Orion Federal Credit Union Premium Checking Nationally Available


Deal Summary: Premium Checking, 4.00% APY on qualifying balances up to $30k.

Availability: Easy membership requirement

Less than two months ago, Orion Federal Credit Union (Orion FCU) raised the rate and qualifying balance cap on its Premier Checking account (4.00% APY, up to $30k). As DA reader, timnok, posted in the Forum earlier this week, Orion FCU is now an easy membership requirement credit union, making the Premier Checking one of the top-rated nationally available rewards checking account.

4.00*%-$30kOrion Federal Credit UnionPremium Checking
OTHER TIERS: 0.05% $30k+
Rates as of September 18, 2019.

Monthly Qualification Requirements

  • Minimum of $500 in monthly electronic deposits (includes direct deposit, mobile deposit, and electronic transfers from another institution).
  • Minimum of eight signature-based debit card transactions.

The Premier Checking account has no minimum balance requirement or opening balance requirement, but there is a $5 monthly service fee if the monthly qualification requirements are not met. Up to $10 in ATM fees will be reimbursed per month, if the qualification requirements at met.

Thanks again to timnok for his Forum post about the Premier Checking’s national availability.


Headquartered in Memphis, Tennessee, Orion Federal Credit Union has a way for almost any US citizen or resident to join.

Easy membership requirement: The complete list of eligibility options is only listed on the online application. You must enter your name, address, birthdate, SS number, and driver’s license number before the eligibility details are revealed. The last option listed is “Other,” which reads:

Volunteers for Orion Gives Back organizations are eligible for membership in Orion. You can qualify as a volunteer fundraiser simply by choosing an organization and asking us to make a $10 donation.

There are five organizations to choose from: Habitat for Humanity Greater Memphis, Hope House, Porter-Leath, Ronald McDonald House, and Wolf River Conservancy.

Residency: Individuals who live, work, or worship in any of seven “Mid South” counties eligible to join. Those counties include,

    Fayette, Shelby, and Tipton, Tennessee

    Desoto and Marshall, Mississippi

    Crittendon and Mississippi, Arkansas

Relationship: Family members of eligible or current Orion FCU members also qualify for membership.

Employment: Employees and members of more than 40 SEGs are also eligible to join.

Joining Orion FCU and/or opening a Premier Checking account can be done online, or at any of ten Tennessee branches located in Collierville, Cordova, and Memphis (8).

Credit Union Overview

Orion Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.92% (excellent) based on September 30, 2018 data. In the past year, Orion FCU increased its total non-brokered deposits by $59.81 million, an excellent annual growth rate of 10.02%. Please refer to our financial overview of Orion Federal Credit Union (NCUA Charter # 18297) for more details.

Established in 1957 as the Memphis Area Teachers Credit Union, Orion Federal Credit Union as grown to become Tennessee’s seventh largest credit union, with more than 77,200 members and assets in excess of $810 million. The Credit Union’s name wasn’t changed until 2011, following an FOM expansion. In September, Orion FCU was named Memphis’ Best Local Bank/Credit Union by The Memphis Flyer newspaper for the second year in a row.

Orion FCU has gained favor in the community through its customer-focused products and services, exceptional customer service, financial literacy, and a company-wide commitment to serving the Memphis community.

“We are honored to be chosen the Best of Memphis for the second year in a row. This is truly a reflection of Orion’s commitment to serve our members,” stated Daniel Weickenand, Orion CEO.

How the Premium Checking Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are nationally available and have maximum qualifying balances of at least $30k, Orion Federal Credit Union’s Premium Checking APY currently ranks first.

