Credit Union/Bank apy checking requirements

[HingleMcCringleberry]

A lot of credit unions/banks that have high apy checking accounts require a certain amount of direct deposits to the account and a number of debit card transactions.

Is it possible to fulfill those requirements by

- doing ACH push transfer from another financial institution

- splitting up payments with the debit card on something like a phone bill something that doesn't charge you a debit card usage fee

For example Consumers Credit Union needs 12 debit card purchases or Signature Federal Credit Union needs 15 debit card purchases

Does anyone know specifically for those 2 if push ACH fulfills the direct deposit and also about debit card purchases?

[AndySoCal]

@HingleMcCringleberry 

The debit card transactions is purchases made with the debit card. The direct deposit qualification is a paycheck or social security check at most credit unions and banks.  You would have to call the CU to verify they will take ACH instead of the paycheck.  You might want to consider Jovia Financial Credit Union and there go Green checking account paying 3.5%.  The direct deposit is still required yes. I was considering this credit union for a saving account(s). I am not a member of this credit at this time. They also have good savings rates.

[HingleMcCringleberry]

this may sound like a stupid question, but is it possible to pay a bill by splitting up the total into separate transactions, just to fulfill these debit purchase requirements? Like if I pay my monthly car insurance premium by splitting it up into 12-15 transactions. Would the insurance company penalize me or something?

[poet2013]

@HingleMcCringleberry 

Some merchants like Tmobile will allow multiple payments a day but cant be same amounts. A bunch of small transactions may flag your card with credit unions fraud dept but not merchant. You also need to verify terms for the debit card transaction requirements. With some the cashback/highyield kasasa credit unions the transactions have be pin based over a certain amount within certain cycle. 

For less work you might be better off with Ally accounts for trusted online banking/saving up to 4.40% apy. If strictly for savings Viobank has saving with 5.25%  If for saving on everyday purchase its few fintechs that offer high yield account and/or rewards like Juno,super dot com , upgrade dot com,  etc

[poet2013]

dup post

[AndySoCal]

@HingleMcCringleberryThe link below is Jovia Financial Credit Union. This iss the credit union I referred to in my first post.  They have an on lins savings account pay 5.15%. The Go Green checking pays 3.50% the qualifications are on line statements, direct deposit and $250.00 a month in debit card transactions. I thought I had read somewhere on the site it must be at least 8 debit card transactions. But I cannot find where I read it. There are very few fees associated to the account.

https://www.jovia.org/ 

[AndySoCal]

@HingleMcCringleberry;  I figured out where I saw the 8  transactions I referenced in my last post. It was for another credit union. Their other savings rates are not as good as Jovia.

[AndySoCal]

@HingleMcCringleberry @I found this one over the weekend by accident. Vibrant credit union in Illinois has premier checking  paying 4% with no qualifications  direct deposit or debit card. In addition a premier savings account paying 4.5% as well. Membership is easy through the Illinois Consumer Council which is a part of the American Consumer Council. I am not a member of the credit union. Vibrantcreditunion.org 

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