Withdrawal"
  • both PIN and signature based debit card transactions count towards your monthly requirements
  • the handy "Status" link on the account page makes it easy to keep track of your monthly requirements - no surprises here!
  • you can't initiate external transfers from the lmcu Web site; you have to do it from the external account - no fees - not sure about limits, but I transfered $9,000 without a hitch.
So of course I don't know your particular situation, but I don't see any reason not to do this. If you have any other questions do ask :).
2
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
29. Sunday, April 24, 2011 - 9:09 PM
#26:

Almost three months without a decision?  Just apply, put in the minimum deposit initially, and wait for the debit card. 

Then do a test run by making debit transactions/ACHs and see what qualifies (via their reward status link). 

Once you are more comfortable with RCA, do an ACH into the account with the large sum to reach $15K.

Like PR said, come back here if you run into problems and questions; we are all pros here:D 

Good luck.
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
30. Wednesday, April 27, 2011 - 2:23 PM
:) Thanks guys, you're right... it is a long time to just keep thinking about it...

I guess I'm a bit nervous about having that much money in a checking account.  Right now, I have one checking account that I use to pay bills, but I keep the bulk of my emergency savings in another bank.  The "limited access" aspect feels safer... (and I currently rarely use my debit card at all - almost never).

I worry that using the debit card more increases the risk of the account being compromised, and the prospect of having $15k getting stolen scares me!

So - I guess my question is more in the line of - how are the laws that protect checking accounts from fraud?  What is the likelihood that if something happened, I could get my money back (and how long would that take?)   Am I just overly paranoid?

Thanks!
2
jendoejendoe3 posts since
Feb 4, 2011
Rep Points: 6
31. Wednesday, April 27, 2011 - 4:20 PM
To confirm my understanding of the limit on fraudulent use of a LMCU Rewards Checking Acct card, I checked with customer service (800) 242-9790.  I was advised that if there are any fraudulent charges on your account, even if your card is stolen, you are fully protected . . . no liability.  I generally use debit cards for smaller purchases and a credit card (Pen Fed Visa) for major purchases to benefit from extended warranties.
2
AlanAlan33 posts since
Jun 7, 2010
Rep Points: 206
32. Wednesday, April 27, 2011 - 10:07 PM
Alan,

Suggest that you check the T&C carefully.  Zero-liability applies only for non-PIN based transactions (covered by MC/Visa).  CSR often is clueless as far as T&C goes.
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
33. Thursday, April 28, 2011 - 12:21 AM
Actually, there is a federal law that provides consumer protection for debit card transactions made in the U.S. -- regardless of the bank or CU involved... The bottom line of it is, it's the responsibility of the account holder to quickly report any fraud from the time you become aware of it...  And there also are two different scenarious... one where your actual debit card is lost or stolen, and the other where just your card number is compromised (such as thru skimming). Here's the summary provided by the Federal Trade Commission:

"ATM or Debit Card Loss or Fraudulent Transfers (EFTA).

[First scenario is loss of actual card]

Your liability under federal law for unauthorized use of your ATM or debit card depends on how quickly you report the loss. If you report an ATM or debit card missing before it's used without your permission, the EFTA says the card issuer cannot hold you responsible for any unauthorized transfers. If unauthorized use occurs before you report it, your liability under federal law depends on how quickly you report the loss.

For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use. However, if you don't report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized transfer. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unauthorized use is mailed to you. That means you could lose all the money in your bank account and the unused portion of your line of credit established for overdrafts.

[Second scenario is compromise of card number]

However, for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss.

If unauthorized transfers show up on your bank statement, report them to the card issuer as quickly as possible. Once you've reported the loss of your ATM or debit card, you cannot be held liable for additional unauthorized transfers that occur after that time."

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm
6
moneysavermoneysaver29 posts since
Jan 8, 2011
Rep Points: 249
34. Friday, September 16, 2011 - 2:05 PM
I'm a little new to high yield checking accounts, especially at CUs versus big banks. I've seen that ACH cannot be initiated from LMCU. What does that exactly mean?

My biggest concern with joining one of these CUs and starting an interest checking account is mobility of my money. I want to have the freedom to transfer any amount of money whenever I want to external accounts (like my current Chase account) from the CU (LMCU in this case). How would I do this in this case?

 Also, anyone know if LMCU works well with Mint.com?

Thanks for the response in advance.
1
igottradesigottrades1 posts since
Sep 16, 2011
Rep Points: 1
35. Friday, September 16, 2011 - 2:29 PM
I'm a little new to high yield checking accounts, especially at CUs versus big banks. I've seen that ACH cannot be initiated from LMCU. What does that exactly mean?

