topic Evansville Federal Teachers Credit Union in Personal Finance

Evansville Federal Teachers Credit Union

recoveringfrombk7 — Thu, 19 Nov 2020 00:48:05 GMT

A few weeks back I posted looking for advice regarding a high yield checking account. I've been side hustling some extra jobs while DH's small business is significantly affected by COVID-19. My income is stable and is guaranteed to remain that way for at least 5 years, probably longer. DH has been hustling too and we live pretty simply, but with everything going on I want to keep my extra income accessible, but I also don't want it earning nothing.

I already have the following accounts maxed out:

NFCU EzCert 3.5% - $3000

DCU 6% - $1000

Service CU 5% - $500

I have another $2000 at NFCU in a cert earning 2%, expires in Feb.

I was starting to grow a Service CU Holiday account at 3%/$3000 max and opened an Affinity FCU account for 2%/$2000 max. I put away about $700/month. Now with the side hustles it's going to be quite a bit more through at least January. I really don't want to maintain and have to worry about transfers for a bunch of savings accounts.

Someone linked me to a bunch of accounts/reviews and I ended up going with Evansville. They were not the absolute best rate, but had favorable reviews and manageable requirements. I've been really pleased so far.

They offer 3.3% on balances up to 20k. I may decide to sacrifice the 0.2% on the Navy EZ Cert next year just for the convenience of having the money available for withdrawal.

I applied online Tuesday, July 7th. Clearly they are not Chex sensitive given my recent flurry of CU apps. There was some concern from reading around that they might be.

They do not automatically grant the first month. So I advise you apply early in the month to ensure you can fulfill all of the requirements. I was able to fund via paypal, which is awesome because it's 5% via Discover and I'm still getting cash back match, so woot. I funded the max of $1200.

Requirements

- DD 1x per month. No minimum amount listed.

- 15x card swipes. Amazon gift cards work. Boo yah.

- Login to the app or mobile banking 1x per month.

- Enroll in estatements

Pretty easy all around. I got my debit/master card 1 week after applying. You need your member number to create an online banking account. I did not see it in the stuff I got so far, but a rep was able to confirm my identity and provide it over the phone so I could get info and my DD set up with my employer. Did a test charge with Amazon and confirmed it counted in the app. The app let's you track your progress on the requirements so you know exactly where you stand. It acknowledged my enrollment in estatements 24 hours after. And most of the amazon charges have gone through within 12-24 hours. It does say to give up to 2 days though.

Here's a picture of the rewards checker:

Very satisfied so far. I think this is a great fit for what I was looking for. In an emergency I can write checks from this account, have a debit/MC, am earning a really decent %, and there are not an unreasonable amount of fiery hoops to jump through.

Re: Evansville Federal Teachers Credit Union

M_Smart007 — Sun, 19 Jul 2020 03:59:00 GMT

@recoveringfrombk7, Congrats

Re: Evansville Federal Teachers Credit Union

AllZero — Sun, 19 Jul 2020 04:34:56 GMT

Congratulations on your membership!

Re: Evansville Federal Teachers Credit Union

minski — Sun, 26 Jul 2020 03:28:29 GMT

I just joined, and **bleep**, I wish I thought about using Discover!

How did you join, though? Did you choose the donation option? If so, did the application include it or did you have to do the donation separately? I can't figure it out.

Re: Evansville Federal Teachers Credit Union

recoveringfrombk7 — Sun, 26 Jul 2020 03:30:32 GMT

@minski wrote:
I just joined, and **bleep**, I wish I thought about using Discover!

How did you join, though? Did you choose the donation option? If so, did the application include it or did you have to do the donation separately? I can't figure it out.

I said I would donate and I don't recall ever doing so. Also, I found out the other day that initiating an external transfer into the account seems to have satisfied the DD requirement.

Re: Evansville Federal Teachers Credit Union

Neiltyson — Sun, 26 Jul 2020 14:58:57 GMT

Awesome, thanks for paypal info

Re: Evansville Federal Teachers Credit Union

SouthJamaica — Thu, 19 Nov 2020 00:48:39 GMT

@recoveringfrombk7 wrote:
A few weeks back I posted looking for advice regarding a high yield checking account. I've been side hustling some extra jobs while DH's small business is significantly affected by COVID-19. My income is stable and is guaranteed to remain that way for at least 5 years, probably longer. DH has been hustling too and we live pretty simply, but with everything going on I want to keep my extra income accessible, but I also don't want it earning nothing.

