High-Yield Reward Checking Account at a West Virginia Bank (Williamstown)

Per a phone call with a CSR, a branch visit is necessary to open the account. One exception might be if you were, say, the son or daughter of a current customer in good standing.

Thanks glxpass for checking on this and commenting.

I have an account with First Federal. They were paying 6.01% APY up until mid February. They dropped the APY to 5.51%. I sent my funds elsewhere when the rate dropped. However, since I had a large deposit with them for half the month, I still wanted to fulfill the requirements to earn the high yield. As you can see below, I made at least 12 checkcard transactions for the month, 2 online bill pays and my account is set up for electronic statements. Yet they only paid out $1.21 in interest. This is my second month with the bank. The first month, they credited my account automatically with the high yield interest. It is the weekend and I cant speak with anyone in customer service as they are not open until Monday. Does anyone know why I was only credited $1.21 for the month of February? Thanks!


02-04-2008 BILL PAY TO SALLIE MAE STUDE 5.00 24,550.89

02-04-2008 BILL PAY TO FLORIDA POWER & 11.49 24,539.40

02-11-2008 Check Card 02/09/08 CINGULAR*04522 800-331-0500 TN 0.10 24,539.30

02-11-2008 Check Card 02/07/08 CINGULAR*04522 800-331-0500 TN 1.00 24,538.30

02-19-2008 Check Card 02/14/08 CINGULAR*04522 800-331-0500 TN 0.10 24,538.20

02-19-2008 Check Card 02/18/08 CINGULAR*04522 800-331-0500 TN 0.25 24,537.95

02-19-2008 101 CHECK NUMBER 24,400.00 137.95

02-21-2008 Check Card 02/19/08 CINGULAR*04522 800-331-0500 TN 0.10 137.85

02-22-2008 Check Card 02/20/08 CINGULAR*04522 800-331-0500 TN 0.05 137.80

02-25-2008 Check Card 02/23/08 PAYPAL *NCSCHO 402-935-7733 CA 0.01 137.79

02-25-2008 Check Card 02/23/08 PAYPAL *NCSCHO 402-935-7733 CA 0.01 137.78

02-25-2008 Check Card 02/23/08 PAYPAL *NCSCHO 402-935-7733 CA 0.02 137.76

02-25-2008 Check Card 02/21/08 CINGULAR*04522 800-331-0500 TN 0.05 137.71

02-25-2008 Check Card 02/22/08 CINGULAR*04522 800-331-0500 TN 0.05 137.66

02-25-2008 Check Card 02/23/08 CINGULAR*04522 800-331-0500 TN 0.06 137.60

02-26-2008 Check Card 02/24/08 CINGULAR*04522 800-331-0500 TN 0.04 137.56

02-29-2008 Interest Paid 1.21 138.77

Please see my response to your question here.

This was cross-posted on the FatWallet Finance Forum, where I answered (I think) the question. The answer is that First Federal, unlike other Reward Checking accounts I'm familiar with, gives the bonus rate in the month following the month in which the requirements were met. Therefore, meeting the requirements in February will result in the 6.01% APY being earned in March. The commenter would have to look at whether or not he met the requirements in January to determine his February APY.

As I commented in my FWF post, First Federal's approach discourages rate chasing by moving funds from one account to another.

January was my first month with the bank. I received the high yield for that month. I am guessing that it was because all rewards checking accounts grant the high yield in the first month, regardless of whether the requirements are fulfilled. I still made all of the necessary transactions in January.

No place on their site or in the terms does it state that the high yield will be paid in the month following the month in which one qualifies.

I will certainly be on the phone with this bank come Monday morning.

By all means, call the bank. It's on their web site here.

The third question says:

So my activity in one month determines the rate I earn the next month?...

Both links are not functional -- update?

The FDIC still has this same URL, so the bank may be have server problems. Let's check back in a week and see if the URL is fixed.

Has anyone had experience with Williamstown Bank?

Now 3.91%APY

Now 3.55% up to 35K.  They also have a RealSaver companion account now.

Noticed today the account is now further limited to:

All applicants must be residents of Wood County, West Virginia or Washington County, Ohio to be considered for approval.