Update 6/13/19: Rate will increase to 3.30% APY on 7/1/19.
January 2nd, 2018: Maximum balance has been increased from $15,000 to $20,000.
Offer at a glance
- Interest Rate: 3.30% 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, mixed dp of being inquiry sensitive
- Credit card funding: Up to $1,200. Visa or Mastercard only
- Monthly fees: None
- Insured: NCUA
The Offer
- Evansville Teachers Federal Credit Union (ETFCU) offer the Vertical Dividend Checking account, this account earns an APY of 3.30% 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)
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.
Got paper 1099. No 1099 online, but you can see 2020 interest online in the same place you see YTD and MTD interest. (And you can track it with a spreadsheet – note that Dec 2020 interest counts for 2020 (duh) even though it actually posted on 01/01/2021 (no so duh.)
It’s well known that any ACH will work for DD, but FWIW, it even works if you pull into ETFCU by initiating the transaction from within ETFCU.
Any idea when they send/make 1099s available? Trying to avoid calling…
I’ve been getting them from other places almost every day for the last week or so. So soon. Of course almost all will be available online a few days sooner.
They don’t seem to have it online anywhere that I can find, though you can find 2020 interest online. They can mail them as late as 1/31, so they’re not technically late, but no reason not to have sent it earlier as it’s routine data.
Here https://etfcu.org/accounts/shares/year-end-tax-forms/ they just say “All year-end tax forms will be sent by Jan. 31…” but don’t specify if “sent” means snailmailed, but seems like it does.
Thank you! I’ll keep an eye out.
Just FYI… just like other places, they drop the ball.
Opened my account Jan 4th – selected Velocity Checking which of course almost everyone would want the debit card to earn the interest. Had account access right away, have done transfers via ACH, everything is set up online. Received welcome e-mail and some account usage survey (which is normally part of the application, but whatever). Also, a snail-mail letter dated Jan 5th welcoming me. No indication anything was pending. No messages via e-mail or SM. No DocuSign reminders.
Week 3 now… still no debit card. Called yesterday. They need a copy of my D/L! Nice follow-up Evansville.
Supposedly they are going to submit to get an exception for the debit card usage for this month, but I have my doubts.
Davis
I got my debit card on 1/19 and have been using it slowly to satisfy the requirements. On my account summary, there’s no indication that the month you join would satisfy the requirements automatically.
Exactly my point, which is why I’m asking for an exception. A normal person wouldn’t using debit card 15 times in 3 days.
My experience is first month is free of requirements with nearly all such accounts but very few will admit it or tell you if you ask. I never asked for an exception. I’ve never moved considerable money in 3 days before a cycle ends either.
I am considering another for March when a CD matures. That will be #5 unless one craps out by then. I’ve been handling 4 fairly easy so far. (49 debit card transactions per month)
I thought that was a possibility, them automatically counting interest the 1st month, and have seen that at other places. It’s just like the mostly unspoken rule of waiving the 1st monthly fee, some as much as 3 months. However, the interest rate in online banking shows 0% so I don’t think that is the case.
I funded the full 20K in the middle of the month, expecting to have the debit card by now. I always wait a week before moving money unless absolutely necessary because it’s not impossible for a bank to have approval “in-error” and close an account. Just trial deposits being rejected can create a ripple effect.
Last year their Customer Service told me there is no grace period the first month. Proved to be true: I got zero interest the first month.
Thanks for the DP. I will report back what ends up happening… sometimes exceptions can be made. I don’t see it as my fault they took 3 weeks to send me a debit card – that they had not even ordered.
To add salt to the wound, they have been sending me e-mail reminders to use my debit card. Gee, thanks?
They never credited the interest for Jan. I didn’t call to ask again (even though the 1st rep I spoke to said it would earn interest, like it was a given, “rest assured”), so… I eat the 1st-month interest loss. Oh well. In two months they will drop the rate and it will be a distant memory.
Debit card ended up arrive Feb 4th… almost a month after opening.
Complete speculation.
I confirm this DP. No grace period the first month. I also had delays – joint acct, I thought they just wanted. pic of my DL, and they didn’t tell me they wanted P2’s also. Anyway, got it sorted, and all up and running for first full month. I excuse them the initial fumbles, as this is a great acct and great CU. I prefer to quietly accept a small loss, and reap a bigger return long term.
I got my debit card within 3 biz days. Maybe the D/L request was triggered by your opening of the second checking account with the CC funding? I’ve been impressed with the CS so far as well. Hoping the 3.3% sticks for awhile.
I did not open a second checking. I did apply for the savings and checking separately. Bottom line, if they’re waiting on something from me they should have said something. I had no indications that the application wasn’t completed.
Understood and agreed. I’ve just had such poor experiences with Porte, Yotta, and HMBradley, that this one was easily the least painless one for me.
Are you planning to open a Platinum Rewards Checking account through them as well and fund with another $1.2k via CC?
No, not currently. Ever? Maybe.
I’m appreciative of this thread. I just opened an account and decided, after reading Gadget’s post, to follow up on the eta of my debit card. And yes, I was informed doc-signing is necessary before sending out the debit card. Wow! no prior communication what so ever from this bank this was necessary.
All I can say is “thanks again Gadget.”
Glad to help. Yeah, you would think it would be pretty obvious when a customer opens an account that hinges on the debit card to earn rewards, they would make it a priority and not just blow it off. Guess not.
Is anyone else not seeing any cashback/purchase offers on their ETFCU account? I’ve had the vertical checking activated for 4+ months now but still not seeing any cashback offers… any way to push them to show up?>
How to find member code? Is it the same as the applicant code?
