Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

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iamblessed
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Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by iamblessed »

Give me some pro's and con's
https://www.eccu.org/
slyfox1357
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by slyfox1357 »

Up to $108 cash back per year, $9 per month

:thumbsdown
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iamblessed
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by iamblessed »

slyfox1357 wrote: Sun Jun 14, 2020 6:51 pm Up to $108 cash back per year, $9 per month

:thumbsdown
The other account 3% on 35k
https://www.eccu.org/kasasa
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Stinky
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by Stinky »

iamblessed wrote: Sun Jun 14, 2020 6:48 pm Give me some pro's and con's
https://www.eccu.org/
They’re insured by NCUA, which is great. That’s a necessity.

If you qualify for membership and they provide the services you want, go for it!
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nalor511
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by nalor511 »

iamblessed wrote: Sun Jun 14, 2020 6:55 pm
slyfox1357 wrote: Sun Jun 14, 2020 6:51 pm Up to $108 cash back per year, $9 per month

:thumbsdown
The other account 3% on 35k
https://www.eccu.org/kasasa
"0.05% APY if qualifications aren’t met"

Doesn't say what they are
simmias
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by simmias »

My con having accounts like that in the past was that it was always a pain to do the 12 debit transactions. I used to satisfy it by paying small amounts 12 times to the cable company, but now that I've cut the cord I don't think I have a relationship with a vendor any more where I'd feel OK doing that.

I'm sure there are smarter people than me out there who have figured out ways to automate the process with scripts and whatnot, though.

This would be a dealbreaker for me just based on the PITA factor vs. expected return, which frankly isn't that much. Plus the capital E evangelical means my church most likely wouldn't qualify anyway.
Last edited by simmias on Sun Jun 14, 2020 7:14 pm, edited 3 times in total.
snailderby
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by snailderby »

I used to have a Kasasa rewards checking account at another bank but got rid of it earlier this year for simplicity after they cut their rates. I got tired of having to make x number of debit card transactions every month.

Pros: 3% interest on cash isn't easy to find these days. And it's nice to earn interest on the whole account (up to $35K), even the moneu that you use for daily living expenses.

Cons: The debit card transactions requirement is the obvious downside. And current rates aren't guaranteed. They could cut rates (or the $35K limit) after you've gone through the trouble of transitioning over.
Last edited by snailderby on Sun Jun 14, 2020 7:49 pm, edited 5 times in total.
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galawdawg
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by galawdawg »

nalor511 wrote: Sun Jun 14, 2020 7:03 pm
iamblessed wrote: Sun Jun 14, 2020 6:55 pm
slyfox1357 wrote: Sun Jun 14, 2020 6:51 pm Up to $108 cash back per year, $9 per month

:thumbsdown
The other account 3% on 35k
https://www.eccu.org/kasasa
"0.05% APY if qualifications aren’t met"

Doesn't say what they are
The qualifications are noted below that disclaimer.
*Qualification Information:

Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa account during each Monthly Qualification Cycle:

At least 12 debit card purchases
Be enrolled in online statements
Be enrolled in and log into online banking

That’s all there is to it! Even if you don’t meet your qualifications during the cycle, your Kasasa account is still free.

Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account's rewards.

"Monthly Qualification Cycle" differs from the current statement cycle. Contact member services at 800.634.3228 or internationally at 714.671.5705. or reference any of the Kasasa Truth In Savings Disclosure documents for specific Monthly Qualification Cycle dates.
nalor511
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by nalor511 »

Hoops for an extra $621/yr max, no thanks
lakpr
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by lakpr »

simmias wrote: Sun Jun 14, 2020 7:06 pm My con having accounts like that in the past was that it was always a pain to do the 12 debit transactions. I used to satisfy it by paying small amounts 12 times to the cable company, but now that I've cut the cord I don't think I have a relationship with a vendor any more where I'd feel OK doing that.
Small balance reloads to an Amazon gift card ... Just saying :P :twisted:
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by LadyGeek »

I removed an off-topic post and reply regarding recent news events.

Please stay focused on personal finance.
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LilyFleur
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by LilyFleur »

I did not find them easy to deal with, but that was ten years ago. Had an IRA with them, and it was like pulling teeth to get information on it. They would never let me actually speak to the IRA specialist--a receptionist would write down my question, tell me she would call me back, then ask the IRA specialist sometimes not very accurately, then call me back. Then I would have another question based on that answer. Really frustrating. It was against their rules to email the IRA specialist directly. I am much happier at SchoolsFirst and at Schwab. Athough, SchoolsFirst wasn't much better on IRA information. Maybe it's a credit union thing. Schwab, with their 24-hour customer service, has been outstanding to deal with.
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by nisiprius »

Reality check #1: make absolutely sure they really are insured by NCUA. I went to ncua.gov and searched. All OK. I think the chances of a credit union saying they were if they weren't is close to zero, but it doesn't take long to check.

