If I sign up for maxmysavings.com, when I go to open a Customer Bank Max Savings account, does it do a ChexSystems inquiry?
Also, what do I need to do to make sure I don't get charged for the optimization service?
Thanks.
Answers
Keep in mind that if you are a newbie to Customers Bank, you will have no access to Customers Bank's ACH system for 30 calendar days plus 2 business days after that.
Regarding your decision that you do not want to utilize MMI's optimization service: The FAQ at MMI specifically states the following:
"Yes, you may cancel at any time. Max calculates and bills your membership fee 15 days after the completion of your first optimization and every 3 months thereafter. Upon cancellation, no further fees will be payable, but no credits are given for partial quarters.
"Upon cancellation of your Max membership, you retain full access to all of your bank accounts, but Max will no longer propose to you how to optimize your accounts, and you will no longer have access to the Max Dashboard...."
I did read that FAQ but I still have a question. Do you have to explicitly cancel membership or can you somehow indicate that you aren't interested in optimization so you never get charged?
I have not yet read any postings here or elsewhere from someone who has reported they don't get interest from Customers Bank after closing their MMI account completely. Since the MMI FAQ specifically states people can close MMI and keep their bank accounts, one naturally would interpret that meaning you'd get your interest at Customers Bank, since one cannot keep a Max savings account at Customers Bank and not earn interest on it. And remember, MMI has nothing to do with crediting interest to one's bank accounts, as you know.