Another one bites the dust (Northpointe 5% checking account going away)

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patrick
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Location: Mega-City One

Another one bites the dust (Northpointe 5% checking account going away)

Post by patrick » Sun Feb 04, 2018 11:28 am

Rewards checking accounts have been mentioned here a few times, and it now seems that another one has essentially disappeared. I recently got a notice in the mail from Northpointe (which is rather easier to mistake for just another boring copy of their privacy policy) about changes that make the account rather useless. The reward interest rate is dropping from 5% all the way down to 1%, making it lower than simple savings accounts and thus effectively useless as a reward account. The change takes effect March 1 so the higher rate should be available for this month, but it's time to begin the 25 day countdown to transferring the money elsewhere.

boglerdude
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Re: Another one bites the dust (Northpointe 5% checking account going away)

Post by boglerdude » Sun Feb 04, 2018 11:20 pm

Maybe too many people abusing it with small automated purchases...

geologist20
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Joined: Fri Mar 11, 2016 11:57 am

Re: Another one bites the dust (Northpointe 5% checking account going away)

Post by geologist20 » Mon Feb 05, 2018 12:31 am

boglerdude wrote:
Sun Feb 04, 2018 11:20 pm
Maybe too many people abusing it with small automated purchases...
What do you mean by that?

Beensabu
Posts: 146
Joined: Sun Aug 14, 2016 3:22 pm

Re: Another one bites the dust (Northpointe 5% checking account going away)

Post by Beensabu » Mon Feb 05, 2018 1:05 am

geologist20 wrote:
Mon Feb 05, 2018 12:31 am
boglerdude wrote:
Sun Feb 04, 2018 11:20 pm
Maybe too many people abusing it with small automated purchases...
What do you mean by that?
I think perhaps he means too many people making tiny purchases to meet the required number of transactions in order to obtain that risk free interest rate on the max amount allowed. It cost them too much.

Angelus359
Posts: 845
Joined: Tue Mar 04, 2014 12:56 am

Re: Another one bites the dust (Northpointe 5% checking account going away)

Post by Angelus359 » Mon Feb 05, 2018 1:20 am

My old bank had 2% interest checking.

It needed 15 bill payments outgoing or debit transactions per month

I setup a 1$ auto pay to 4 accounts every week.

That was uh... Fun
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TravelGeek
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Re: Another one bites the dust (Northpointe 5% checking account going away)

Post by TravelGeek » Mon Feb 05, 2018 9:33 am

Beensabu wrote:
Mon Feb 05, 2018 1:05 am
geologist20 wrote:
Mon Feb 05, 2018 12:31 am
boglerdude wrote:
Sun Feb 04, 2018 11:20 pm
Maybe too many people abusing it with small automated purchases...
What do you mean by that?
I think perhaps he means too many people making tiny purchases to meet the required number of transactions in order to obtain that risk free interest rate on the max amount allowed. It cost them too much.
Yes, see

https://www.depositaccounts.com/blog/20 ... ement.html

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