West Virginia Deposit Account Rates and Deals

WesBanco is offering a $100 checking account bonus. WesBanco is calling it a $125 bonus, but $25 is for referring a friend. I consider refer-a-friend bonuses separate from new-account bonuses. One nice feature is that it does not require direct deposit. On the downside, they have a tough debit card usage requirement that's more difficult than their previous promotions.

Here's the direct link to the promotion. The requirements are below. The promo is scheduled to end on 8/31/2010.

• $50 for direct deposit OR e-statements
• $50 after your first 20 debit card purchases
• $25 for referring your friend

Below is the offer's important small print:

The minimum balance to open an account is $50. Customers with a current checking account, or who transfer funds from an existing WesBanco deposit account, are not eligible for the bonus. Debit card purchases: You must make twenty debit card transactions in 90 days of account opening to earn $50 bonus. Refer a friend: $25 bonus will be credited to account after referred friend opens checking account. One of the following must be chosen in order to earn $50 bonus and debit card sign up is required. Direct deposit: Bonus will be paid after the second recurring direct deposit of at least $100 is credited within 90 days of account opening. E-statements: Bonus will be paid after signing up for e-statements within 90 days of account opening. Valid e-mail address is required to receive the bonus. All bonuses are subject to change without notice and limited to one per customer. Customers that have received a new account opening or debit card usage bonus on any previous WesBanco checking account are not eligible for this offer. Employees are not eligible for bonus. Offer valid through August 31, 2010.

WesBanco does offer a free checking account which has no minimum balance requirements or monthly fees. Online Bill Pay is free.

I've posted on similar deals from WesBanco over the last couple of years. In those past posts readers have commented that WesBanco does require a branch visit.

Branches are located in Ohio, West Virginia and Pennsylvania.

The bank is a FDIC member (Certificate # 803).

Credit for this find goes to FW member depreshun who mentioned this promotion in this FW thread.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Some additional bonus deals are also in the checking account discussion forum. This checking account forum also has updates when bonuses have been extended. I just posted updates for bonuses at Chase and ING Direct.

BB&T continues to offer a $100 cash bonus for opening its free checking account. However, they have made it a little harder to get the full $100. Here are the steps required:

• Open a Free BB&T checking account online by 8/31/2010
• Register online at bbt.com/welcome100
• Get $50 for making 10 online bill payments ($25 minimum payment) within 90 days of account opening
• Get $50 for receiving two direct deposits of at least $50 from the same source within 90 days of account opening

Here's the direct link to the promotions page. It's also mentioned at BB&T's home page.

The old promo in March made it easier to qualify for the $100 bonus. It could be done with only 3 online bill payments. No direct deposit was required.

In my March post, several readers have reported that BB&T makes it difficult to close accounts. If you can't make it into a branch, you may be required to mail in a notarized letter requesting that the account to be closed. One reader commented that he wasn't required to mail a notarized letter, but instead he was required to mail a copy of his ID with the letter.

The free checking account has a minimum opening deposit of $50. There are no minimum balance requirements or monthly fees. Online Bill Payment is free.

I asked the CSR in March about a hard credit inquiry. According to the CSR, "it would be a hard hit if you are primary on the application." The credit check is done through Equifax. They also use ChexSystem in the application process.

I was also told that BB&T accounts can only be opened in states with BB&T branches. That now includes Texas (BB&T took over Colonial Bank and its Texas branches when it failed in August 2009).

It's an online promotion only. However, in the small print it states that it's available at the branches in AL, FL and TX. BB&T branches are located in Florida, Georgia, Alabama, North Carolina, South Carolina, Tennessee, Kentucky, Indiana, Texas, Virginia, West Virginia, Maryland and Washington DC.

BB&T is a member FDIC (FDIC Certificate # 9846).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Some additional bonus deals are also in the checking account discussion forum.

Bank of the Sierra has a reward savings account that is a companion account for the reward checking account. It can be useful for those who have maxed out the $25K cap on the reward checking account but don't want to open up another reward checking account. That money can go into this reward savings account. The rate is lower than most reward checking rates, but it's higher than most internet savings account rates. The only potential issue is that you have to meet the reward checking qualifications. If you don't, the yield on the savings account falls to practically nothing.

