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LegacyTexas Bank (TX)

Reward Checking Account at a Texas Bank (ViewPoint)


Update 9/01/11: The rate has fallen.

ViewPoint Bank is offering a reward checking account called Absolute Checking that pays 3.00% APY on balances up to $25,000 (0.03% over) if the following monthly requirements are met:

  • 15 check card purchases
  • one direct deposit or one online bill-pay
  • receive electronic statements

If these are not met, the rate falls to 0.04%. The minimum initial deposit is $100. There are no monthly service charges and no minimum balance requirements. Once nice perk is free checks. On the downside, there doesn't seem to be any ATM fee refunds. The free ATM transactions that it mentions only refers to ViewPoint Bank ATM fees.

An online application link is available at the checking promotion page. I checked with the CSR using their online chat system, and the CSR said that people in any state (see 7/27 update below) can apply online without having to come into a branch. You'll have to mail two forms of ID along with the account agreement. The CSR also said that there's no hard credit inquiry in the application. They only do a ChexSystem check (Note, CSRs are not always right on this issue). Update 7/27/10: The account is now limited to Texas residents. At the bottom of ViewPoint's Absolute Checking page, it now states the following:

Only one account per primary owner. You must live in the State of Texas in order to be eligible for this account.

Update 9/1/11: Please refer to this post for details of the application process.

Branches are located in the Dallas, Texas metro area. It's a new bank that was just established in 2006. Before 2006 it was Community Credit Union which had existed for over 50 years. In 2005, credit union members voted to change their charter to a bank. As of 6/30/09 the bank has $2.3 billion in assets and $1.7 billion in deposits (FDIC Certificate # 58006).

Other High Yield 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:

  • 09/01/11: 3.00% APY up to $25K; 0.03% APY over
  • 11/01/10: 4.00% APY up to $25K; 0.95% APY $25K-$100K; 0.04% over
  • 10/02/09: 4.00% APY up to $50K; 1.75% APY $50K-$100K; 0.04% over
  • 05/22/08: 4.00% APY up to $50K; 2.00% APY $50K-$100K; 0.04% over

Edit 10/28/09: Added history before the bank was established.

Related Pages: LegacyTexas Bank (TX), Dallas, checking account, reward checking account

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Anonymous   |     |   Comment #1
Rate table dated 1/1/09 adds a third tier: over $100K yield is 0.04% APY.
Although not specific, the base rate (if requirements not met) appears to be 0.5%.
steve (anonymous)   |     |   Comment #2
Viewpoint Bank also has a mandatory $3.00 per month charge that applies to refunds for the use of non-Viewpoint ATMs. See footnote #9 at the following URL:

Anonymous   |     |   Comment #3
rejected by the bank because of too many inquiries in ChexSystems report

oh, well
Anonymous   |     |   Comment #4
In the comment above that mentions a $3 per month charge for ATM refunds, I don't think it's mandatory. On the first page it's listed under "Add-ons Available". I think the "customers must" part of footnote 9 just means that if you want that add-on, you must sign a one-year commitment.
Anonymous   |     |   Comment #5
Another comment about that "ATM Package" add-on: I think it doesn't apply to the Absolute Checking account anyway, since that already has free ATM transactions. However, in neither case do they give refunds for fees charged by other banks; it just means ViewPoint doesn't charge a fee.
Abhinav (anonymous)   |     |   Comment #6
Rejected on account of reply from ChexSystems - unable to verify identity.
Angela (anonymous)   |     |   Comment #7
>> Rejected on account of reply from ChexSystems - unable to verify identity.

Same here. I requested my Chexsystems report, and my record is spanking clean. I have accounts with three other banks that apparently had no problem with my identity.

Viewpoint's "adverse notice" email said to call CS with questions, but CS told me that if there was a typo in my application I would have to re-apply.

CS was unable to check my application because only the "online group" has access to it. When I asked to be connected to someone at that group I was told they "do not speak directly with customers" and was advised to use online chat.

