Monday, May 2, 2011 - 4:26 PM

Malvern Federal Savings Bank RCA - No More!

Malvern Federal Savings Bank (0 stars) - Details

Got a letter today announcing that starting June 1st, Malvern doesn't offer their Reward Plus Checking account anymore. It will automatically convert to their Premier Rewards Checking with 0.75% APR for balances above $2,500. Bad part is that to avoid the $10 monthly maintenance fee, you'll have to keep a monthly balance of at least $2,500.

Bye-bye Malvern!

darkdreamer4u168 posts since
Jun 11, 2010
Rep Points: 598

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This post applies to the following states: PA.

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1. Monday, May 2, 2011 - 5:19 PM

Thanks for the update. Sorry to see the account be discontinued. They had already slashed the rate to a low level. This account looked promising back in 2008 and early 2009 when it was nationally available and paying 5% for up to $35K.

KenBDG5,146 posts since
Nov 29, 2009
Rep Points: 117,030

2. Monday, May 2, 2011 - 6:26 PM

I received the same letter and will also be closing my account. I saw an earlier thread where it was mentioned that bringing the account to a zero balance will automatically result in closure, so I'm going to try that first before spending any time or energy contacting the bank.

Although their rate had been low for a while, this is the first instance I can recall of a bank actually eliminating rewards checking altogether. I wonder if they had a lot of old semi-dormant accounts with small balance that it was costing them lots of money to service? I can't imagine they still had many active accounts with sizable balances considering how low their rate was.

eric218 posts since
Oct 17, 2010
Rep Points: 152