The above rates are accurate as of 2/14/2019.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Memphis checking accounts, reward checking accounts, nationwide deals

HarvF   |     |   Comment #1
Be very careful that the required 8 transactions are CREDIT CARD signature-based card transactions---not debit card, i.e., PIN based ones. Walmart and some other supermarkets automatically code debit card purchases as DEBIT purchases. If a credit card terminal gives you a choice to code the transaction as a debit or a credit card, choose the credit card option and you'll be okay. The description of the charge will register as a "Card Card purchase" in your Orion online account, if it went through as a credit card transaction.
Jason   |     |   Comment #2
How about Amazon gift card reloads? Will they work?
RedRanger_SLC   |     |   Comment #13
They do work. 0.50 cent transactions 8 times a month does go through. Make sure it is done 3 days before the end of the month.
51hh   |     |   Comment #16
0.50 cent? :D

deplorable 1: Just make sure that there is no pin inputted for each transaction.
deplorable 1
deplorable 1   |     |   Comment #24
Ok sounds simple enough. Funny how folks on here were saying my automated 5% savings accounts were too much work yet would do something like this which requires much more planning.
RJM   |     |   Comment #30
I knock all mine out usually before the 7th. But i never tried Amazon reloads for 50 cents. That's better than the $1 payments to U verse. Particularly if I could knock out a 20 in short order.
Mtngirl53   |     |   Comment #84
What is an "amazon reload" ?
I'd like to set this up as I'm opening various accounts here
AnnO   |     |   Comment #62
I have heard Amazon will auto-convert debit card transactions to debit in some cases, just like Walmart does. There is a setting you need to change to prevent this. https://www.amazon.com/gp/help/customer/display.html?nodeId=202029540
deplorable 1
deplorable 1   |     |   Comment #5
Ok forgive my ignorance but I only use credit cards. How do you make sure that each debit card transaction doesn't get processed as a debit card? Also if they want the transactions processed as a credit card then why don't they just have you use a credit card rather than a debit card? This kind of nonsense is why I have stayed away from rewards checking accounts.
111   |     |   Comment #12
The easiest way to ensure that your debit card transactions go though the "credit card network" (i.e., signature-based), is to purchase something online, or to pay a bill online.

By the way, the reason these rewards checking accounts sometimes insist on signature-based transaction is - surprise! - money. They generally make more for each transaction than they do with those run through the "debit card network" (i.e., PIN-based).

The $5 / month fee for not meeting the requirements is a bit odd. For rewards checking accounts, normally the only "penalty" for not meeting requirements is that you don't get the higher rate nor the ATM fee refunds for that month.

Still, a very good account.
deplorable 1
deplorable 1   |     |   Comment #18
Thanks 111! So that's good news you can use it for online purchases 8 times a month. Maybe I could find a way to automate this or buy discount gift cards 8 times a month. I wonder if there is a minimum purchase amount to qualify I didn't see anything in the fine print.
BetK   |     |   Comment #80
"If a credit card terminal gives you a choice to code the transaction as a debit or a credit card, choose the credit card option and you'll be okay. The description of the charge will register as a "Card Card purchase" in your Orion online account, if it went through as a credit card transaction." Please watch your purchases very carefully using the Orion FCU debit card when making credit card transactions. In March 2019 my card worked without a problem when I used it at Walmart and Publix for credit card transactions. Just a couple of days ago I used it at both the above mentioned as credit card transactions (no pin number was used but chose to purchase with my signature). Unfortunately, ALL transactions came through as POS (point of sale). My husband tried his card and the same thing happened. I called Orion but the woman there was really no help and said they couldn't do anything about it there. Anyone have any recommendations.
Nothing   |     |   Comment #81
If you eliminate cash advances from your account, wouldn't that solve it?
BetK   |     |   Comment #87
I don't think that would matter here.
BetK   |     |   Comment #94
I do not use my card for cash advances.
Beth   |     |   Comment #83
I just got my account opened and was able to make credit card transactions (with their debit card) at Home Depot and the Tractor Supply but not at Fry's grocery store.

