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6.31% APY Reward Checking Account -MidWest America Federal Credit Union -Nation's highest yield reward checking account in: Deal

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rated:
   posted: Jul. 18, 2008 @ 4:49p
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Let us keep this thread for MidWest America Federal Credit Union's Reward Checking discussion - Nation's highest yield reward checking account.

7.01 APY for balances up to $25,000.

• No monthly maintenance fees
• ATM fees refunded up to $25 per month (auto)
• Free internet Bill Pay
• Insured
• Available nationwide
• Reward Checking Account can be opened by mail

Requirement (If these are not met the rate falls to 0.11%)
• 10 Debit Card transaction
• One ACH debit or Credit transaction
• Sign up for E-statements

All required forms are available online. All you need is.... notarized signature on your application + copy of drivers license + copy of social security card!

Credit Union membership costs $5.00 Share deposit in Regular savings account and $25 through SPCA for life or lived/worked/membership list


Branches

Useful links in FW:
Best Nationally Available High APY Liquid Accounts

FW Reward Checking Accounts (High Yield and Available to All)

update:
CSR # 1-800-348-4738
They have been keeping 7.01 APY rate since Feb'08.
Per CSR they have ACH Push and Pull

update 2:
Still this offer is as good as gold.

Unfortunately, some of FW members like craig10x, beethovengirl, etc scared several FWers away from this deal by their psychic reading. So beware of these posters and their supporters.

Update 3:
Starting 10/01/08, New Rate 6.31% APY. Still Nation's highest yield reward checking account
Edit by Moderator: Clarified Title

Message edited by: FatWallet moderator on 2008-10-01 16:25:51 CDT
   posted: Jul. 18, 2008 @ 4:50p

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

***As of 10/1 rate is down from 7.01% to 6.31%***

There is no ACH Push/Pull available, so make sure you have the ability to link to/from this account from some other account you already have.

Each qualification cycle begins one business day prior to the 1st day of the current month through one business day prior to the end of the current month.

What if my new debit card doesn%u2019t arrive until late in the qualification cycle and I don%u2019t have time to earn my benefits%u2026 will I still get them?
Yes, you will receive your benefits for your first qualification cycle whether you qualify or not.

Message edited by: Lucky13ESP on 2008-10-01 08:34:41 CDT
rated:
   posted: Jul. 18, 2008 @ 4:58p
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How long has it maintained this rate? Is it suddenly going to drop to 3%?

rated:
   posted: Jul. 18, 2008 @ 4:59p
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Gman476 said:How long has it maintained this rate? Is it suddenly going to drop to 3%?

They have been keeping this rate since Feb'08.

rated:
   posted: Jul. 18, 2008 @ 5:02p
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How would you rate their online banking? Is ACH available to other institutions?

rated:
   posted: Jul. 18, 2008 @ 5:30p
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Gman476 said:How would you rate their online banking? Is ACH available to other institutions?

yes, they have ACH Push and Pull! (ie send, receive and take)

rated:
   posted: Jul. 18, 2008 @ 6:10p
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Midwest, meet FatWallet - catalyst for big rate drops at Toledo, First Arkansas, Air Academy, etc., etc.

Buh-bye 7%.

rated:
   posted: Jul. 18, 2008 @ 6:27p
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lhendricks92 said:Midwest, meet FatWallet - catalyst for big rate drops at Toledo, First Arkansas, Air Academy, etc., etc.

Buh-bye 7%.

Yep..either the "FW EFFECT" will kill this rate within a month, or else they will quickly kill off the SPCA membership loophole that will let everyone outside the area get in on this.....probably by Monday when they see they are getting swamped with out of area applications.....

I was tempted to apply..but realizing that likely one of these two scenarios will result, i decided not to waste my time......

PS: I understand why you gave me the red....but don't "shoot" the messengers (me and ihendricks92 ) we have been around on FW a long time, and we are very well familar with what the "fw effect" can cause.......I've seen it happen too many times here already......This CU is going to get hit with a "jillion" applications from here by Monday Morning......

Message edited by: craig10x on 2008-07-18 20:51:23 CDT
rated:
   posted: Jul. 18, 2008 @ 9:43p
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craig10x said:lhendricks92 said:Midwest, meet FatWallet - catalyst for big rate drops at Toledo, First Arkansas, Air Academy, etc., etc.

Buh-bye 7%.

Yep..either the "FW EFFECT" will kill this rate within a month, or else they will quickly kill off the SPCA membership loophole that will let everyone outside the area get in on this.....probably by Monday when they see they are getting swamped with out of area applications.....

I was tempted to apply..but realizing that likely one of these two scenarios will result, i decided not to waste my time......

PS: I understand why you gave me the red....but don't "shoot" the messengers (me and ihendricks92 ) we have been around on FW a long time, and we are very well familar with what the "fw effect" can cause.......I've seen it happen too many times here already......This CU is going to get hit with a "jillion" applications from here by Monday Morning......

