2 replies to this topic

[markber]

Get free international and domestic wire transfers with MeadowsCU Savy Checking account ($5000 min balance required to avoid a $20 fee)


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Info:

It used to be that opening a checking account at a bank made you a "valued customer," and that meant that you could use many of their services without fees or additional charges. Those days are long gone at banks, but with a Savvy Checking account at Meadows Credit Union, you can receive the value you deserve.

Simply keep the $5000 minimum balance or more in your Savvy Checking account and you have entered the nuisance Fee Free Zone.* This means you can use many of the services Meadows offers with no annoying checking fees!

Some of the services you can use without service fees are:

Photocopy of Cleared Draft
Replacement ATM/Debit Card
Cashiers Checks and Money Orders
Travelers Cheques and Gifts Checks
Domestic and International Wire Transfers
Copy of Tax Notices
Coin Counting
Foreign Check Deposit
Bank Check Stop Payment
Copy of Statement
Now all the services you expect are free. In fact about the only thing that isn’t covered by the Fee Free Zone are fees for bounced checks or overdrafts. All the everyday services you want by being a valued member are included in the no nuisance Fee Free Zone.

[jrr7]

Get free international and domestic wire transfers with MeadowsCU Savy Checking account ($5000 min balance required to avoid a $20 fee)

Not bad, however you have to keep $5000 in a 1% checking account. If instead you were to keep the $5000 in a 3% savings or MM account at another bank, the difference in interest would be around $8 monthly. If you'd regularly incur more than $8 in fees per month, this account makes sense, otherwise you should go with a no-minimum checking account and keep most of your money in savings.

Actually I forgot that you'd pay taxes on the $8 in interest, so it's really like if you'd incur more than $5 in fees per month (since fees are not tax-deductible). Maybe it is worthwhile after all.

[markber]

Not bad, however you have to keep $5000 in a 1% checking account. If instead you were to keep the $5000 in a 3% savings or MM account at another bank, the difference in interest would be around $8 monthly. If you'd regularly incur more than $8 in fees per month, this account makes sense, otherwise you should go with a no-minimum checking account and keep most of your money in savings.

Actually I forgot that you'd pay taxes on the $8 in interest, so it's really like if you'd incur more than $5 in fees per month (since fees are not tax-deductible). Maybe it is worthwhile after all.

 

I would say that it is a good deal for people who have to do international wire transfers on a regular basis. They can cost up-to $50 a pop. I hope that my reading of MeadowsCU website is correct, it is just seems to be too good to be true.