With my Consumer Credit Union rewards account the debit "credit card" transactions posted as POS (point of sale) on my account history. I think this is just a format change in the way they report these transactions on your account. POS transactions should count towards your 8 transactions.
BetK   |     |   Comment #88
No, POS transactions do not count toward your 8 transactions with Orion.
BetK   |     |   Comment #89
If you are given the choice between a debit card transaction (entering your pin) and a credit transaction (signature purchase), and you choose credit transaction (and do not enter a pin) and the transaction still goes through as a POS, then isn't your preferences being altered/changed somewhere along the way? Why give customer's a choice and then send their purchase through as POS to where it immediately comes out of their account?
Qualification?   |     |   Comment #3
Can someone confirm that if one doesn't meet the monthly qualification requirements, the only negative is the $5.00 monthly fee? They won't close your account if you can't do the 8 debit card transactions?
deplorable 1
deplorable 1   |     |   Comment #4
I found this down at the bottom in fine print: "When you do not meet the Premium Perks Qualifiers, you will incur a $5 monthly fee and receive 0.05% APY on your entire balance." Still as far as rewards checking accounts go this one is probably one of the easiest ones to maintain that I have seen with one of the highest balance caps for the interest rate. It might be interesting if you could easily get those pesky debit card transactions all done in a day for $1 each. It doesn't look like you can do them online though.
RJM   |     |   Comment #6
I don't see why you could not do the 8 transactions for $1 each online. The $500 ACH transfer in is high. Most count debits or credits with no minimum.

This is a nice deal. I just opened a 2nd RCA at Heritage for $25k at 3.33%. This deal is clearly better.
deplorable 1
deplorable 1   |     |   Comment #20
Yeah I guess online purchases are usually counted as signature based? I wouldn't want to spend too much though because I would be losing 2-5% on each purchase with credit cards. If ACH deposits count for the direct deposit this looks like one of the only RCA's worth actually doing. The only thing is after you set it all up they could just lower the limit to $10,000 out of the blue. I have seen other RCA's do this.
RJM   |     |   Comment #26
I do mine at gas pumps, very small amounts. I have done $1 payments to AT&T or my gas bill. One of the gas stations I used to use updated their pumps which makes it incredibly slow so I may just do more of the $1 payments going forward. Mine require 10 transactions and you are only losing 20 cents in rewards for doing 10 transactions. But gaining far more from the excess rate.

A poster here, maybe 51hh? is a pro and has a bunch of these RCAs.

The most i have had is 3. And I quit using 2 of them because 3% is not enough anymore when mid term CDs pay more.

None of mine ever lowered the max on me.
51hh   |     |   Comment #39
The debit card transactions requirement is a major challenge for multiple RCA (with Orion, the $500 ACH may be a drag for multiple accounts).

The options are (1) paying utility bills (at least $1 per transaction), (2) paying at the gas station (small charges below $1 are usually ok until managers complain; usually 2-4 are maximum per card), (3) innovative approach that basically equates to zero charges. Of course the normal charges (e.g., grocery, drugstore) are fine.

My approach with multiple RCAs (larger than ten) is to use those approaches that simply pay bills "non-typically" or pay "known people." In this way I do not sacrifice any cash rewards from profitable credit cards.
111   |     |   Comment #35
For the rewards checking accounts I have left, I usually do my debitcard transactions online to pay utilities, because it's easy. (All but one of my utilities have no surcharge for using debit or credit cards, and can accept multiple payments/month.) Never under $1, seldom over $3, and always 2-3 more transactions than the required number.

In doing it this way I've never had the maximum lowered or my account closed on me PERSONALLY, but there have been some banks that lowered the maximum on their entire customer base for those accounts. Back in 2009 there was some Arkansas bank that paid me 4.44% on up to 50K, but after a year or two they cut it to 3.5% and 35K. Those were nice returns!
HarvF   |     |   Comment #51
deplorable 1
Your advice on how to game RCA accounts is going to ruin it for the rest of us Orion Premium Checking account holders. The credit union like all businesses is in it to make money. If a lot of people take your unwise advice, don't be surprised when the credit union starts requiring a high minimum dollar amount for each transaction and starts closing those accounts that are abusing the system.
Dunmovin   |     |   Comment #52
HarvF...it is purely a financial analysis for the CUs...there are always those that "game" any system, e.g. hotel and/or plane or car reservations that can be canceled w/o any penalty...on balance the CU is going to do what's best for it. Wow, I just defended another writer on DA!
111   |     |   Comment #54
Smartest post so far in this particular thread (well, excluding my own of course. Pats himself on the back, and hits "Enter").
gregk   |     |   Comment #60
Credit Unions are "in it to make money"? All Credit Unions are not for profit entities, in business to serve the needs of members, not to maximize returns for shareholders (it's the members who own the business).
deplorable 1
deplorable 1   |     |   Comment #69
@Harv: I'm pretty sure that anyone on here looking at this deal was thinking the same thing. These guys who do multiple RCA's have been gaming the system for years.
Never Trump Republican
Never Trump Republican   |     |   Comment #7
Amazing Rate     !     !     !