The rates and features of this savings account are listed at the bank's Sierra Reward Savings page as of 6/02/2010:

• 2.09% APY on balances up to $25K
• 0.50% APY on portion of balance over $25K
• 0.12% base rate if reward checking requirements are not met
• No monthly service charge
• No minimum balance requirement
• Limited to 9 savings withdrawals per quarter with no charge ($2 for over)

Bank of the Sierra's reward checking account continues to pay a very competitive 4.09% APY on balances up to $25K as of 6/02/2010. Unfortunately, this is no longer a nationwide deal. The bank's application states that it's limited to residents of CA and WV. Please refer to my Bank of the Sierra reward checking review for more details.

Branches are located in several Central California cities including Fresno, Bakersfield, Hanford and Porterville. The bank has been FDIC insured since 1978 (FDIC Certificate # 22597).

Why West Virginia?

Why is West Virginia included with California as the only two states eligible for these accounts? The bank doesn't have any branches outside of CA. A reader thought they may have meant Nevada (NV). I just called and asked the CSR about this. The CSR confirmed that WV is correct, but she didn't know why. The only thing I can think of is that they may have a West Virginia bank acquisition in mind. However, I checked all the West Virginia banks at BauerFinancial, and there are no zero- or one-star banks, and there is only one two-star bank. Any ideas why WV is included?

Other Reward Savings Accounts

Several other banks and credit unions have added reward savings accounts to go along with their reward checking accounts. I reviewed these types of savings accounts in this January post.

Thanks to the reader who emailed me news of this Bank of the Sierra reward savings account.

Bayer Heritage FCU has two very competitive long-term CD rates: 3.69% APY 5-year and 3.43% APY for terms of 48 to 59 months. Minimum deposit is $500, and these are also available in an IRA. The shorter terms are not nearly as competitive. These rates are listed in the credit union's dividends page as of 5/18/2010.

My last post on Bayer Heritage FCU was almost 3 years ago when they were offering a 6% 5-year CD. Those who opened this CD back then are probably glad they did.

In addition to employees of the Bayer Corporation that are specifically named in the BHFCU Charter, membership is open to persons who live, work, worship or attend school in the West Virginia counties of either Wetzel or Tyler, or in Monroe County, Ohio. Also included are specific areas in the following counties: Marshall, West Virgina; Belmont, Ohio; Licking, Ohio; Berkley, South Carolina; and Charleston, South Carolina. Please refer to the credit union's membership page for the full details. Membership requires a minimum $5 deposit into the share savings account.

Branches are located in several towns of northeast West Virginia, in Pittsburgh, Pennsylvania, in Bushy Park, South Carolina, and in Baytown, Texas.

The credit union's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Bayer Heritage FCU rates and reviews page). The credit union is federally insured by the NCUA (Charter # 11836).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!

There were reports that this 3.00% CD special at SunTrust was going to end Friday, but I'm happy to report that the special is still listed at SunTrust's website as of 5/15/2010. This promo started in February, and has continued to become a better deal as the interest rate environment has worsened. The unusual feature of this CD is that it's actually two CDs: one with a 26-month term and one with a 49-month term. You must open both CDs with a minimum deposit of $2K for each CD for a total of $4K. Each CD must be funded with an equal amount. The special also requires that you have a SunTrust checking account. This can be opened at the same time that you open the CDs.

I called SunTrust (800.279.4824) this afternoon with hopes that I could find out how long it's going to last. Unfortunately, the only thing the CSR could confirm is that it's available as of today (5/15/2010). The CSR said they'll be available today through 5:00pm EDT. The accounts can be opened by phone from any state, and they can fund it with an ACH transfer that will pull funds from your existing bank account. The CSR assured me that if the CD is opened this way today, you'll be locked into the 3.00% APY.

A reader in the Open Discussions Thread asked about the early withdrawal penalty. In my last call to SunTrust, I wasn't able to get a clear answer to this question. The reader reported that he wasn't able to get the answer either at the branch. In my call today, the CSR was able to explain it to me. It's not the typical straightforward penalty. However, it's not as bad as I had thought. Here are the details:

SunTrust's Special CD Early Withdrawal Penalty

According to the CSR, the penalty is based on the number of days before the CD matures. The closer to maturity, the smaller the penalty.

• If the CD has 91 days to under 1 year to maturity, the penalty is 3 months of interest
• If the CD has 1 year to under 3 years to maturity, the penalty is 8 months of interest
• If the CD has 3 years to under 7 years to maturity, the penalty is 12 months of interest

I was also told that each CD would be treated individually in terms of the early withdrawal penalty. If you have details of the penalty from the disclosure, please leave a comment. When details like this are communicated by phone, it's easy to make a mistake. I tried to use their online chat service, but the link didn't work for me. I always prefer using a chat service for detailed questions.