My biggest concern with joining one of these CUs and starting an interest checking account is mobility of my money. I want to have the freedom to transfer any amount of money whenever I want to external accounts (like my current Chase account) from the CU (LMCU in this case). How would I do this in this case?

 Also, anyone know if LMCU works well with Mint.com?

Thanks for the response in advance.
You can set up ACH from Chase account (not sure whether LMCU has the external ACH setup feature; most CCs do not).  You can also write a check of LMCU.  Unfortunately, LMCU does not belong to Shared Branch, or else, it will be as easy as walkig into a bank.
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
36. Friday, September 16, 2011 - 3:42 PM
LMCU still does not give you the ability to initiate ACH transfers - but all that means is you have to do that from your external account, no matter which way you want to move the money ("pull" it out or "push" it in, if you will).

I have a Chase account as well and as you probably know it's easy to set up an 'external account' under "Payments and Transfers". If I recall correctly you go through the usual verification (Chase will deposit 2 small amounts into your other account and once they show up you have to input those) and you're set... Under "Payments and Transfers" you select "Transfer Money" and select the appropriate "To" and "From" accounts, depending on whether you want to transfer money into or out of your account.

LMCU does work well with Mint. Mint recognized LMCU. Transactions always show up, show up quickly and always show up correctly. Of course with Mint you never know... initially it showed 2 extra LMCU accounts with balances equal to transfers I had set up, but I just hid those 2 and haven't had any other issues since.

Also, as mentioned above, it's a checking account so you can always write checks. We got ours for free - basically, just having this account with a bunch of money in it qualifies you for "VIP member" which entitles you to 2 boxes of free checks, free money orders, 10 free non-LMCU ATM transactions/mo (there, another way to access your money!) and a bunch of other things. Details on their Web site under "Banking => M.O.R.E. program".

Hope this helps!
3
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
37. Friday, September 23, 2011 - 8:02 PM
Was going through their application, glad I waited a bit and don't know if this has been posted yet but noticed this:

"Max Checking
*Rate change effective 10/1/11 to 3.0% APY."

So the new normal appears to be 3% for 15k cap, 2% for 25k cap, and now looks like I'll be going for the 4% with 10k cap at Consumers CU, however long that lasts for.
2
taverttavert4 posts since
Nov 3, 2010
Rep Points: 7
38. Friday, September 23, 2011 - 8:39 PM
Where does it say that? I can't find it anywhere, logged in or not, but I'm probably just not looking in the right place.

OK I reread your post and obviously it's in the application :). Too bad that's the only place it seems to be.
2
primerateprimerate9 posts since
Jan 27, 2011
Rep Points: 23
39. Friday, September 23, 2011 - 9:41 PM
The 10/1 rate change was discussed in this thread (9/5 post):

http://www.depositaccounts.com/forum/thread/4605-opening-a-rewards-checking-account-with-lmcu.htm

 
3
pearlbrownpearlbrown1,433 posts since
Nov 2, 2010
Rep Points: 6,255
40. Monday, September 26, 2011 - 7:12 AM
Just to be clear, as of today, Sept. 26...

Lake Michigan is still prominently advertising the 4% interest rate for their Max Checking account on the CU's home page and main banking page.

However, if anyone goes online to apply for a new account, as part of the account application web pages, you'll see a notice saying the rate for their checking account is due to drop to 3.0% APY as of 10/1/11.

By the way, the address Pearl posted above for the related thread is correct, but you just need to make the ending part "html" instead of just "htm".

 
4
moneysavermoneysaver29 posts since
Jan 8, 2011
Rep Points: 249
41. Tuesday, April 17, 2012 - 11:01 PM
Hi, I am considering using this checking account.  But had some questions before committing to this.

1.  I am not from the Michigan area, so I assume that I can still join via a donation?
2.  The credit pull  is a hard pull?  How hard are the credit requirements?  My credit used to be pristine, but has taken a hit from a Short Sale (due to a divorce).   I have been rejected for a checking account before (I applied during the short sale process, so maybe that had something to do with it.  Where as now, the process is over and has been reported as such)
3.  Debit card use, I just have to use the debit card 10 times a month?  There are no restrictions as to how I use the debit card?  So if I use the debit card online 10 times, it will fulfill the requirement?
4.  Does the ACH transfer into the account still count as a Direct Deposit (so if I push an ACH transfer from another account), it will fulfill the DD requirement? 