I have First Financial's 4% Kasasa already. This account is appears better. It has double the cap for the 4% rate to 30k. Nice.
Never Trump Republican
Never Trump Republican   |     |   Comment #8
Raising funds for "Hope House" appears to be easy.

I'll just ask my spouse to donate some. And we can do vice-versa so that even spouse satisfies the condition.
Never Trump Republican
Never Trump Republican   |     |   Comment #10
BTW for First Financial's 4% they too have similar requirement. The transactions need to be ** Credit Card ** not debit card. I've done purchases for groceries, fast food, coffee etc using their debit card and have qualified. To me it looks like not entering the PIN is sufficient to make the debit purchase appear like credit purchase. YMMV.
deplorable 1
deplorable 1   |     |   Comment #28
Hey NTR weren't you the one telling me that my automated 5% savings accounts were way too much work?
Never Trump Republican
Never Trump Republican   |     |   Comment #36
#28: Yes deplorable. That was me and others telling you that getting 5% on 1k and then collecting some 5/10 form 1099s and doing taxes was too much work. (Here we are talking about 30k. You get that don't you?)

You of course described how your situation was deplorable when you used to do 18 hours of work in hot factory, and in comparison handling doing 5/10 form 1099s is no big deal compared to your earlier situation, and so forth ....YES ... rest assured we do remember it.
111   |     |   Comment #44
Hey c'mon, "Never .." #36, give the guy a break! Now, I don't claim to know the ins and outs of this 5% savings thing, but from what I do understand, these days that particular scenario is mostly a "grandfathered in" thing for which many of us - certainly I - don't qualify (possibly you don't either). OK, fine - there are other fish in the sea.

But if I understand correctly, you said that "getting 5% on 1k and then collecting some 5/10 form 1099s and doing taxes was too much work." Later in your post you emphasized the "1099s" part.

Here is where I have to scratch my head. I'm looking at an Excel spreadsheet right now. On it, each year from about 1/5 through about 2/15, I either enter or copy-and-paste data from the various 1099 forms we get. Of course I either save the raw forms (if mailed), or download them (if only available online) as backup documentation, but the point is that once in the spreadsheet they will later be processed into Schedule B or D, as the case may warrant, and then funneled back into the 1040. So again - that's data entered (or copy-and-pasted) 1 time / year, for each 1099 form. Then, the PC takes over.

No matter how many of these 1099 forms one has for any particular year (I mean, within reason - let's say, for anything under 200) - I'm puzzled as to how this qualifies as "too much work".
Never Trump Republican
Never Trump Republican   |     |   Comment #50

Will you need more work for 30 forms?
. or .
Will you need more work for 1 form?

Our deplorable thinks that doing 30 forms is no more work. And since deplorable no longer has to work for 18 hour per day in hot factory, he thinks that doing 30 forms is not more work at all.

Mind you, I have already given him a break and I've agreed that's it's no more work compared to his deplorable past. (So there is no disagreement here at all.)
111   |     |   Comment #53
#50, "Never..." - Again - these days, especially with many 1099s being online and downloadable - the difference is TINY.

This year I have about 45 1099s so far (we may get a few more, or maybe not - the law says they have to be mailed by 1/31/19. However, there may be corrections on a few), implying later mailings). Via web or snail-mail. Average time for each to be entered into my spreadsheet - maybe 30 seconds.

So, junior high math says - if all data is on 1 1099 - then 30 seconds to enter. If all data is on 45 1099s - then 45 / 2 = 22.5 minutes to enter. That's PER YEAR.

