Recap: Amtrak Changes, Rewards Checking Warning & Balance Increase

 

  • Iowa State Bank also sent out this warning message to rewards checking account holders. Via reader Jason.

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Ken
Ken (@guest_573334)
March 23, 2018 12:50

Just talked to LA Capitol. The Choice Plus account won’t be available till May 1st. Looks like it’s getting worse.

– 4.25% up to $3k.
– 2% $3k – $10k
– 15 debits/month
– No DD/ACH requirement

NinjaX
NinjaX (@guest_573114)
March 22, 2018 18:26

i wanna say that bank is wack but honestly it runs like a small CU. meaning its manual eyes on everything and they dont want “abusers” on their client list. but doesnt this account require like 25k? who knows, but its not surprising they dont like robotic activity like 10 tiny qualifying debit transactions to keep the account alive and nothing else.

Josh
Josh (@guest_572943)
March 22, 2018 11:41

Honestly, I don’t mind them launching this without a promotion. If I didn’t need to purchase e.g. an Orca card in Seattle or a SmarTrip card in DC I wouldn’t. Granted they’re generally low cost, but why carry an extra card when our phones can transmit the same info that’s stored in an RFID chip?

Blue
Blue (@guest_572930)
March 22, 2018 11:32

You know, I tend to have respect when a company like Iowa State Bank comes out and says: “We know what you are doing, cut it out.”

Parts Unknown
Parts Unknown (@guest_572903)
March 22, 2018 10:37

Iowa State Bank: Hey, we’re supposed to make money off you, not the other way around.
3 paragraphs of preamble, bleh.

Mike L
Mike L (@guest_572888)
March 22, 2018 10:10

Who would have thought that people thrifty enough to sign up for a high interest checking account would also understand how to reap the maximum rewards?

Alex
Alex (@guest_572884)
March 22, 2018 09:57

Glad I don’t have that kawasa account or whatever. Just pisses me off that banks set the rules and then dont honor them. If you want all the transactions to be over $15, then state that in the terms. If you want more than 10 transactions, then put it in the terms. Don’t try to tell customers what’s “normal” and what’s not.

Evan
Evan (@guest_572895)
March 22, 2018 10:28

Yeah don’t try to tell us that ten $.50 transactions within a few minutes aren’t normal. How dare you?

Sven Katesh
Sven Katesh (@guest_572920)
March 22, 2018 11:10

So? Did the terms state that debit card transactions must be normal?

Why should consumers be held to a higher standard than the banks?

Alex
Alex (@guest_572950)
March 22, 2018 11:50

Well what about 10 transactions under a dollar on different days (think candy bar)? Is that normal? My point is, who is to say?

Jason
Jason (@guest_573014)
March 22, 2018 14:00

I feel so bad I use Bluebird, Serve, Circle Pay, Google Wallet to just make $0.01 transaction each time.

Jason
Jason (@guest_573011)
March 22, 2018 13:58

Using a debit card making purchase is not normal to me. And they want us to normalize such behavior.

artgriego
artgriego (@guest_573041)
March 22, 2018 14:38

It reminds me of the ‘pieces of flair’ discussion from Office Space.

“You know what, Stan, if you want me to wear 37 pieces of flair, like your pretty boy over there, Brian, why don’t you just make the minimum 37 pieces of flair?”

Justin
Justin (@guest_573126)
March 22, 2018 18:57

The terms clearly *do* indicate it, and their letter is aligned with the terms on the application page:

“This account is intended to be the account holder’s primary checking account in which automatic deposit/withdrawals and day-to-day spending activities occur. This includes, but is not limited to: grocery, gasoline, apparel, shopping, dining, and entertainment transactions. Commensurate with the spending activities identified above, we expect the accounts debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal day-to-day spending behavior. These type of transactions appear to be conducted with the sole purpose of qualifying for the accounts rewards and thus will be deemed inappropriate and transactions and will not count toward earning the account’s rewards. Iowa State Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Account holders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their account converted to a different account or closed.”

NinjaX
NinjaX (@guest_573180)
March 22, 2018 22:36

i love how their terms say amazon without saying amazon.