I think I'll pass on a online bank where the "online group" does not take phone calls if my computer is down.
Anonymous   |     |   Comment #8
also rejected with spotless credit because of an unspecified problem with ChexSystems reports. CSR wouldn't tell me specifically why rejected. Looks like view point is using this tactic to avoid opening accounts? Pretty annoying.
Anonymous   |     |   Comment #9
I went into a branch today and opened a checking account. Turns out one piece of information in the description above isn't exactly true. The institution isn't new -- it has been around for over 50 years, but before 2006 it was Community Credit Union. They changed to a bank a few years ago and changed their name. I found this quite interesting because I was a member of CCU for about 20 years. Certainly the atmosphere is different now than when it was a credit union.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #10
Thanks for the info. The bank establishment date was from the FDIC. I was able to find the history in their website, and I included some of this in the post.
Anonymous   |     |   Comment #11
I also received an adverse reaction notice, with a clean ChexSystems report. Very annoying>
Anonymous   |     |   Comment #12
I was also rejected and asked via the online chat - they wouldn't look up my information, but hinted that it could be too many inquiries.
Anonymous   |     |   Comment #13
I too was rejected for the ChexSystems report. I only opened up one other reward account in all of 2009, so "too many" inquiries is a ploy to slow/halt a flood of applications, a la the best $50K account with nationwide availability. Arbitrary and capricious -- but then, it's a bank!
Corbey (anonymous)   |     |   Comment #14
Went into a nearby Viewpoint branch and converted to Absolute Checking during lunch today. For an existing customer, it only takes about 5 minutes.

The $3 per month charge is optional. It covers reimbursement of the fee Viewpoint charges for the use of third-party ATMs.

Since they don't cover reimbursement of ATM fees charged by other banks at all, this might not be such a good deal if you live outside the area and can't use their ATMs.
Anonymous   |     |   Comment #15
15 debit transaction, ATM restrictions, and tough ID make this deal a no-brainer... skip it.
Anonymous   |     |   Comment #16
This is the last of the nationwide banks to offer 4% APY, with both Preoples Bamk of Kankakee and Farmers & Merchants Bank of VA recently dropping their rates.

This should lead to a slew of new applications, but they've historically shown that they reject customers who have applied for reward checking accounts from other banks.

I wonder how long it will be before they a) no longer accept out of state customers and/or b) drop their rates?
Anonymous   |     |   Comment #17
In the previous post I meant banks that give 4% up to $50K.
Anonymous   |     |   Comment #18
ViewPoint is gaining interest deu to the lack of $50K RCAs; but the 15 debit transaction is too laborious (compared to two RCAs with ten debit transactions, they are jsut a bit better).

The unneccesary ID check is just one way to get rid of all the rate chasers.

The ATM limitation is another drag.

The conversion from credit union to bank is not a good one, either. Now more nasty to customers, no phone csrs? what a joke!!

It is untrue that all things are big in Texas!!
Anonymous   |     |   Comment #19
ViewPoint rejected a bunch of people due to ChexSystem inquiries; a lot of casualties.

In the old days, it was never heard of to be rejected for Savings/checkings accounts; maybe credit card applcations.

The best strategy against all these fussy banks is...


There are plenty of nice banks who follow the old trend. These nasty banks will disappear from the earth sooner or later.

For example, on this bank, there were numerous casualites already reported, why does anybody with the right mind would even to bother to apply?? Just to press your luck???