Now if Deplorable (or anyone) can save (or make) money in scenarios that by nature, create (as a side effect) relatively more 1099 forms - more power to him!

Because the time these days to process each incremental 1099 form - assuming computers - is negligible. Got it?
Never Trump Republican
Never Trump Republican   |     |   Comment #56

Do you need some time to get your USPS mail? Open the envelope? Read/Scan Numbers? How about doing some more of your junior high math? :-)

If you're getting all of 1099s via web, then: Do you need some time to log into the web-site? Search/locate 1099s on web-site? Download them? Store in some folder? ... looks like some more math then? :-)

BTW I already have conceded that doing 30 or even 300 form 1099s will take much shorter than deplorable condition of working 18 hour days in hot factory. Got it?
deplorable 1
deplorable 1   |     |   Comment #66
You better not do any stock trading NTR as this will be way too much work for you as you need to report your buy date, sell date, cost basis and gain or loss for each transaction. This also requires a additional form 8949 to be added to your tax return as well.
Never Trump Republican
Never Trump Republican   |     |   Comment #71
Me? Stock Trading?

... Nah ... I'm not Wall Street Type. I'm main street person.

I already have conceded that compared to your previous deplorable situation of 18hr workdays in hot factory, data-entry operation of 300 form 1099s is no big deal.
deplorable 1
deplorable 1   |     |   Comment #65
@NTR: 2 banks and only 4 combined 1099 INT's to deal with for $54,000 @ 5% APY. Oh and not having to do any debit card hoops like this deal because it is all automated. I may even pass on this deal because it may be what i consider to be too much work. My time might be better spent doing a few bank bonuses with a ROI of 10% or better. But to each his own I'm not slamming anyone for taking advantage of this deal just pointing out hypocrisy when and where I find it.
Never Trump Republican
Never Trump Republican   |     |   Comment #72
What hypocrisy?

Is regular grocery / fast-food / coffee hypocrisy?

Is fund raising for charitable organization supported by Orion hypocrisy?

Just what hypocrisy are you pointing out deplorable?
Mtngirl53   |     |   Comment #86
Hi Deplorable-where are you getting 5% apy?
anonz   |     |   Comment #29
Orion will donate their $10 to your pick from their non-profits list when you sign up for membership; you join for free: don't need to donate.
Never Trump Republican
Never Trump Republican   |     |   Comment #37
#29: Right ... Orion will donate, and in fact me and my spouse will both donate as well. This is keep my word about making efforts to raise funds for the organizations.
Barry   |     |   Comment #9
This CU has fees for everything, except for bill pay and purchases.
Smitty in the City
Smitty in the City   |     |   Comment #11
seems like standard fees thou, right?
Radster   |     |   Comment #14
Be prepared to send them the following documentation after opening the account: (1) Utility bill with current address (2) Drivers License and (3) Social Sec. card.

You have to send it in via regular email (no secure upload portal is available). This may be an issue for some security conscious people.
Robb   |     |   Comment #17
Or you could drive to Tennessee and hand deliver them :)
Sarah   |     |   Comment #19
What if you don't have a utility bill under your name? Are there any other options?
RJM   |     |   Comment #22
Just because one person needed that does not mean everyone would. Ask CS.

NASAs automated system said they needed a copy of my SS card. I told them I haven't seen it in a long time and they said nevermind, you're approved.
Donny   |     |   Comment #73
Deplorable is right again.
Radster   |     |   Comment #31
Sarah - Below is the list of acceptable documents I received from Orion:

Rental Agreement
Lease Agreement
Property Tax
Home Owner’s Insurance
Utility Bill (Electric, Gas, Water)
Anymouse   |     |   Comment #75
Well this is stupid... I opened the account online, had initial funding pulled from another bank, set up my online banking and text alerts, and did the POD DocuSign dance over the last four days. All the while I could log on and see my account info. Now this morning, I can't log in. I call the CU and the rep says, oh, you need to send in color copies of ID and SSN. Would have been nice if they sent me an email explaining this instead of locking me out and leaving me to wonder what's going on (I assumed their server was down).
Beth   |     |   Comment #76
I'm interested in opening an account but was turned off by the post stating they don't have a secure email system. I inquired and received the following from Orion FCU:

BAE Systems Email Encryption Registration Invitation
From info
To Beth
Date/Time Fri, 1 Mar 2019 16:34:38 +0000
Subject RE: secure email portal?
Notification You have a secure email message waiting for you. Our records indicate that the email address listed above is not currently registered with MailSafe. Registration is required before viewing this secure email. Please click on the registration link below to begin the registration process.

