A reader emailed me his experience at ViewPoint Bank in which ViewPoint failed to pay him the reward interest rate for June. He was very careful in meeting the June requirements and was shocked to find that his large balance had earned only 0.04% interest in June (the non-qualifying rate). After a lot of back and forth with ViewPoint reps, he finally learned why he didn't qualify for the 4% yield. He had to meet the requirements for May to qualify for the 4% on his June balance. In May he just had a small balance at ViewPoint and didn't worry about meeting the May requirements. He had assumed that failing to meet May's requirement would not affect his June interest rate. This is how most reward checking accounts operate, but this is one feature of ViewPoint that is different. Please keep this feature in mind if you have the ViewPoint Absolute Checking Account.
When you open a new reward checking account, it's a good idea to test it out with a small balance before making a large deposit. Another downside to making a large initial deposit is that your initial deposit may be subject to a hold of one to two weeks. It is common for banks to waive the reward checking requirements for the first month after you open the account. This is nice in that you don't have to be rushed into making debit card purchases, but the downside is that you may be not learn of all the details of the requirements.
For other reward checking gotchas, please refer to these previous posts:
- Important Gotchas for Those with Reward Checking
- How to Avoid the Gotchas of High-Yield Reward Checking Accounts
For more details about ViewPoint Bank's reward checking account, please refer to
- Details of Applying for ViewPoint Bank's Reward Checking Account
- ViewPoint Bank Rates and Reviews Page
Other Reward Checking Accounts:
- Reward Checking Accounts available nationwide and in your state
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