Details
CREDIT UNION NAME: EVANGELICAL CHRISTIAN
CHARTER NUMBER: 63837
CREDIT UNION TYPE: FISCU
CREDIT UNION STATUS: Active
CORPORATE CREDIT UNION: No
CREDIT UNION CHARTER YEAR: 1964
CURRENT CHARTER ISSUE DATE: 10/20/1964
DATE INSURED: 03/01/1977
CHARTER STATE: California
REGION: 3 - Western
FIELD OF MEMBERSHIP TYPE: Non-Federal Credit Union
LOW INCOME DESIGNATION: No
MEMBER OF FHLB: Yes
ASSETS: $691,035,616
PEER GROUP: 6 - $500,000,000 and greater
NUMBER OF MEMBERS: 14,428
Main Office
ADDRESS: 955 W Imperial Hwy
CITY, STATE ZIP CODE: Brea, CA 92821-3812
COUNTRY: United States
COUNTY: Orange
PHONE: 714-671-5700
WEBSITE: http://www.eccu.org
CEO/MANAGER: Abel Pomar
Reality check #2: What kind of safety rating does it have? Notice that, as with FDIC-insured banks, this is not terribly important as long as the credit union is NCUA-insured and you're under the insurance limit. One place I know which gives a rating--free account required and they then try to sell you paid accounts--is Weiss Ratings. Their basic report is here, Evangelical Christian Credit Union, and they give it a D+.

Another place is Bauerfinancial, and they, too, offer a free account but try to sell you paid reports. Their rating, without details, is here, Evangelical Christian Credit Union, and they give it three stars, "adequate." That is not a good rating. As a matter of fact, their official "good" rating is 3-1/2 stars. Two stars is "problematic," one is "troubled."

This doesn't mean there's a danger of losing money, but it's something to know.

I once had a deal like like the "Kasasa account" with a local bank, it was called "Rewards checking" and it had similar requirements. I reorganized my life to make it easy to jump through their hoops. What I found was that the deal faded very quickly. It wasn't all-at-once; they would alternate cutting the maximum balance that earned the good rate, and cutting the rate itself. After about eighteen months, it was no longer a great deal. At that point, I'd earned about $700 or $800 more in interest than I'd have gotten elsewhere, but it was just a short-lived thing.
Last edited by nisiprius on Sun Jun 14, 2020 8:30 pm, edited 1 time in total.
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WS1
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by WS1 »

I opened a 3.25% Kasasa account in February. Before I could even make a deposit the bank dropped the rate to 2.5% which matched the non-gimmicky rate at my local credit union where I already had an account. Lesson learned...I guess
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by nisiprius »

simmias wrote: Sun Jun 14, 2020 7:06 pm...My con having accounts like that in the past was that it was always a pain to do the 12 debit transactions...
Yes. I had a vaguely similar account. My observation here was that in order to be sure of getting 12 transactions within a billing cycle, if I didn't want to mark a calendar or something I really needed to do a lot more than 12. The issue is that when I swipe a card at a grocery store or a gas pump, there are (at least) three dates associated the transaction: the date I swipe the card, the date it shows up as "pending" or whatever in the account, and then the date it finally shows as completed. It wasn't clear which of those dates "counted," and the "billing cycle" wasn't a calendar month, it was a slightly random and fluctuating day of the month--16th one month, 17th another that kind of thing.
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stan1
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by stan1 »

Personally I would not jump through a lot of hoops including using a debit card. Remember you'd be foregoing cash rewards on a credit card purchase. I would not use a debit card when a credit card provides far superior fraud protection backed by federal law not just the banks best effort.
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by Jack FFR1846 »

Amazon online gift card can be reloaded with as little as 50 cents per reload. Go in, reload $6, log out.
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by IowaFarmWife »

lakpr wrote: Sun Jun 14, 2020 7:16 pm
simmias wrote: Sun Jun 14, 2020 7:06 pm My con having accounts like that in the past was that it was always a pain to do the 12 debit transactions. I used to satisfy it by paying small amounts 12 times to the cable company, but now that I've cut the cord I don't think I have a relationship with a vendor any more where I'd feel OK doing that.
Small balance reloads to an Amazon gift card ... Just saying :P :twisted:
That's what I do for my interest checking account.
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lakpr
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by lakpr »

stan1 wrote: Sun Jun 14, 2020 8:43 pm Personally I would not jump through a lot of hoops including using a debit card. Remember you'd be foregoing cash rewards on a credit card purchase. I would not use a debit card when a credit card provides far superior fraud protection backed by federal law not just the banks best effort.
Use that debit card only at a single site (in my case, I use the debit card only to pay my Xfinity bill in 10 micro purchases).
If the debit card gets compromised, then I would know which site it is compromised at.
Since the requirements to get the 3% interest rate include logging into the CU website at least 4 times a month, any fraud that occurs is likely to be detected sooner, and raise a complaint with the bank.
You can also raise an automatic alert for any purchase that's over $5, for example; given that you know your purchases are only in the vicinity of $1, any attempted purchase more than $5 can get blocked.