If you have already registered, please go directly to the login page. Not a registered user? Click here to register and begin using the Email Encryption service.
NCSaver   |     |   Comment #77
Thanks, Beth... I was thinking I may just mail documents in, but a secure email system would be so much faster. How did you get this invitation? Did a CSR send it to you (after a phone call) - or did you send them an email inquiry?
Beth   |     |   Comment #79
NCSaver: No, I didn't call them and talk with a CSR. It was just a general email inquiry.
51hh   |     |   Comment #15
What is the maximum number of accounts people here have opened successfully, four or five? Thanks.
Anonymous   |     |   Comment #21
I would be cautious about trying to open many accounts. This credit union is not the smallest, but it is not a very large one either. If they are inundated with requests I suspect they will restrict the market area, reduce the cap from 30k down to 10k or some smaller amount, or make a large cut to the rate, so the 4% will not last long. With the 5-year CD now yielding less than 2.5%, I would not have too much faith that this high RCA rate will be sustainable. You might be better off locking in a 3.5% CD while they still exist.
Never Trump Republican
Never Trump Republican   |     |   Comment #25

I agree. I have experienced this sort of thing elsewhere (e.g. New Buffalo. Great Lakes.)

If they drop the cap to 5k or 10k, and drop rate to 2.50% then I will just close and move on.
RedRanger_SLC   |     |   Comment #63
Agree. We all have to be careful with how pushy we get with RCAs. I have been flirting with Great Nevada CU as they have a cap of $50,000 at 4% and allow up to two (2) accounts, netting 4% of $100,000. That's $4,000 a year in interest! I chose Orion FCU first because that's what I saw first, but some RCAs are catching up. I'll stay with Orion for the foreseeable.
deplorable 1
deplorable 1   |     |   Comment #23
Right and then after the DA effect they will drop the limit to $5,000 for the 4% so they don't go broke.
Tragedy of the Commons
Tragedy of the Commons   |     |   Comment #27
I agree with Deplorable. I hate to say this, because DA has been such a valuable resource for so many of us, but highlighting this RCA may end up killing this opportunity for those who already have it. The more people who jump on this bandwagon, the higher the probability that this rate will be history.
deplorable 1
deplorable 1   |     |   Comment #32
That is what happened to the Netspend and Insight 5% savings accounts which was why I didn't post it on here earlier. As soon as too many people know the deals they get pulled. This used to happen over at fatwallet all the time.
51hh   |     |   Comment #40
Just for the record, my question above on "the maximum number of RCAs one can open" is purely out of curiosity. For most RCAs, there is a limit of one or two per social security. I noticed some have got two Orion RCA accounts.

I already have "many" 4% RCAs so that I do not need Orion at all. As I said it elsewhere, the $5 fee for not meeting requirements is a show-stopper for me since I may keep some RCAs as backup.
Never Trump Republican
Never Trump Republican   |     |   Comment #57

