Redstone FCU cut savings rate 5%>2.5%

[Anonymous]

Moot now anyways as they've closed online membership registrations sometime in the past 48 hours.

[Guyatthebeach]

I joined Redstone FCU about 2 weeks ago via the Rural King credit card and arrived the middle of last week.  Last weekend I submitted the online to open a Brighter Day savings account and checking account. I funded both accounts via ACH withdrawals from my main credit union.  As of today, I have not received the debit card and there is a hold on those funds for 14 days. I don't have a problem with it because I'm a new member that lives out of the state of Alabama. Ironically I added my Redstone FCU checking to my primary FCU's ACH app, made an additional transfer, and that was immediately posted to the account.

Also I'm 8 years post chapter 7 bankruptcy. When I applied for the credit card, I didn't have to provide any EOI. When I applied for the checking and savings account, I was only asked for a copy of my driver's license. 

I only plan on using them for the higher rate savings and the Rural King card.

So far I'm impressed with what I've seen.

Guyatthebeach

[M_Smart007]

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@Anonymous wrote:
Moot now anyways as they've closed online membership registrations sometime in the past 48 hours.

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They are probably overwhelmed with new app's.

Just thinking outloud.

[M_Smart007]

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@Anonymous wrote:

DCU seems unlikely to slash their savings rate. Since they increased it to 3% on the first $500 in 2014 (up from .05%), all it's done is go up. I checked the Wayback Machine to track trending. Also they already updated their credit cards with the new lower rates and that would be the time they would adjust savings rates too I would think. CUNJ hasn't cut the 7.5% on the first $500 in their high rate savings either. 

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At $37.50 per year, then taxed ..I would need about 50 of those accounts.

Made well over $3000.00 in CC SUB's in the last 13-14 months.

That does not include Bank account SUB's.

Think I will stick with what gives me the most bang for my buck.

[Anonymous]

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@M_Smart007 wrote:

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@Anonymous wrote:
Moot now anyways as they've closed online membership registrations sometime in the past 48 hours.

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They are probably overwhelmed with new app's.

Just thinking outloud.

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Yeah, one of the reasons I was thinking too.  

[AnimatorProcrastinator]

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@Guyatthebeach wrote:

I only plan on using them for the higher rate savings and the Rural King card.

So far I'm impressed with what I've seen.

Guyatthebeach

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I joined for the exact same reasons. I might get a checking account just for ease of transfers but if they're gonna put holds on everything anyway then maybe not. I'm still really impressed too.

[Guyatthebeach]

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@AnimatorProcrastinator wrote:

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@Guyatthebeach wrote:

I only plan on using them for the higher rate savings and the Rural King card.

So far I'm impressed with what I've seen.

Guyatthebeach

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I joined for the exact same reasons. I might get a checking account just for ease of transfers but if they're gonna put holds on everything anyway then maybe not. I'm still really impressed too.

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AnimatorProscatinator, 

From my point of view, I believe the holds are due to being a new account and I am outside their Alabama footprint.  My second deposit I made when I added Redstone to my primary CU's platform was available the day it posted in my account. My direct deposit should kick in about a month, so I will let you know what happens.

Guyatthebeach

[Gmood1]

My funds were on hold as well when I first joined. The head of the fraud department told me they have a lot of fraud right after Christmas( First couple months of the year). And only taking extra steps for the well being of their customers. My account has been fully funded for several months now. No issues with these guys. They paid the quarterly dividend out right before the rates dropped.

Credit was easy to obtain. No DNA testing or first born requested.

[CreditInspired]

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@M_Smart007 wrote:

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@Anonymous wrote:

DCU seems unlikely to slash their savings rate. Since they increased it to 3% on the first $500 in 2014 (up from .05%), all it's done is go up. I checked the Wayback Machine to track trending. Also they already updated their credit cards with the new lower rates and that would be the time they would adjust savings rates too I would think. CUNJ hasn't cut the 7.5% on the first $500 in their high rate savings either. 

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At $37.50 per year, then taxed ..I would need about 50 of those accounts.

Made well over $3000.00 in CC SUB's in the last 13-14 months.

That does not include Bank account SUB's.

Think I will stick with what gives me the most bang for my buck.

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WOW, that's quite impressive and SMART thinking. I'm actually jealous. I've got to start thinking like this. Thanks for sharing.