High Yield Checking

There are a lot of catches. There's a sample on the main page of the blog he linked to: you have to make at least 10 visa purchases a month, do a certain number of ATM withdrawals, etc. If you miss the limits one month, your rate goes down to 0.10%.

Must use online bill pay or direct deposit, 12 check card transactions per month, must get paperless statements. Also, the La one I checked out...you have to be a resident of Louisiana.

Most people won't hit all those requirements and the rate drops.

I was wondering...what is the benefit of so many check card transactions to the bank?

I use Renasant. I easily meet all of the requirements every month. 10 debit card purchases, direct deposit, paperless statements.

I've had an account since August w/ one of these banks. The only "catch" is having to use your debit card either 10 or 15 times a month (don't remember, never a problem). They refund all ATM fees and if you don't use your visa enough, you receive 1% interest that month only. The rate would return to normal the next month.

quote:

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if anyone with the feds has any sense at all, every bank on that list is currently under investigation.

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Nope I have banked with one of these banks since inception of the program

This is a simple mechanism to manage daily cash flow and minimize operational cost- reduce paper check writing, reduce manual transactions and move to electronic--