All the CUs and Banks I deal with, permit just one RCA per SSN. Haven't come across yet a CU/Bank that will permit many RCAs per SSN.
111   |     |   Comment #58
Well, then you've missed at least 4 that I know of, and that's even without checking...
aa   |     |   Comment #59
#58: You should feel welcome to share the names.
deplorable 1
deplorable 1   |     |   Comment #67
Maybe he doesn't want to kill the deal.
Radster   |     |   Comment #33
Oh and BTW: There is a HARD PULL (Equifax) to open this account.
Smitten Kitten in the City
Smitten Kitten in the City   |     |   Comment #55
That's the only way I like it
DuckDuckGo   |     |   Comment #34
Beware : I am out of state and they demanded id and SSN to be sent in email to open the a/c
HarvF   |     |   Comment #43
I cannot believe all the whiners disparaging this offer for various petty reasons. If you don't like the offer, don't open the account. Remember, all financial institutions are in business to make money like any other business. Duh! If a lot of you try gaming this account by making 8 transactions at $1 or less, you can f---k everything up for the rest of us. Don't think the bank is stupid! If this happens, it will start requiring a high minimum dollar amount for each transaction or start monitoring every account holder's RCA account monthly and close the offending accounts. To check if a transaction registered as a CREDIT CARD purchase, check your online Orion Premium Checking account's description to verify that it is a "Card Card purchase". Paying bills will NOT qualify---they will register as an "ACH Withdrawal". If the transaction is not a "Card Card purchase", then it does NOT qualify, no ifs ands and buts. If you don't want to make an effort to fulfill the requirements for the Orion Premium Checking account, you are welcome not to act on this offer. Just don't ruin it for the rest of us.
deplorable 1
deplorable 1   |     |   Comment #68
To me the only point in doing this would be to do 8 small purchases to "game" the system as it were. Why would I want to spend thousands making purchases with a debit card and miss out on 2-5% cash back with a credit card? The banks who set all this up are making money off of these transactions and making us jump through hoops for a 4% rate. No they are not stupid and are expecting people to **** up and only have to pay out a paltry .05%.
larry   |     |   Comment #78
d1, you should go read the comments at DOC to get a better understanding on what works. They had this deal posted in Oct of last year and people hammered it. One individual opened up 10 accounts online and claims to be making $1k per month. Nice change if you can whip through the requirements in 15 mins or so.
HarvF   |     |   Comment #45
Ask the CSR to give you their secure email address, so that you can attach your ID and SSN files. If you don't know how to create the picture file, ask a friend or relative. It's a lot quicker and more secure than U.S. mail.
Junior Don
Junior Don   |     |   Comment #46
Harv is right. Scammers open almost every piece of US mail looking for photo id and SSN files.
111   |     |   Comment #47
And here I always thought it was the aliens (that's why I always enclosed my snail-mail in aluminum foil).
HarvF   |     |   Comment #48
DuckDuckGo - comment #34

Ask the CSR to give you their secure email address, so that you can attach your ID and SSN files. If you don't know how to create the picture file, ask a friend or relative. It's a lot quicker and more secure than U.S. mail.
Junior Don
Junior Don   |     |   Comment #49
Still a great idea Harv.
deplorable 1
deplorable 1   |     |   Comment #70
Ok guys what about buying discount gift cards through a shopping network like TopCashBack and Gift Card Granny? This way you could make regular sized purchases, still get a discount and these should still count as credit card transactions right? Has anyone tried this?
aglet   |     |   Comment #74
For those that opened 2 accounts, it looks like they require a share savings account for each checking account? Both have a $25 min?
willy12   |     |   Comment #82
I see conflicting data on the max here...here it says $30k and elsewhere, I read $25k. Is it indeed $30k?

Mtngirl53   |     |   Comment #85
It says you need 500 a month in deposits. Are you also able to withdraw that money?
DJP   |     |   Comment #90
Yes, It is 30k. Yes you can take the $500.00 out. I have 3 accounts and I use the same $500 dollars every month for 2 of them from the same institution (not Orion). As far as the 8 credit card transactions..I go to the gas station (Walmart) and make gas purchases for 2 cents each. It takes me about 5 minutes to complete on each card. Sometimes I do one card in a day and sometimes I do all 3 cards in one day (15 minutes to complete) when theres less traffic at the gas station. I spend about 16 cents per card per month to get the 4% rate. Not sure why I haven't saw any comments of others doing the same.
willy12   |     |   Comment #92
Meeting the exact requirements does not demonstrate a lack of integrity. And there is nothing shameful about it. If it was vitally important to any FI they could easily require them to be of a a minimum amount each or a minimum grand total for the month.

