Posted by William Charles on March 18, 2017
Current checking account sign up bonuses

Published on March 18th, 2017 | by William Charles

179

Evansville Teachers Federal Credit Union: Vertical Dividend 3% APY Account On Balances Up To $20,000

January 2nd, 2018: Maximum balance has been increased from $15,000 to $20,000.

Offer at a glance

  • Interest Rate: 3% APY
  • Minimum Balance: None
  • Maximum Balance: $20,000
  • Availability: Nationwide with $5 donation
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes, inquiry sensitive
  • Credit card funding: Up to $1,100. Visa or Mastercard only
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Evansville Teachers Federal Credit Union (ETFCU) offer the Vertical Dividend Checking account, this account earns an APY of 3% on balances up to $20,000 when you complete the following requirements each month:
    • 15 debit card purchases
    • 1 direct deposit
    • 1+ online or mobile banking login
    • Receive eStatements
  • You also get free ATM withdrawals worldwide (up to $15 per month)

evansville 3% apy

Avoiding Fees

This account has no monthly fees

Eligibility

According to the sign up page, anybody can join by making a $5 donation to the Mater Dei Friends & Alumni Association

Our Verdict

One of the better nationwide high interest accounts, it’s nice that it’s a soft pull and you can fund a small amount with a credit card. The high maximum balance is also nice. As always, please share your experiences in the comments below.



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Dave
Dave

15 debit card purchases
1 direct deposit
1+ online or mobile banking login
Receive eStatements
Perform a one-handed backflip
Swim across the Atlantic
Recite the Ten Commandments underwater

😉

stvr
stvr

+1

Frito Pendejo
Frito Pendejo

These are basically the same requirements as other 3%apy accounts. I’ll definitely be signing up for this one also. It only take me about 20m a month to meet all the reqs for all accounts.

Ken
Ken

How are you meeting them? AZ loads or something else? I work from home and rarely leave the house, so the more PJ friendly the better.

Harsh
Harsh

You could do penny transactions on Comcast. Did you find out if they charge any currency conversion fee?

Ben
Ben

Does the name Vertical Dividend mean something…or is it just the name? This is just a straight forward 3% APY right? Not some weird investment (…Vertical Dividend…) account right?

Raj
Raj

I got excited about the CC funding and it seemed like you could fund up to $15,000, but it’s really only $1,100. The error came after the CC line said limit of $15,000, but the total line only allows $1,100.

Garaged
Garaged

Do you know what options are available for credit cards? Amex too? Post as purchase or cash advance?

Shan
Shan

Was it a hard pull? If it’s chexsystems enquiry, are they sensitive? Would you mind sharing the update? Thanks.

Josh
Josh

Visa or Mastercard funding only. Appears to be processed as a purchase on my Citi DoubleCash

Matt
Matt

+1 for processing as purchase on Citi Double Cash

Jason
Jason

+2 for processing as purchase on Citi Double Cash

Os78
Os78

+3 on that

Dan
Dan

How much cash do you want to keep at 3% anyway? We already have LMCU and CCU and Insight…

anthonyjh21
anthonyjh21

CCU is a hard pull (EQ). ETFCU is unknown. If it’s a soft pull then it’s a no brainer over CCU. This is of course assuming you’re only interested in the 3.09% tier.

Throw in the potential for CC funding and this turns into a nice opportunity to meet minimum spend requirements.

Also, while I don’t have CCU, I’ve read several data points that suggest they’re watching over your activity.

I do have LMCU and they’ve been great. Can’t recall a single negative data point about them. Insight has been good as well.

Once you’ve plugged away $20k between the two and if you’re still looking to park liquid funds at a high APY now what? My rule of thumb is 6+ months of living expenses available. Having a house and two kids, well, you get the drift that LMCU and Insight won’t cut it.

ETFCU would be a good place to stash funds if your other options are already capitalized on (LMCU, Insight, possibly Mango).

I’ll be keeping an eye on this because I’m definitely interested.

Dan
Dan

What do you mean about CCU? I never had any issues with them… what do you mean “they are watching you”?

Frito Pendejo
Frito Pendejo

Same. My only transactions have ever been 50c reloads, and they had no problem upgrading my visa to a 3% one once sallie Mae card died

PAUL COLLINGWOOD
PAUL COLLINGWOOD

Hello.

I have Ccu and I have a 1% card with them. Can you tell me more about this upgrade to the 3% card. Where is it on the website and how to get it.

Thanks
Paul

anthonyjh21
anthonyjh21

What I mean is you may be under more scrutiny than that of lets say LMCU. There’s two data points of account closure in this DoC thread: https://www.doctorofcredit.com/consumers-credit-union-5-07-apy-on-up-to-20000-rewards-checking/

Granted, we won’t know why they closed accounts and it’s only two data points here. I’ve read about CCU elsewhere as well but don’t recall specifically. In short, I get the impression you may not want to pile all 12 debit transactions through in one day and maybe use it more for what it was intended for, i.e. no .50 Amazon reloads.

With that said, CCU is obviously working for people so I’m not trying to insinuate it’s a bad idea to use them for their 3.09% account.

