133
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Justin
Justin

So I noticed in the rates and fees disclosure that there is a $5/month fee for “inactive membership.” If I just put $2,000 in the tiered money market account, will I get hit with this fee if I never touch the primary savings?

Penny

If you do a monthly withdrawal of the interest each month, you don’t have to worry about it. Assume you put 2k in, anything above that 2k doesn’t gain much interest

RoamingRedPanda
RoamingRedPanda

There’s been a bit of confusion regarding rejection notices here – PMCU will deny you based on # of Chexsystems inquiries, and if you check the online application after denial you’ll see a notice of AA citing Chex. When you receive the rejection letter by mail, they only reference Experian with typical reason codes (e.g. too many accounts, too many inquiries, length of time accounts have been established). These are NOT why you were denied.

Waiting to see how recon goes…

RoamingRedPanda
RoamingRedPanda

Ultimately approved.

Turns out the rejection letter does include a small blurb about Chex up top,. A banker confirmed that my denial was based on Chex velocity (this was #4 for me that day, 4/12 total) and that the Experian section at the bottom of the letter was irrelevant.

Was asked to come into a branch with some additional ID verification docs. Banker started a new app (so likely another inquiry – I’ll find out later this month) and it was approved in-branch. No CC funding, but I wanted the account regardless so that’s not a huge loss.

AJ
AJ

I checked this out and it’s down to 2%, maybe it’ll go back up post pandemic

ChurningExperiences
ChurningExperiences

William Charles and Chuck no credit card funding allowed after 10/28 RIP free miles. I was opening 2-3 accounts every month. Got this email today.

We recently sent notification by email regarding our plan to upgrade our Digital and Mobile Banking platforms, which is expected to be completed on October 27th.

This upgrade will affect your ability to fund new certificates or any other deposit product from an external debit or credit card.

Your options going forward to fund the added deposit products will be as followed:

Internal – which will happen right away.
External Transfer – take several days or longer if not already set-up. This option is only available from other checking or savings accounts.
Funding by credit cards won’t be an option.

Danno
Danno

Thanks a ton for the information, I missed that in the e-mail initially. Bummer, those three month CDs were making me a killing. I never got into the whole Visa gift cards>Money Orders game, so this was just about as good as it got.

ChurningExperiences
ChurningExperiences

Danno Ikr right. This bank was so MS friendly 🙁 I think Ally (the person who opens the accounts) already know me since I open a new one every 2 weeks or so lol. Now that I know it will go away I started opening a new savings every day haha

Danno
Danno

Hahahaha it’s awesome that a small credit union like that was willing to be so accommodating for so long. I interacted with her a number of times as well. While I won’t be sticking around for the 0.10% 3-month CDs anymore, I’ll definitely keep an account with them and use them for other banking whenever realistic.

Dominique
Dominique

Hmm, I just opened a new account and was able to fund it with $1500 worth of CC funding. It may still be available to new members, just not existing members.

007
007

Did they require a hard pull for you to open the account? Thanks!

Rae
Rae

I applied for the checking and savings account. They pulled my credit report from Experian, score was good but application denied for too many account inquiries in last 12 months and “too many account open” ( “too many” was 3 checking + 3 savings, 2 of those joint and only 2 opened in the last 5 years).

Lo
Lo

They soft pulled Experian for my savings+MM application. Denied due to too many inquiries in the last 12 months (2), too many accounts with balances (2, low), too many accounts recently opened (2/6, 3/12). Seems they are VERY strict now with new accounts

Bo
Bo

Got denied due to too many inquries from Experian credit report!

Kaze
Kaze

They require a hard pull for my application so I didn’t proceed further.

SamSamSam123
SamSamSam123

Interest Rate Reduced to 2%

Drew
Drew

It’s annoying that PMCU did not send out any notice when they decreased the money market from 3% to 2%.

I realize they are not required to but it would be considerate on their part to let their customers know. For example, TAB bank sent out a notice when they went from 4% to 3%.

Firefly
Firefly

I kind of expected it.