People, people, I just do not get it!!!
Anonymous   |     |   Comment #20
Echo other comments already posted here. They don't want "smart" money; no rate-shoppers allowed. Viewpoint will use an "adverse" ChexSystems consumer credit report as an excuse to deny you if you have another rewards checking account. (Don't they realize they'll get that $$ if they open an account and keep their rates competitive? Guess they're not that smart!) Why don't they use one of the 3 major credit reporting bureaus (Equifax, Experian, TransUnion)? (I have spotless credit; FICOs in the 770s and 760s.) I'll tells 'ya why --- because they want "sheep" for clients. Their slogan should be, "an uneducated consumer is our best (and ONLY) customer." Pass on this amateur outfit, and don't waste your time. West Bank ($30K max) and/ Evantage Bank will sort you out.
Anonymous   |     |   Comment #21
I was approved for this account, even though I have another Rewards Checking account.  However, I realized today after I sent the paperwork (they said they had to have hard copies of the paperwork, nothing could be faxed in or emailed), that I had not included my funding check.  The echat rep said they do not accept direct deposit to fund the account.  They also refused to hold the paperwork for just one day to allow me to mail in a depoit check, saying they had to have all paperwork and deposit check arrive at the same time, or it would be returned to me.  Only costs them and myself more money on postage.  Think I will try and find a bank that is a little more customer friendly, considering there are so many banks out there that aren't this "inflexable".
Anonymous   |     |   Comment #22
After being notified my First State Bank Account will be closed, I applied for an Absolute Checking Account and was approved. I currently have 4 reward checking accounts opened, although none of them have been opened recently.
larkin (anonymous)   |     |   Comment #23
Applied 4/2; approved 4/6

Mailed the paperwork back on 4/10; recieved all confirmation and accessed on-line 4/19.

Aside from the snail mail component, this went rather smoothly, if not quickly.
Anonymous   |     |   Comment #24
While the bank is more demanding in terms of the application process and with 15 POS transactions required monthly, I was approved for the Absolute Checking account with them (4.00% APY), and things are coming along in their natural course.  I'm banking with them for the 2nd month now.  Honestly, I feel that those people who have complained regarding being ineligible for this account either 1) have a bad credit/financial history or 2) cannot follow application instructions properly. 
Anonymous   |     |   Comment #25
As a new customer of the ViewPoint Bank (Absolute Checking), I would like to make another comment.  I have been approved in March, and things are coming along normally.  One disadvantage perhaps, a deficiency, is that at times it does take a little longer for some transactions register in your online banking than what's my experience with other high yield accounts with other banks.  Ideally, once the transaction is made, I see no reason for it being reflected immediately or almost immediately as pending.  However, for some transactions with the ViewPoint bank, it takes take for some transactions to even appear as "pending" in their status.  Still, you have a month to make 15 transactions, and it's not a difficult requirement for most folks (if you're waiting for transactions to register online and don't want to go over the minimum required 15). 
Anonymous   |     |   Comment #26
I meant to say I see NO reason for the transaction not to be reflected immediately or almost immediately as pending in the online banking setting in the message I posted above.
Anonymous   |     |   Comment #27
applied this account yestoday. i don't have any reward checking.  

i used to apply danvers bank last month, but they refused my application right after i sent the paper......-_-#
Anonymous   |     |   Comment #28
With the populairty of this RCA both here and at Fatwallet (and the numerous recent applications reported), it is not difficult to predict this one is the next to fall (i.e., in terms of interest rate, lowering the $50K limit, and national availability).  This is just the characterisitcs of a popular RCA.
Anonymous   |     |   Comment #29
Anon. #24: No, most applicants who got rejected for Viewpoint Absolute Checking have too many Chexsystem inquiries (due to multiple RCA openings); all have great credit/financial history and certainly are skillful in applying RCAs.  Also, many banks establish particular approval criteria so that they attract only those select group of customers; e.g., BotS, 1st Arkansas Bank of Trust.  It is definitely not as you described.  
Anonymous   |     |   Comment #30
update: 0.95% APY 50k-100k now
larkin (anonymous)   |     |   Comment #31
I just checked and it looks like the APY for 50k to 100k is back to 1.75%. Sweet...
larkin (anonymous)   |     |   Comment #32
June 1--back to 0.95%...nevermind :-(
Franck (anonymous)   |     |   Comment #33
Effective Nov. 1, 2010...rate tiers will change to the following: up to $25,000 - 4% APY; $25,000.01 to $100,000 - 0.95%; dollars over $100,000 - 0.04% APY.