Frito Pendejo
Frito Pendejo

Thanks for the info, I wasn’t aware of this. However, because these 3%apy accounts keep popping up I am going to continue shamelessly using them for the 3.09%. So far my only transactions have been 50c and $1 ach. I’ll report in that thread if I get shut down. Been using it for a year so far

Jason
Jason

CCU may have set system alarm such that if large transactions posted in a very short period of time, say all 12 debit card purchases in one day or two, not sure their “rules”, they then flag the account and lead to possible closeout. I’ve read those 2 comments from the site before. However, I’ve been playing it safely for almost 2 years, no problem at all so far. I do CC $1000 in one shot, in one day, and only 1 or 2 debit card transactions a day with small amount. They don’t watch the account with people. On the other hand, I’d like to point out that their CS mostly got an attitude when you have questions or requests over the phone.

Don L

Will, I think you created an extra CC Funding Entry for Evansville by mistake. I think its the same Evansville CU because the comment mentions the 3% account.

Ken
Ken

Sweet, another $37/month in free money. Wonder if they’re Chex sensitive and if we can fund via CC.

devnull
devnull

They are Chex-sensitive. They denied me back in November for having too many Chex inquiries. I subsequently ordered a Chex report and found I had 12 Chex inquiries in the past 12 months (not including the CU’s inquiry) and 30+ over 3 years.

No hard pull on EQ/EX/TU, but that could have been because I was denied for Chex. (That is, it’s possible Chex is just the first step in their screening process and no hard pull was made because I failed that step; I don’t know and don’t have any data points in that regard.)

Frito Pendejo
Frito Pendejo

They don’t seems Chex sensitive to me. I was just approved and I already opened seven bank accounts in the past three months.

Funded $1,100 on a Citi AA Plat after lowering cash advance limit to $750. I’ll update when it posts as purchase.

devnull
devnull

That’s good to know. My denial was unambiguously for too many Chex inquiries, so either they’ve relaxed their approval criteria recently or perhaps my application triggered some other red flag and “too many inquiries” was just a convenient reason to deny it.

Frito Pendejo
Frito Pendejo

Or you simply may be just over the threshold and I right below it. Anybody interested should give it a try I think

RB
RB

Did they charge you $5 donation or did they return it since the account was denied?

devnull
devnull

Sorry, I just saw this now, several months later, and you’ve probably moved on by now. But in the hopes someone later may find it useful — no, they did not charge me the $5 donation on the declined application.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

devnull it helped me in Sept. 18′ thanks!

Ken
Ken

One of the perks seems to be free ATMs worldwide. This could be huge if they’d refund any fees charged by the ATM and don’t charge a conversion fee like Schwab has.

PD
PD

Free ATMs worldwide up to $15 reimbursement/month, just in case you didn’t see the limit.

Ken
Ken

Thanks. Last time we flew ATW we didn’t even incur $15 in fees and we were pulling money out every few days. Nice backup in case my Schwab ATM card gets eaten by an ATM machine which has happened to us.

Dima

That would be good, however, careful with that – do you really want to chance using a card linked to 15k at a random ATM abroad? I use my Fido account for ATM withdrawals and don’t keep more than 500-1000 in there. Same for my backup ATM card – no more than 1k in the account.

Ken
Ken

Good point. I’d have to move funds out before our trip.

AJ
AJ

I didn’t think Schwab charged a conversion fee on purchases or ATM withdrawals internationally.

Ken
Ken

Sorry, it’s a bit confusing what I wrote. Schwab does not charge any fees at all. No conversion fees, no ATM fees. And they will refund any ATM fees levied by ATM’s bank.

Brad
Brad

what do you mean schwab charges a conversion fee?

Ken
Ken

They don’t charge any fees, and they will reimburse if another bank charges a fee.

pc
pc

cc funding coded as ca?

Mser
Mser

Arrival Plus was coded as purchase

Charles Chang
Charles Chang

Any household limit?

Tomtoo
Tomtoo

One account per SS number.

steve
steve

is there a list anywhere of bank accounts that can be funded with american express credit cards?

CtownBin
CtownBin

IME, there are basically none. I’ve opened tons of these and have never seen CC funding allowed with AMEX. But I’d love to know if there were any out there, as well.

Garaged
Garaged

There are very few. Memorybank and BMO Harris come to mind.

Chris
Chris

The reason being, Amex makes much of their money on merchant fees, meaning they have higher fees than Mastercard and Visa. Same reason why a lot of stores don’t take Amex.

Patel
Patel

Does ach qualify as DD

Shan
Shan

Any DP whether it’s hard pull or just Chex?

Ken
Ken

Did anyone get their account opened without having to send in tons of documentation?

pt
pt

did u open already? do u have to?

Ken
Ken

I have not applied yet, that’s why I was asking. Wondering if they require this for everyone.

NewHere
NewHere

Does anyone know what could be qualified for a direct deposit? Can a bank deposit from other bank be categorized as direct deposit?
I’m also curious whether small Venmo payments will be sufficient for meeting the purchase transaction requirement. Did anyone try?

az
az

I tried Venmo, my Vertical Checking Debit Card was declined. Don’t know why.
The amazon reload works.

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