No Hard Credit Pull

According to the CSR (from a March call), there's no hard credit inquiry. It's only a soft pull. This is the same info that I received in 2008 and many have confirmed there's no hard pull in this FW thread. So you shouldn't have to worry about having this ding your credit score.

Bank Overview

SunTrust is a large regional bank with $125 billion in deposits. It has branches throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.

SunTrust reported its 1st quarter results in April. According to Reuters, they reported a much smaller first-quarter net loss that beat analysts' expectations. SunTrust's ratings for safety and soundness continue to be a little weak, but the rating went up at Bankrate.com from 1 star on 9/30/09 data to 2 stars on 12/31/09 data. It's still 3 stars (adequate) at BauerFinancial based on 12/31/09 data. We have an overall health score of 3 out of 5 at DepositAccounts.com (see our SunTrust rates and reviews page). SunTrust is a FDIC member (FDIC Certificate # 867).

Searching for the Best CD Rates

I'm afraid it's getting harder to find 3% CDs for terms under 60 months. A 3% 4-year CD is actually quite competitive these days. So this SunTrust CD is a good deal even though it does require half the money to be put into the 49-month CD.

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!

Update 5/10/10: Bonus has been extended to 6/06/2010.

BB&T continues to offer a $100 cash bonus for opening its free checking account and for either setting up direct deposit OR making 3 online bill payments. The promotion page is at www.bbt.com/cashoffer, and the offer code is AFJAP. The promotion is scheduled to expire on 3/31/2010. I wouldn't be surprised is this gets extended. I first posted on this in September when it was originally set to expire on December.

Some important small print of the promotion includes:

• Must be a new client (no BB&T checking in last 6 months)
• Direct Deposit or 3 online bill payments must be completed within 60 days of account opening
• $100 bonus will be deposited directly into your account within 4 weeks of meeting requirements
• Bonus reported to IRS

It's an online promotion only. The online application allows ACH funding up to $1,500. You can also mail in a check or make a deposit at a branch. There's no credit card option.

The free checking account has a minimum opening deposit of $50. There are no minimum balance requirements or monthly fees. Online Bill Payment is free.

I used the bank's online chat system to ask about a hard credit inquiry. According to the CSR, "it would be a hard hit if you are primary on the application." The credit check is done through Equifax. They also use ChexSystem in the application process.

I was also told that this promotion is only for states with BB&T branches. However, they still have not completely integrated the former Colonial Bank branches, so residents of states like Texas still can't qualify (BB&T took over Colonial Bank when it failed in August 2009). According to the CSR, Colonial Bank branches will be completely merged into BB&T by the summer.

BB&T branches are located in Florida, Georgia, Alabama, North Carolina, South Carolina, Tennessee, Kentucky, Indiana, Virginia, West Virginia, Maryland and Washington DC.

BB&T is a member FDIC (FDIC Certificate # 9846).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

SunTrust Bank continues to offer a special CD package with a 3.00% APY. It's a bit unusual in that it requires that you open two CDs: one with a 26-month term and the other with a 49-month term. An equal amount must be deposited in each. Minimum deposit is $2,000 per CD. A checking account is required. I was told that the free checking qualifies. You can also open these special CDs in an IRA. This CD special is listed at the SunTrust CD page as of 3/12/2010.

I first reported on this CD special in February when it was only available in the Tampa metro area. I called SunTrust today (800.279.4824), and the CSR said it could be opened by phone from any state. The CSR said he could open it by phone and use ACH debits from your bank's checking or money market account to fund the CDs and checking account. Note, it would take 3 debits to fund the accounts which could cause you to go over your 6-per-month limit on savings and money market accounts. According to the CSR, the CD rate would lock on the day you apply by phone. The CD rate is subject to change on any day. The CSR didn't know how much longer it would last. I also asked the CSR about the early withdrawal penalty, but I didn't get a simple answer. It appears to be based on how close you are to maturity. If you have more details about this, please leave a comment.

$150 Checking Account Bonus

SunTrust's $150 checking account promotion is still available. I first mentioned this in my February bonus review. According to the CSR, one could open the checking account for this promotion and then open these CD specials at the same time by phone. Or if you don't want the CDs, you could just do this checking promotion. Make sure you register your SunTrust checking account in the promotion via suntrust.com/solid by April 30, 2010. Refer to my February bonus review for more promotion detailss.

No Hard Credit Pull

According to the CSR, there's no hard credit inquiry. It's only a soft pull. This is the same info that I received in 2008 and many have confirmed there's no hard pull in this FW thread. So you shouldn't have to worry about having this ding your credit score.