Was approved and have had a good amount of inquiries over the last year, but not much recently. Used info from https://www.doctorofcredit.com/evansville-teachers-federal-credit-union-vertical-dividend-3-apy-account-balances-15000/#comment-1121972 that all worked. Chase Freedom coded as a purchase. There’s this too:
Inactive Account $5.00 per month
A primary account owner with aggregate share balances less than $200 and no activity for two years or more will be charged a monthly inactivity fee. Only withdrawals, deposits, and loan payments are considered activity. Primary account owners are exempt from the fee if they are under age 23 or have any of the following products: Individual Retirement Account, Coverdell Education Savings Account, Health Savings Account, Decedent Share Account, active loan, credit card, or safe deposit box.
Can confirm via my Chex statements that applying for savings first and then checking via the linked post does count as two Chex inquiries. A worthy trade in my opinion. My stats for approval for the savings (not including the savings or checking) are:
Past 36 months: 51
Past 30 months: 51
Past 24 months: 49
Past 18 months: 49
Past 12 months: 46
Past 06 months: 30
Past 03 months: 08
Past 01 months: 01
Unsuccessful at getting a maximum bonus balance increase
Declined for too many recent inquiries.
Normally, how many inquires before deemed too many?
No idea, but I opened or applied for ~20 banks between nov – dec and applied for multiple credit cards as well.
Nicely done!
– Applied today OOS, VA. Opened savings, instant approval. Jotted down member number and account number from the DocuSign. $1200 CC funding – Citi Double Cash, purchase pending. ($0 CA limit set)
– No obvious link to register for online banking. E-mail said to wait for snail mail letter, LOL. Info is here. https://etfcu.org/onlinebanking/ Basically use your member number as user name, and last 4 SSN as password.
– Once logged into online banking, I applied for checking account from the menu “Additional Services > Open an account”. Instant approval, $1195 in CC funding pending.
– So, $1200 CC funding per application, even for an existing member. Just be sure to write down your member number from the DocuSign.
– I am 98% sure this will be one Chex pull only as it was done same day. Certain they pulled Chex as the application shows a Qualifile checkmark (ie Chex Score), but I will verify next week. I would get my report again today but I already pulled once this weekend and I have maxed it out before.
I will give it a week, just in case they get “customer approval” remorse and close my account. I’ll take the $48 sweetener on my Citi Double Cash – thank you. No risk, no reward.
CitiDC worked for me. But 2% of $1200 is $24. Did you really mean $48, and if so how did you do two lots of $1200 (e.g. $1200 in checking and another $1200 in savings, if that’s even possible)?
I think I just explained it, almost step by step. You want the TL/DR?
1. Apply for savings and fund with a CC.
2. Set up online banking.
3. Apply for checking from online banking and fund with a CC.
Easy peasy.
Thanks, Gadget for your post. Found out they offer 3 month CDs at 0.4% APY. Am already a member and just opened/funded a $1,200 CD with Citi DC.
Nice, assuming you are OK with the float, or can Rob Peter to pay Paul. You may be able to close the CD early, but some banks charge a fee for that… I have only done that once at Andigo, and I heard they got snippy with others.
No, don’t want to risk killing the golden goose.
Wow interesting idea. I think I’ll save it only for when I’m struggling to fulfill a CC SUB spend.
Okay I admit I carelessly skimmed and missed those details. Good ideas, thanks. I’d already opened these accounts for P1P2, and one $1200 on CitiDC.
But in a while I’ll open them for P2P1 (which is different to P1P2) and use your method to do two $1200’s maybe on CitiDC, or another new card for a SUB.
BTW, I never bothered with setting CA limit to zero. It went through as purchase. The problem I ran into with doing this with another card BoA TR (2.625% CB), was not CA, but that it was simply declined so I lost the chance to CC fund. But CitiDC seems solid for this.
I just usually mention that my CA limit is zero so people don’t think it’s probably a CA.
I have heard people say this, but in my experience, it’s not the CA limit that gets the funding declined; I think it is the fraud alert that may or may not come through to the user. I have great luck with my Citi card and will only fail at the ones that somehow coded CA as the norm, like PNC. I have used at least a dozen banks in the last year, easy. $5K at Skyone, $3K at Wings & Andigo… $2500 x 3 at Redstone, etc etc. All of which have now been lowered, except maybe Redstone.
I had BofA set my CA limit as $200 (lowest they would allow) and do use them occasionally too. Pretty rare though, because yeah, it has a higher likelihood of failure.
Yes, with BoA it’s a fraud alert issue, even for regular purchases, amounts $1k+ seem to sometimes trigger it. For a regular purchases you can confirm to BoA’s email that it’s legit, then re-run the purchase, but for bank acc CC funding, you lose the chance. I’ve only done bank acc CC funding a few times – I didn’t realize there’s as much chances to do it as you mention, because a lot of bank bonuses I see don’t have CC funding at all.
Yeah, a lot of banks don’t have CC funding… after “we” get done…
I know this is an older comment, but can someone explain how P2P1 is different than P1P2? I’m pretty new to this site and I’m just getting the hang of it. Go easy on me….
Hi sorry if I missed it, what was the reason to apply for savings first and then checking? TIA!
Got it! Thank you.
thanks for the step by step, worked perfectly! Funded $2400 with Fidelity Rewards Visa.
I noticed a good feature at ETFCU. You can get a credit score with report details (it’s TU with V3 score, just like CK) but the big point is that you can update every 24 hours (rather than every 7 days on CK, or monthly like on a lot of free scores).
Another ETFCU feature is that they have overnight ACH transfers (both directions), though I don’t know the limits, and only used it a couple of times so don’t know if it’s always necessarily overnight.