I already have the following accounts maxed out:
NFCU EzCert 3.5% - $3000
DCU 6% - $1000
Service CU 5% - $500

I have another $2000 at NFCU in a cert earning 2%, expires in Feb.

I was starting to grow a Service CU Holiday account at 3%/$3000 max and opened an Affinity FCU account for 2%/$2000 max. I put away about $700/month. Now with the side hustles it's going to be quite a bit more through at least January. I really don't want to maintain and have to worry about transfers for a bunch of savings accounts.

Someone linked me to a bunch of accounts/reviews and I ended up going with Evansville. They were not the absolute best rate, but had favorable reviews and manageable requirements. I've been really pleased so far.

They offer 3.3% on balances up to 20k. I may decide to sacrifice the 0.2% on the Navy EZ Cert next year just for the convenience of having the money available for withdrawal.

I applied online Tuesday, July 7th. Clearly they are not Chex sensitive given my recent flurry of CU apps. There was some concern from reading around that they might be.

They do not automatically grant the first month. So I advise you apply early in the month to ensure you can fulfill all of the requirements. I was able to fund via paypal, which is awesome because it's 5% via Discover and I'm still getting cash back match, so woot. I funded the max of $1200.

Requirements
- DD 1x per month. No minimum amount listed.
- 15x card swipes. Amazon gift cards work. Boo yah.
- Login to the app or mobile banking 1x per month.
- Enroll in estatements

Pretty easy all around. I got my debit/master card 1 week after applying. You need your member number to create an online banking account. I did not see it in the stuff I got so far, but a rep was able to confirm my identity and provide it over the phone so I could get info and my DD set up with my employer. Did a test charge with Amazon and confirmed it counted in the app. The app let's you track your progress on the requirements so you know exactly where you stand. It acknowledged my enrollment in estatements 24 hours after. And most of the amazon charges have gone through within 12-24 hours. It does say to give up to 2 days though.

Here's a picture of the rewards checker:

Very satisfied so far. I think this is a great fit for what I was looking for. In an emergency I can write checks from this account, have a debit/MC, am earning a really decent %, and there are not an unreasonable amount of fiery hoops to jump through.

Isn't it a lot of work to make 15 gift card purchases a month?

Re: Evansville Federal Teachers Credit Union

recoveringfrombk7 — Thu, 19 Nov 2020 00:49:18 GMT

@SouthJamaica wrote:
@recoveringfrombk7 wrote:
A few weeks back I posted looking for advice regarding a high yield checking account. I've been side hustling some extra jobs while DH's small business is significantly affected by COVID-19. My income is stable and is guaranteed to remain that way for at least 5 years, probably longer. DH has been hustling too and we live pretty simply, but with everything going on I want to keep my extra income accessible, but I also don't want it earning nothing.

I already have the following accounts maxed out:
NFCU EzCert 3.5% - $3000
DCU 6% - $1000
Service CU 5% - $500

I have another $2000 at NFCU in a cert earning 2%, expires in Feb.

I was starting to grow a Service CU Holiday account at 3%/$3000 max and opened an Affinity FCU account for 2%/$2000 max. I put away about $700/month. Now with the side hustles it's going to be quite a bit more through at least January. I really don't want to maintain and have to worry about transfers for a bunch of savings accounts.

Someone linked me to a bunch of accounts/reviews and I ended up going with Evansville. They were not the absolute best rate, but had favorable reviews and manageable requirements. I've been really pleased so far.

They offer 3.3% on balances up to 20k. I may decide to sacrifice the 0.2% on the Navy EZ Cert next year just for the convenience of having the money available for withdrawal.

I applied online Tuesday, July 7th. Clearly they are not Chex sensitive given my recent flurry of CU apps. There was some concern from reading around that they might be.

They do not automatically grant the first month. So I advise you apply early in the month to ensure you can fulfill all of the requirements. I was able to fund via paypal, which is awesome because it's 5% via Discover and I'm still getting cash back match, so woot. I funded the max of $1200.

