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Liberty National Bank (OK) Is Now Limited ...

Thursday, February 3, 2011 - 11:24 AMLiberty National Bank (OK) - Details
to OK/TX residents; informed by a CSR, verified on their Kasasa Online Application Form.

Somebody (iloveipods) at FWF said the rate is reduced to 3.8%, it's not true, it is still (4.11%, $10K).  He must have more than $10,000 in his balance that causes a reduction in his APR.
5
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
1. Thursday, February 3, 2011 - 11:52 AM
Thanks. I've updated our database and my blog post with this change.

I was hoping the $10K balance cap would allow them to keep it nationwide. Perhaps the 4% made it too appealing even with the $10K cap.
2
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,702
2. Friday, February 4, 2011 - 1:32 AM
Wow, now a cap of $10k has become a hot item too.  What's next? 3% or 5K?
2
ninissniniss59 posts since
Sep 22, 2010
Rep Points: 153
3. Saturday, February 5, 2011 - 7:27 AM
Over the long term, everthing will return to "normal" distribution (what is called "return to normb" technically).

I always doubt the wisdom of Reward Checking from the bankers' perspectives.  I do not buy in the idea that numerous debit card transactions or e-statement (etc.) will make a profit for the bank in RCAs.  But I will take it as long as they offer it.

Sooner or later (hopefully as late as possible), all RCAs will return to norm (i.e., with the same/similar interest rate as savings/money market accounts).  The spread has become smaller and smaller.  RCA has gone from 6-7% to 4-5%, and now 3-4% (3% is the average and quite desirable).  The savings/MM rate has gone down, too, with a smaller scale though.

Another aspect is the human mentality, adapting the changes rather rapidly.  I used to to claim that I would not take anything below 4%; now it is 3%.  I can take $10 minimum debit transactions now; and for one RCA, even the $2,500 minimum monthly direct deposit.  I still can not take anything below $20K (Beacon Federal with 4% and $20K was the threshold).

Thus the common expectation/standard is already 3% with multiple requirements (15 debit transactions, billpays, direct deposit, push-ups, hard-pulls, etc.) and reduced limit.  What is next will be 2.5%, 2%; ..., $20K, $10K, $5K; 15 debit transactions, 20, 30; ...; then RCAs will disappear eventually; since both the bankers and the customers will see no benefits for RCAs from both perspectives; with new rules/regulations (on debit card interchange fees, etc.). 

Meanwhile, ENJOY (and LABOR on) it while it lasts.  Cheers!
3
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
4. Sunday, May 22, 2011 - 6:56 PM
I just started the application and it says 'Liberty National Bank is currently serving residents in the state of Oklahoma. Before proceeding, please confirm your eligibility below' and you are suppose to check a check box saying 'I confirm that I am a resident in the state of Oklahoma.' I'm a Texas resident, so I guess I can't use this bank anymore.

Please update your posts to indicate this bank only is for Oklahoma residents.
1
loganhairloganhair1 posts since
May 22, 2011
Rep Points: 1
5. Sunday, May 22, 2011 - 7:54 PM
I just started the application and it says 'Liberty National Bank is currently serving residents in the state of Oklahoma. Before proceeding, please confirm your eligibility below' and you are suppose to check a check box saying 'I confirm that I am a resident in the state of Oklahoma.' I'm a Texas resident, so I guess I can't use this bank anymore.

Please update your posts to indicate this bank only is for Oklahoma residents.

It is in the right category (local only).

1
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
6. Monday, May 23, 2011 - 12:59 AM
51hh, what loganhair is asking is that the bank be removed from the Texas availability page, since it is no longer avaiable to residents of that state, and that the bank's RCA description page be updated to reflect the change.

The strange thing is that while the application says it is available only to residents of Oklahoma, Liberty's description of the Kasasa Cash RCA  still lists it as available to residents of OK ans TX.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
7. Monday, May 23, 2011 - 6:33 AM
Sorry to see the bank reduce availability once again. I've updated our database so this bank won't show up when you search for Texas reward checking accounts. Also, I've updated the blog post.

It looks like the bank just made this change since bank's Kasasa Cash page still says it's available to OK and TX residents as of the morning of 5/23/2011. I guess they're a little behind in making all the updates.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,702
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