So far so good for me at Northpointe. I have been pushing funds in via ACH initiated at Alliant. Correct (i.e., promised) interest rate is showing and accrued interest is also correct. All smooth.
Course it’s easy to have a good experience when funding the account. You do not really know how you’re doing until you attempt your first large withdrawal.
This additional Banco Popular data point was recently posted over on Ken’s website:
Note: Popular Direct is the internet presence of Banco Popular
our banco populars changed to banc of california. they offer a kids savings account that pays 3% for up to a 10k balance.
Amex HYS 1.55 -> 1.6 (5/29)
Alliant HYS 1.5 -> 1.6 (6/1)
wiki updated. Also removed a few outdated (or very low APR) RCAs.
SallieMae MMA now @ 1.75% I took a shot at updating the WIKI, I hope I didn’t muff it.
EDIT to add: SFGI now @ 1.81%
Another BP data point has popped up over on Ken’s site:
This is nothing new at BP. I am hypersensitive regarding access to my funds which are supposedly liquid. BP is already a known concern in this realm. My focus now is OTHER banks. Hence:
If you encounter BP-like activity when you try to access your funds elsewhere, please, please post about your experience. Here is my data:
I have experienced good outcomes with PurePoint and with Ally. When I wanted my money they ACHed it without messing with me.
But I have no experience in this regard at Northpointe or at Virtual. Money has gone in but I have not yet attempted withdrawals so can contribute nothing.
This security/fraud thing is going nuts. It would be comforting to think BP is the only bank that has gone off the rails. Frankly I believe this could happen at any bank, or not, depending on their experience and on the way their management thinks.
Like I said, when Popular Direct leaped to the top of the rate chart, they were hammered with new accounts with large balances. And now they’re terrified of being left holding the bag when funds are transferred out before a deposit is recalled as being unauthorized.
Perhaps they could handle it better, but the risks they’re afraid of are certainly real and legit. Chalk it up to them being ill-prepared for and uninformed about rate chasers, not “going off the rails”. And yes, I’ve had plenty of other banks freeze the attempted transfer out of new funds in new accounts, despite what they label as being “available”, although generally a phone call resolved the issue.
You could always challenge them on deposit availability regulations. But by the time that complaint gets addressed the problem will have resolved itself anyways.
Generalized statements regarding fund access difficulty, while of interest, are not what I was requesting above.
I have provided my specific, recent experience. If anyone has new withdrawal data points, especially regarding Northpointe or Virtual, I would be grateful for them. Should I attempt a withdrawal at either of those banks I will certainly let you know how things went. Thanks
Aren’t there penalties for violating deposit availability regulations? There may be exceptions for new accounts.
Generally, 30 days for new accounts. There’s also exceptions for suspected fraud, but that’d be a hard case to defend given it’s being presented as a blanket policy. Regardless, you’re going to have your money anyways before you “win”. I dont know if there are any statutory penalties that could benefit the consumer, but if you dont care about the banking relationship you can always look for an arbitration clause and submit a claim.
Anyone who has the Northpointe Bank Accounts (i have both the checking and savings but only the savings gets interest)…If you have the ultimate savings, have you been credited with any interest for the past month? My estatements generated today for both accounts but i did not get any interest credited for the Savings at end of the month (May)…
I thought perhaps it was because i just had opened the last week of May…but wanted to find out if anyone did get at the end of the month…
Not yet. I wired money in last week and show a value in the “Accrued Interest” field on their website, but it has not yet been added to my original balance.
Thanks sfchris…same deal here…my accrued interest shows when i log in the online banking, just as yours does…could be because the accounts are new, they carry it over into the next month’s…If anyone else here with ultimate savings has had a different experience, please post…
Yes, same with my Northpointe savings.
I did an ach transfer of $25K into the Ultimate Savings on 5/24, along with the $100 opening deposit. Account shows $15.39 interest but the interest does not show up with the balance on account. Does that make sense?
I guess we must wait until a full month to see an account balance including interest.
I’ve gotten a call from Purepoint’s fraud department all 3 times I’ve pushed funds to a new bank (I usually do pulls, but in some cases, like Northpointe savings, that’s not an option). I find that annoying.
On the other hand, today I received a nice box of teas from Purepoint for my birthday. I thought that was pretty cool. Redneck sent me a card and some toothpicks. I think it’s the first time a bank has sent me a birthday gift.
Yes, that does seem to be the case, patty, based on sfchris and your feedback…also, someone i am pm’ing with on phatwallet (scanchain) had the exact same experience…
I take your point. I probably should have mentioned my good outcomes at PurePoint all relate to exchanges of funds between PurePoint and Alliant.
I accept that, were I to try moving funds elsewhere, PurePoint might raise a stink. I’m a rate chaser and I’m confident not the only one posting here. When a great deal surfaces everyone tries to jump on board and time is often short before the great deals disappear. Thus, we rate chasers need rapid access to our funds.
Thanks for the mention. Has anyone made any withdrawal from Northpointe yet (other than the micro-withdrawals)? Don’t want to be unpleasantly surprised when I need to make a withdrawal (after putting the bulk of my savings there).
Not Northpointe but I’ve pulled money from Popular with no problem and I’m not at the 60 day mark yet…
FNBO just increased its online savings account to 1.75% APY