Requirements
- DD 1x per month. No minimum amount listed.
- 15x card swipes. Amazon gift cards work. Boo yah.
- Login to the app or mobile banking 1x per month.
- Enroll in estatements

Pretty easy all around. I got my debit/master card 1 week after applying. You need your member number to create an online banking account. I did not see it in the stuff I got so far, but a rep was able to confirm my identity and provide it over the phone so I could get info and my DD set up with my employer. Did a test charge with Amazon and confirmed it counted in the app. The app let's you track your progress on the requirements so you know exactly where you stand. It acknowledged my enrollment in estatements 24 hours after. And most of the amazon charges have gone through within 12-24 hours. It does say to give up to 2 days though.

Here's a picture of the rewards checker:

Very satisfied so far. I think this is a great fit for what I was looking for. In an emergency I can write checks from this account, have a debit/MC, am earning a really decent %, and there are not an unreasonable amount of fiery hoops to jump through.

Isn't it a lot of work to make 15 gift card purchases a month?

@SouthJamaica

Did it in about 5-10 minutes while sitting on a conference call. I have a standing monthly order with Amazon, so there is no waste. And my 15 transactions were less than $20 so no big miss on returns for what I laid out. I think I could do smaller giftcards (I did varying amounts up to 1.50 just because I have OCD). For my purposes it is this or monitor several accounts across several institutions and remember to transfer the pennies I make every month somewhere else, etc. I also have been working a lot of extra jobs and such so I felt like I was joining a lot of CUs and was running out of options. There are no perfect solutions. 3.3% for up to 20k simplifies a lot for me. Plus I get free ATMs and a MC/debit and checks, which makes it a readily available emergency fund.

Re: Evansville Federal Teachers Credit Union

minski — Fri, 21 Aug 2020 01:36:04 GMT

@recoveringfrombk7

How do you find their ACH? Fast? Slow? Free? Cumbersome?

Edit: I just checked it out and I am limited to $1000 max. Is this because account is new or is this the usual max limit?

Re: Evansville Federal Teachers Credit Union

althes — Wed, 23 Sep 2020 00:02:20 GMT

I just got approved for an account.

Waiting on the debit card and account number.

Re: Evansville Federal Teachers Credit Union

M_Smart007 — Wed, 23 Sep 2020 00:15:31 GMT

@althes wrote:
I just got approved for an account.
Waiting on the debit card and account number.

Congrats on your membership!

Re: Evansville Federal Teachers Credit Union

AllZero — Wed, 23 Sep 2020 01:25:27 GMT

@althes wrote:
I just got approved for an account.
Waiting on the debit card and account number.

Congratulations on your membership!

Re: Evansville Federal Teachers Credit Union

ocheosa — Wed, 30 Sep 2020 23:42:51 GMT

As an fyi used pp key/aod fcu for service cu - category: profl svcs (+3% cb ka-ching!). I also used discover/paypal for etfcu - category: merch & svc (3qtr +5% cb woohoo!).

ETA: When you've completed the app and are presented with the congratulations prompt look behind it and you will see your docusign application ready for signature. While signing make sure to jot down your member & account numbers and try to download a copy before submitting. I didn't do that, thought I'd get an email with download link once CU signed off (as most FI's do). Anyway, give a few days for processing and once you receive the welcome email you can call member services to order checks. They have a promo code to use towards your first box of checks. I always get the duplicate style so it was a $28 value!

Re: Evansville Federal Teachers Credit Union

Anonymous — Fri, 02 Oct 2020 02:39:13 GMT

I've been a member for some months (after Heritage, Orion and CCU badly nerfed). The checkmark thing is great, and Amazon reloads work well (I did get a fraud call last month, but once I said they were mine, no more comments!) And while the Amazon reload amounts can be small, you can use the debit card as part of "bank" reload mechanism, and earn 2% more from Amazon (so a 50c reload becomes 51c, don't go too mad with the free money!)

Each month I do a handful of small Amazon reloads, ("losing" 3% on about $3 compared to using the Prime card) and the rest loading Serve and Cash App, which loses nothing. 3.3% on $20K is very good in this environment

Re: Evansville Federal Teachers Credit Union

Neiltyson — Fri, 02 Oct 2020 03:14:26 GMT

@Anonymous what did heritage, Orion and ccu nerf?

Re: Evansville Federal Teachers Credit Union

Anonymous — Fri, 02 Oct 2020 15:51:42 GMT

@Neiltyson wrote:
@Anonymous what did heritage, Orion and ccu nerf?