Just sayin' that there are ways to be vigilant. It does not fully eliminate, but does greatly reduce, the possibility that your account gets hacked. In the mean time enjoy the 3% return.
SVT
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by SVT »

I have accounts like this currently and have used for past few years now. My main one is an account that requires 10 debit transactions to get 3% interest on up to $15k. It takes me 5 min to do 10 .50 Amazon reload transactions each month.
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by aerosurfer »

Years ago when I had an account that required debit card requirements, I would go to the self check out lane and buy individual bananas or other pay by weight fruits when there was no line. It became my own game to see how close to $.01/transaction I could get each month.
skeptict
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by skeptict »

stan1 wrote: Sun Jun 14, 2020 8:43 pm Personally I would not jump through a lot of hoops including using a debit card. Remember you'd be foregoing cash rewards on a credit card purchase. I would not use a debit card when a credit card provides far superior fraud protection backed by federal law not just the banks best effort.
This is the part I've been mulling over. I'm using a similar offer from ETCFU, their vertical checking currently offers 3.3% return on up to $20k. So I plan on using this as my emergency fund. It requires direct deposit, but that can be an automatic transfer from my regular checking account. It also requires 15 debit uses, which is a drag, but I just use that debit for smaller purchases.

My regular credit card gets used for everything else, and pays similar rewards, so in theory I'm not losing out on anything. But I've wondered if it isn't too much hassle for a small return. For now it makes sense to me since it is better than what I can get from a money market account, but I could understand not bothering with it also.
KCinBAMA
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by KCinBAMA »

Another option is Lake Michigan Credit Union.
Membership: if you don't qualify in the regular ways, just donate $5 to ALS Foundation
Features: 3% up to $15K
Requirements: Direct deposit, 10 debit or credit card transactions, 4 monthly logins, eStatements

I've been a member for over a year. The credit card transactions are what hooked me, I just pay it off every month. I hate using debit cards.
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by JackoC »

iamblessed wrote: Sun Jun 14, 2020 6:55 pm
slyfox1357 wrote: Sun Jun 14, 2020 6:51 pm Up to $108 cash back per year, $9 per month

:thumbsdown
The other account 3% on 35k
https://www.eccu.org/kasasa
When I look at it that link it says 'Kasasa Cash' gives 3% on max $10k (OK now I notice OP is a few months old, probably explains it). I haven't yet gone for a hoop-jumping, high-rate-on-small-balance checking account. My checking happens to pay 1.25% no hoops and only FDIC limit, but I don't expect it to last. More generically better savings accounts are around 0.80% so 2.2% extra, $220/yr, taxable, on $10k: not worth it to me. The yield per hoop on bank account and credit card opening bonuses (open, jump the hoops, get the bonus, close bank account as soon as they allow or put the CC in a drawer) is more favorable in my situation and there's only so much total time/effort I want to spend on it. But that's me, and also for me I'm not sure I qualify for this particular CU anyway, without going into further detail. Also if you used the DC 'naturally' for the 144 purchases a year and say avged $25 per, that's $72 tax free cash back you give up even on an only 2% cash back CC. Although as others mentioned, you could also 'manufacture' the 12 transactions for much smaller avg size, for some effort each month.
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Re: Thinking about getting a 3% checking account at Evangelical Christian Credit Union what do you think?

Post by batpot »

lakpr wrote: Sun Jun 14, 2020 7:16 pm
simmias wrote: Sun Jun 14, 2020 7:06 pm My con having accounts like that in the past was that it was always a pain to do the 12 debit transactions. I used to satisfy it by paying small amounts 12 times to the cable company, but now that I've cut the cord I don't think I have a relationship with a vendor any more where I'd feel OK doing that.
Small balance reloads to an Amazon gift card ... Just saying :P :twisted:
This is a good idea.

However, I went w/ HMBradley instead.
viewtopic.php?t=320961
viewtopic.php?t=325294

Still, an option if HMB nerfs their rate...which I think everyone is expecting them to do.
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