I should probably apply at Orion soon.
willy12   |     |   Comment #93
DJP, do you have 3 RCAs that all require $500 deposits? I have 4 and none require a specific deposit or withdrawal amount. I recently cranked back up 2 that I did not think i would. I may stop them if I do the Orion just because 10 and 12 transactions for 3% on $15k each is barely worth it.

But, I have a large CD maturing tomorrow and my only decent option is another 2.75% 9 month. Not thrilled with it but I don't qualify at Navy and the others that are marginally higher are not worth opening a new account for.

Don't let anyone guilt you into thinking you are dishonest. Its a simple yes or no thing. You either meet the qualifications or you don't. There is no higher rate or special award for those who use a debit card the way the FIs would prefer. (for high spends)
Bob VA
Bob VA   |     |   Comment #96
PayPal transactions, such as EBay processed through paypal, are not coded as "credit" and Orion does not count them toward the 8 required. I had a long argument with Orion customer service about this, she would not budge, lost $30+ in interest that month, also charged the $5 fee.
Friday Agenda
Friday Agenda   |     |   Comment #97
Say goodbye to multiple 4% accounts as Orion is limiting one account per person starting in October per doc. They must be taking a beating with the drop in rates.
willy12   |     |   Comment #98
They are still on my list to do maybe when my Marcus deal ends in Nov.
Yes it's Friday the 13th
Yes it's Friday the 13th   |     |   Comment #99
Thanks for the heads up. This deal was great while it lasted. Per conversation with Orion CSR every member impacted has a different deadline, but she was vague on details. Presumably those who have 10 accounts will get a little more time to make other arrangements.
Yes it's Friday the 13th
Yes it's Friday the 13th   |     |   Comment #100
ETA: "... will get a little more time to make other arrangements" than those who have 2 or 3. Also from the CSR, members will have the option to decide which accounts they wish to close or allow the credit union to select for them.
Human   |     |   Comment #101
A Very Incompetent Senior Management.

The senior management of this credit union should resign or be fired and allow some one else who knows the banking system to fix so many of the problems that the customers are experiencing with this credit union every day. You are not even able to handle the customer's need in your little corner of Memphis Tennessee, then you try to offer services in the whole country and after you fail miserably and overwhelmed, you try to back pedal. Earlier the management was encouraging us to open several premier checking accounts up to five account, but now telling us we can only have one premier checking account. I'll gladly close all my accounts with this terrible credit union and go where my business is appreciated and I'm offered a good customer service
Orion Federal Credit Union Premium Checking Now Earns 4.00% APY
Deal Summary: Premium Checking, 4.00% APY on qualifying balances up to $30k.

Availability: Residents of three Tennessee, two Mississippi, and two Arkansas counties, all located in the greater Memphis metropolitan area; 40+ SEGs.

It’s been more than two years since I last wrote about Orion Federal Credit Union’s (Orion FCU) Premier Checking account which is a high-yield reward checking account. At that time, qualifying balances up to $20k earned 3.00% APY. Orion FCU has raised the rate to 4.00% APY and increased the qualifying balance cap to $30k....

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Orion FCU (TN/MS/AR) Adds 100 Basis Points To Premium Checking APY
Availability: Residents of three Tennessee counties, two Mississippi counties, and two Arkansas counties, all in the greater Memphis metropolitan area; 30+ SEGs.

At the beginning of October, Orion Federal Credit Union (Orion FCU) raised the rate on its Premium Checking account. Qualifying balances up to $20k now earn 3.00% APY, with qualifying balances over $20k earning 0.05% APY. Non-qualifying balances do not earn any interest.

The Premium Checking account was added to the product line in November 2014, earning an unimpressive 1.00% APY. The rate increased to...

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0.50% Reward Checking Account at Memphis Area Teacher's Credit Union
Update 9/07/09: The top yield has fallen to 0.50% APY. See bottom of post for the rate history.

Memphis Area Teacher's CU is offering a reward checking account that pays 0.50% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit
  • access online banking and receive e-statements
If these are not met, the rate falls to 0.05%. There are no monthly service charges.

I noticed in the small print that it states "credit approval required." So this may mean...

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