They all dropped their rates and/or maximum amount that earns that rate. So Orion went from around 4% on $30,000 to 1% on $10,000. As you can get that on a pure savings account, makes no sense to have to do debit card transactions etc for a Rewards Checking account. Similar for the others. (I think CCU rate was left high, but cap was greatly lowered).

Now of course dropping rates is obviously very common, but there comes a point where, once the rate is so low, requiring reward checking miniumum transactions is no longer worthwhile compared to a plain savings account. The fact that Evansville kept rate and cap high is what makes it special!

Re: Evansville Federal Teachers Credit Union

kremonis — Thu, 22 Oct 2020 05:34:54 GMT

@Anonymous wrote:
I've been a member for some months (after Heritage, Orion and CCU badly nerfed). The checkmark thing is great, and Amazon reloads work well (I did get a fraud call last month, but once I said they were mine, no more comments!) And while the Amazon reload amounts can be small, you can use the debit card as part of "bank" reload mechanism, and earn 2% more from Amazon (so a 50c reload becomes 51c, don't go too mad with the free money!)

Each month I do a handful of small Amazon reloads, ("losing" 3% on about $3 compared to using the Prime card) and the rest loading Serve and Cash App, which loses nothing. 3.3% on $20K is very good in this environment

@Anonymous

Could you elaborate on the "bank" reload mechanism? I don't get it.

Re: Evansville Federal Teachers Credit Union

Anonymous — Thu, 22 Oct 2020 06:22:14 GMT

@kremonis wrote:
@Anonymous wrote:
I've been a member for some months (after Heritage, Orion and CCU badly nerfed). The checkmark thing is great, and Amazon reloads work well (I did get a fraud call last month, but once I said they were mine, no more comments!) And while the Amazon reload amounts can be small, you can use the debit card as part of "bank" reload mechanism, and earn 2% more from Amazon (so a 50c reload becomes 51c, don't go too mad with the free money!)

Each month I do a handful of small Amazon reloads, ("losing" 3% on about $3 compared to using the Prime card) and the rest loading Serve and Cash App, which loses nothing. 3.3% on $20K is very good in this environment
@Anonymous
Could you elaborate on the "bank" reload mechanism? I don't get it.

When you reload your Amazon balance, you can use a credit card, a debit card, or a bank account. If you load from a bank account, Amazon gives you a 2% bonus, (hence the 50c reload increasing your balance by 51c). You supply a debit card to link to the bank, so if you use your Evansville Vertical Checking debit card, you not only get one of the 15 needed transactions, you also get a 2% boost from Amazon.

Obviously it's not that significant, but it means debit reloads aren't quite a bad opportunity cost as otherwise (usually I get 5% on Amazon, but getting 2% is better than getting 0 which is what I used to do before I used the "bank" feature)

Re: Evansville Federal Teachers Credit Union

ccquest — Thu, 22 Oct 2020 13:53:37 GMT

I just got approved for Liberty (their mirror division) and wondering how long it might take for the debit card and account paperwork to come?

Any idea if external transfers started on the ETFCU/Liberty side satisfy the DD requirement? I added some accounts through Plaid on their end, but need actual account/routing numbers to do the same on my other banks and I can't see a way to see those yet?? Hate when they hide that info behind a phone call instead of just including online like the major banks, unless I'm just missing it somewhere.

Also, can't see the checklist yet? Not sure if that takes time to show up because right now that area in the middle of the page just shows a link/image to sign up for the checking account which is all I did sign up for... edit » it shows up today!

For the higher rate, is it just based on meeting the requirements in that same month or do you get it for the next month? I doubt I'll hit everything this month (depends on when card arrives), but wondering for next month. If I have to rush everything to earn it for next month, that'll be a bit of a pain.

Appreciate any info!

Re: Evansville Federal Teachers Credit Union

Anonymous — Thu, 22 Oct 2020 17:16:53 GMT

@ccquest wrote:

For the higher rate, is it just based on meeting the requirements in that same month or do you get it for the next month? I doubt I'll hit everything this month (depends on when card arrives), but wondering for next month. If I have to rush everything to earn it for next month, that'll be a bit of a pain.

Appreciate any info!

The requirements are met for the current month. Come 1st of the month, the counter resets, and once you meet the requirements, you get the higher rate for the entire current month.

Some institutions give you the higher rate for your first partial month of membership without meeting the requirements, others don't. I can't recall which this was.