Bank Overview

SunTrust is a large regional bank with $125 billion in deposits. It has branches throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.

Dow Jones reported on SunTrust's downgrading by Standard & Poor's Ratings Services on February 1st:

SunTrust, which serves areas of the southeast U.S. hit hard by the real estate crash, including Florida, has suffered from exposure to local construction and commercial real estate, as well as effects of high unemployment. The lender posted a string of losses last year.

As you may expect, SunTrust's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). SunTrust is a FDIC member (FDIC Certificate # 867).

First Citizens Bank is offering a special 2.15% APY 18-month CD. Minimum deposit is $1,000, and a checking account is required. There's also a 6-month CD special, but the rate is much less competitive at 1.15% APY. These specials are not listed at the bank's website. A reader mentioned them, and I just called this morning (3/08/2010) for additional details. According to the CSR, these specials could end at any time.

First Citizens Bank has branches in several states. However, not all are operating under the name First Citizens Bank. According to the CSR, these specials may not be available at these other branches. An example are some branches in California that are operating under the name IronStone Bank. Those branches have different promotions. The best one is much less competitive (2.25% APY 36-month CD).

A branch visit is required to open an account. Make sure to contact your local branch to ensure they are offering this promotion. Branches are located throughout North Carolina. It also has branches in Florida, Arizona, Maryland, Tennessee, Washington, California, Virginia and West Virginia.

First Citizens Bank has been expanding in the last few years with much of the expansion coming from the acquisition of failed banks. The latest acquisition was on Friday when it acquired Sun American Bank in South Florida.

First Citizens Bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 11063).

Yesterday I reviewed First Citizen Bank's FreeMoney debit card reward program.

Firsts Citizens Bank has a check card reward program called FreeMoney in which you can earn close to 4% cash back on your debit card purchases with a maximum of $500 per year. Unlike other debit card and credit card cash back reward programs, this requires some work if you want to maximize the cash back reward.

First, you're required to open the First Citizens personal checking account and FreeMoney Bonus Savings Account. To earn cash back, the following debit card usage is required:

• Make 10 non-PIN check card purchases per month
• AFTER these 10 check card purchases are made, you'll earn $1 for every non-PIN check card purchase of $25 or more.
• The FreeMoney bonus is deposited into the FreeMoney Bonus Savings Account each month

According to the terms and conditions, the maximum bonus per checking account is $500 per calendar year.

As you can see, it won't be easy to get close to 4% cash back from this program. Your first 10 check card purchases would have to be small since there's no cash back associated with them. The additional check card purchases during the month would have to be $25 or just a little bit higher. Then you could get close to earning 4% cash back. Of course if it were too easy, everybody would earn the 4%, and the bank wouldn't be able to afford it.

A branch visit is required to open an account. Branches are located throughout North Carolina. It also has branches in Arizona, Maryland, Tennessee, Washington, California, Virginia and West Virginia.

You might be wondering why the branches are so scattered across the country. First Citizens Bank has been expanding in the last several months with much of the expansion coming from the acquisition of failed banks. The latest acquisition was on Friday when it acquired Sun American Bank in South Florida.

First Citizens Bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 11063)

Other debit card and credit card reward programs

As I've mentioned in previous posts, banks make sizable profits from non-PIN debit card usage. This is one new type of program that encourages debit card use. PerkStreet Financial is one that's available nationwide which offers 1% cash back without any hoops to jump through. It also has a special 2% cash back promo (see review). For those with large savings, you'll probably do better with high-yield reward checking accounts (refer to the reward checking section of DepositAccounts.com).

If you prefer using credit cards, some of the best cash back programs are from PenFed, Charles Schwab and Fidelity.

• Open a Premier or Interest Checking Account along with a minimum $100 deposit by 10/31/2009
• Open any Sovereign savings or money market savings account with a minimum $100 deposit (or already have a savings account)
• Request a Sovereign CheckCard and make 2 check card purchases within 60 days of opening your account
• Enroll in Online Banking at account opening
• Whey you qualify, you will receive a $100 credit to your new checking account within 75 days after you open your checking account

• Residential address must be located in the following states: ME, VT, NH, CT, RI, MA, NY, NJ, PA, WV, MD, DE, District of Columbia.
• Bonus will be reported to the IRS as interest
• Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last 6 months are not eligible for this offer

I signed up for the very similar January promo. I live out-of-state (Southwest); online application worked flawlessly, no hard pull. I made six online purchases with the debit card and got my $100 bonus about a week before the due date. ACH push (e*trade) counts as direct deposit for me -- no monthly fee.