Well, Sir, RED for the value of the post. NOT for YOU or your seniority.

2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too.

"jillion" applications from here by Monday Morning......" I can't stop laughing.

Everything is on-line. Why Monday? Oh..got it...you said 'we have been around on FW a long time'

rated:
   posted: Jul. 18, 2008 @ 9:55p
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klm123 said:2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too.
That's not entirely accurate. It was not until yesterday that it was publicized on BankDeals that the CU had a loophole creating potential nationwide eligibility for membership.
http://bankdeals.blogspot.com/2008/07/update-on-midwest-america-fcus-701.html

So, I agree with lhendricks92 and craig10x.

rated:
   posted: Jul. 18, 2008 @ 10:17p
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Thank you beethovengirl....and she is quite correct, Kim because i saw this deal on a numbers of sites including bankdeals, quite some time ago, and it was always pointed out that this was really a LOCAL deal.....now that the "cats out of the bag" so to speak, just watch and see what happens....we are not trying to be pessimists, just REALISTIC..there's a difference.....

rated:
   posted: Jul. 18, 2008 @ 11:24p
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I didn't want to clutter up this thread, but wanted to post a bit about this account and its possible longevity (or lack of it) as part of a general trend.

See here. Feel free to read it, if you dare and comment on it there. I'll spare this thread anything beyond information about MWAFCU.

Edited to make more coherent. It's past my bedtime.

Message edited by: glxpass on 2008-07-19 20:27:42 CDT
rated:
   posted: Jul. 19, 2008 @ 12:08a
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The SPCA membership is just $15 for seniors (over 55).

rated:
   posted: Jul. 19, 2008 @ 12:14a
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Smooth said:The SPCA membership is just $15 for seniors (over 55).

I would rather be less than 55 and pay $30

Message edited by: mnsweeps on 2008-07-19 00:14:23 CDT
rated:
   posted: Jul. 19, 2008 @ 12:33a
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But you are a FW 'Senior' Member who is over 55 (posts)!

mnsweeps said: I would rather be less than 55 and pay $30

rated:
   posted: Jul. 19, 2008 @ 8:20a
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beethovengirl said:klm123 said:2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too.
That's not entirely accurate. It was not until yesterday that it was publicized on BankDeals that the CU had a loophole creating potential nationwide eligibility for membership.
http://bankdeals.blogspot.com/2008/07/update-on-midwest-america-fcus-701.html

So, I agree with lhendricks92 and craig10x.

So funny, Your links clearly says 'This yield has been maintained since my first post of this credit union on February 3rd'

7% yield has been discussed in that site since Feb. See the message by members in that site.

rated:
   posted: Jul. 19, 2008 @ 8:29a
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Bankdeals + FWF = dead finance deal.

Simple as that.

rated:
   posted: Jul. 19, 2008 @ 9:10a
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klm123 said:beethovengirl said:klm123 said:2nd this CU deal has been discussed several other finance deal sites for last 6 months. It was just missing here. So I create to help FW community too.
That's not entirely accurate. It was not until yesterday that it was publicized on BankDeals that the CU had a loophole creating potential nationwide eligibility for membership.
http://bankdeals.blogspot.com/2008/07/update-on-midwest-america-fcus-701.html

So, I agree with lhendricks92 and craig10x.

So funny, Your links clearly says 'This yield has been maintained since my first post of this credit union on February 3rd'

7% yield has been discussed in that site since Feb. See the message by members in that site.

Yes....but what you don't seem to get that it wasn't until now that they realized about this loophole in..notice all the comments are just from the last few days (regarding SPCA membership)...that's what i meant when i said the "cats out of the bag" and that's what may cause one or both of the effects that i mentioned.....

I read about the deal on Bank Deals quite a long time ago, checked out the website and said..wow..this is great, and was ready to put an application then, but upon further reading (at bankdeals) gave me the impression it was LOCAL ONLY so i didn't bother (i hadn't noticed at the time about the SPCA membership at the CU's website)....

So while it's true that the CU HAS maintained this terrific rate that long....this could quickly change the situation...especially if they get a flood of rate chasers from fw, bank deals and other sites that will now point this out.....

At this point, i won't make any further comments..just wanted to clarify that

Message edited by: craig10x on 2008-07-19 09:57:26 CDT
rated:
   posted: Jul. 19, 2008 @ 10:05a
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The FW effect~! I was all ready to switch until I read about this effect.
Guess I'll keep the 4.01 I currently get

rated:
   posted: Jul. 19, 2008 @ 10:27a
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RobInBoston said:The FW effect~! I was all ready to switch until I read about this effect.
Guess I'll keep the 4.01 I currently get

Or sign up for a good local deal, if you can find one (or a national deal that's guaranteed, like Arizona was...until the fwf effect). That's what I did, having been burned by the fwf effect a few times in my short time here.

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