Change To E-Xtra Bonus Checking Account Requirements

Yeah, that is pretty bad news for me, since I have "several" acccounts with them.

At least it is a one-month advance notice.

The one-month advance notice is appreciated, and at least they are clarifying what they mean when they refer to "use as a primary checking account".  Few institutions define their expectations this clearly.  I predict many institutions which offer RCAs will make similar changes.

Niniss, I'd be very happy to be wrong on this.  However, we have seen financial institutions try to sustain the profitability (to them) of RCAs by various means, such as lowering the cap on the amount eligible for the high rates, narrowing availability from nationwide to some smaller segment, limiting the number of accounts per household, lowering the rates, etc.  My understanding is that agreements with VISA and MasterCard prohibit imposing a minimum charge amount, so specifying a certain minimum total for the transactions will likely be the next card played by many institutions. 

I'd rather see this than have accounts summarily closed for not meeting vague, unspecified requirements - not that such things might not still happen. 

As always, the trick is to stay alert, stay informed, share information, and to decide, based on our individual situation, at what point we no longer want to dance at the party.  

Maria, thanks for posting the info so quickly. 

 

 

 

It says in their eXtra Bunus account T&C: We may limit the number of eXtra Bonus accounts an individual is allowed.  It means one account per person (or some CSR told me two).  Anyhow, it is no longer three accounts per person for new applicants.  All old accounts are nicely grandfathered.

@Maria, thank you for posting the info so quickly.  I haven't received the notice yet.  BTW, their Email is incorrect, as the $300 minimum requirement was previously announced to be effective August 1, not September 1. 

The Email is unsettling as it makes me wonder what their goals are for the accounts and what the next requirement could be.  Some institutions have reduced caps and rates, others (Beacon Federal, Security Bank) have limited their (new) accounts to strictly defined local areas.   it could be that PSU is trying to reduce its exposure with a new approach - ie:  increasing the number of accountholders who fail to meet the requirements each month - and the $300 threshold didn't prove to be a high enough bar. 

As always, let's all hope for the best and prepare for the worst.   Thanks again for the quick response.

CSR just reminded me to fullfill the $300 requiremenet for the August cycle and this requirement is deleted for September onward.  No pending rate/other rule changes.

I do not regard this as good news at all; they will either drop rate, impose a per debit transaction mimimum (say at least $10), or eliminate out-of-state accounts; nothing good will come out of this change.

Sorry to be pessimistic about it.

A very helpful CSR just told me that the requirement was changed because members had complained that they could not reasonably meet the $300 requirement.   She had no other information as to what direction the CU might take in the future.    As far as receiving notification (mine has not arrived yet) she confirmed my Email was correct and said that mine had been sent today. 

@Maria, thank you for posting the info so quickly.  I haven't received the notice yet.  BTW, their Email is incorrect, as the $300 minimum requirement was previously announced to be effective August 1, not September 1. 

It is unclear whether one has to meet the $300 minimum requirement for 1-31 August.  It is safer just to meet the $300 minimum requirement for 1-31 August and not worry about it for the September period.

In addition, I plan to make at least a few $5 - $10 debit card transactions from now on to make them happier (it was stated that they will continue to "monitor" the account and make changes if necessary).

 

The requirement of $300 minimum debit transactions disappeared from their e-Xtra-Bonus Checking site.

A Visa Debit Card is directly linked to your checking or savings account. You can use your debit card to make purchases or use at an ATM.

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Lisa

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