Thank you
1
jaesunjaesun3 posts since
Apr 17, 2012
Rep Points: 8
42. Thursday, April 19, 2012 - 2:54 AM
jaesun, since nobody has answered your questions, I'll do my best. I have an RCA with LMCU, but have not funded it or used it beyond my initial application funding. If you've read what has been written above, you'll see that most of your questions are covered, and to my knowledge nothing has changed except the APY.

1) yes

2) glxpass said in #6 above that the credit pull is not hard, and I haven't read that anybody has been rejected, so what do you have to lose?

3) yes thrice

4) yes
2
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 409
43. Thursday, April 19, 2012 - 3:05 PM
Hi jaesun,

Dunker is correct with his responses, except for item #2.  Our credit pull is a hard pull.  That aspect will not change what's already on your credit report or what our approval decision will be.  And, without seeing your specific report it's difficult to tell you what will happen if you do apply.  I can promise you that as a credit union we take into account extenuating circumstances in situations where there's been credit issues in the past.  Not to say you will or will not get approved but what you list above does not automatically disqualify you for membership with us.

If you have any additional questions feel free to email me at Members AT lmcu DOT org

Sincerely,

Bill Clancy, LMCU Member Services
7
LakeMichiganCULakeMichiganCU10 posts since
Jan 3, 2012
Rep Points: 25
44. Thursday, April 19, 2012 - 10:02 PM
I wish that more banks/credit unions will take customers' feedback/issues seriously, like LMCU did here.
6
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
45. Tuesday, May 8, 2012 - 10:51 AM
Thanks for the answers.  I agree 51hh, it is very nice to see the banks/CU's actually take the initiative to answer people's questions and see them on various forums such as these.  

I was able to open the checking account just fine.  Thanks Bill for the clarification.  
4
jaesunjaesun3 posts since
Apr 17, 2012
Rep Points: 8
46. Thursday, April 18, 2013 - 6:20 AM
I think Im going to join here.

I recently obtained high deductable health insurance and got to looking around for rates for my initial $3250 deposit.

This place had the best rate.  1.5% versus .005% at BNY Mellon which BCBS sent papers to me.

And their rates are even better as I build up more $$ in the HSA.

Figure I will also go for the MAX checking too. Dont recall ever seeing one that required FOUR log ins per month.

Not sure why they think thats important.

And an ACH deposit counts, but not a withdrawl like at other places ?

Thanks.

I guess I wont fully fund the $15k until the first of next month.

 

 
1
RJMRJM72 posts since
Jan 21, 2011
Rep Points: 404
47. Wednesday, January 15, 2014 - 12:56 PM
Just signed up for a Max Checking account. The current APY is 3%, which was much higher than any of the Kasasa Checking banks in my area (most around 2%). I live in Chicago, but it was really easy to sign up online for an account with a $5 donation to ALS.

I've only had the account 2 days, but so far I was able to meet all requirements except the debit card transactions. I was happy to see I was able to make the direct deposit requirement by simply doing an external transfer (ACH) from my Chase checking.

I'll report back once I get my debit card and see how hard (or easy) it is for me to meet the transaction requirement.
3
AdamL0909AdamL09092 posts since
Jan 15, 2014
Rep Points: 7
48. Tuesday, January 28, 2014 - 9:26 AM
Just reporting back on my experience with the Max Checking account so far.

The online process was pretty seamless, and I opted to be eligible for the account through a $5 donation to ALS. I had a bunch of questions beforehand and a few after signing up. The online chat support was very helpful throughout the process. I never had to wait more than a couple minutes for a rep to respond and they were always very informative and courteous (especially Katie). I received all of my paperwork within a week. The debit card and PIN came a couple days after. Activating the card was a painless call to an automated number. It was very easy to change the PIN on the website.

There is a very handy tool on the online account called Max Checking Status. This basically tells you how close you are to meeting the requirements for the 3% interest. It will even incrementally tell you how close you are. So if you've signed into online banking twice, it will say 2/4, or if you have 3 debit transactions it will say 3/10 next to the appropriate category.

I was able to meet the direct deposit requirement by adding the LMCU account as an external account in my Chase online banking and doing an external transfer. I also did some test debit card transactions for $1 online and those transactions counted toward my required 10.

I haven't gotten a statement yet to see how how much interest they're going to pay me, or how they calculate the daily balance, but it all looks pretty good so far. 
4
AdamL0909AdamL09092 posts since
Jan 15, 2014
Rep Points: 7
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