3.01% Reward Checking Account at Addison Avenue FCU - Easy Membership

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Update 1/07/10: The yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Addison Avenue FCU is offering a reward checking account that pays 3.01% APY on balances up to $25,000 (1.01% for above) and provides unlimited nationwide ATM refunds if the following monthly requirements are met:
  • 12 debit card purchases
  • one direct deposit or recurring monthly debit
  • receive electronic statements
If these are not met, the rate falls to 0.05%. The initial minimum deposit is $25. There are no minimum balance requirements or monthly service charges.

Credit union membership is open to members of the Financial Fitness Association (FFA). Anyone is eligible to join FFA. The membership cost is $5, and the application can be done online and paid with PayPal.

Credit union membership is also open to many select employee groups including employees of Hewlett Packard. For more details please refer to the credit union's Membership Eligibility Page. Membership requires a minimum balance of $5 in the Share Savings Account. An online membership application is available.

Since the credit union started as the credit union for HP employees, it has branches located in several parts of the country including Puerto Rico, Georgia, Massachusetts, Idaho, Colorado, Oregon, California, Texas, Washington State and Delaware.

With $2.1 billion in assets and 142,958 members, Addison Avenue FCU might be the largest credit union to offer a reward checking account. The next largest that I'm aware of is Provident Credit Union which has about $1.5 billion in assets (see post). Addison Avenue FCU is federally insured by the NCUA (Charter # 19976).

Thanks to the reader who mentioned this reward checking in the Finding the Best Deals post.

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
01/01/10: 3.01% APY
08/01/09: 3.51% APY up to $25K; 1.01% over; 0.05% base
05/03/09: 3.51% APY
01/01/09: 4.04% APY
11/01/08: 4.50% APY
07/10/08: 5.25% APY up to $25K; 1.01% over; 0.10% base
Comments
tuphat
tuphat (anonymous)   |     |   Comment #1
I successfully completed the online application/funding process, only to get a letter in the mail today denying my application. The letter said I was rejected on the basis of a Chex Systems inquiry. I have >$1m on deposit w/ various financial institutions, and a clean NSF record. I have ordered a copy of my Chex report to confirm. The only "basis" they'd have for rejecting me would be too many inquiries, which is a really stupid reason.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
I've heard some banks and credit unions which have denied applications due to too many ChexSystem inquiries. In my opinion, this is an abuse of ChexSystem. Please let us know if you can confirm this.
Anonymous
Anonymous   |     |   Comment #3
Exact same thing happened to me at another credit union. I was denied a new account due to too many inquiries with Chex.
DaveHanson
DaveHanson (anonymous)   |     |   Comment #4
Ken, this is actually very common behavior. AAFCU, a very popular and reputable CU among rewards checking devotees, routinely does this, as do many other CUs who use Andera to open accounts.

Note that sometimes you can have them override the rejection manually if you can show that there are no derogatories in your record.
tuphat
tuphat (anonymous)   |     |   Comment #5
Update to my previous post: Called Addison today, spoke w/ CSR who confirmed I was rejected for "too many inquiries." He said inquiries drop off after 90 day, suggested I re-apply then. I explained that I open quite a few bank accounts, and asked him to escalate. Put me on hold, then said he talked to several supervisors, none of whom would override the reject. Sounds like a credit union with a very short-sighted and/or unsophisticated policy.
Anonymous
Anonymous   |     |   Comment #6
That is a way of reducing the number of people who cause an institution to go to the expense of opening an account only to hop to another institution. Financial institutions call them "interest shoppers."
Anonymous
Anonymous   |     |   Comment #7
Effective 1/1/09 the top rate is 4.04%. Other rates the same. (Note: the 'rate results' page needs some SERIOUS rework!)
Anonymous
Anonymous   |     |   Comment #8
The rate is now 3.51%:
http://dividendrewardschecking.com/
Anonymous
Anonymous   |     |   Comment #9
The rate is now 3.01%:
http://dividendrewardschecking.com/
Anonymous
Anonymous   |     |   Comment #10
I could understand being denied if someone was applying for a checking acct. but, a savings account ? That is absolutely rediculous. Apparently, the people at Addison Ave never made a mistake in their life. It's sickening to see or hear of people getting turned down because of inquiries whether it's a chexsystems issue or overall credit report inquiries. Everything I was told about AAFCU is obviously not the truth. Keep searching the web & I'm sure you'll be able to find a credit union that will welcome you unlike these perfectionist's at Addison.
Anonymous
Anonymous   |     |   Comment #11
Rate is now 2.07%
4.25% 12-Month CD (and up to 4.45%) at Addison Avenue FCU - Easy Membership
Addison Avenue FCU has a certificate promotion with a yield of up to 4.45% APY for a 12-month term. This applies to an IRA certificate with a $500 minimum or a Jumbo certificate with a $100,000 minimum deposit. The 12-month yield for a regular certificate with a $500 minimum is 4.25% APY. There's also a special 34-month certificate with a yield of 4.50% APY. This 34-month certificate requires a checking account. Certificates can be opened online for both new and existing members. They can also be opened at a branch.

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