If you are dissatisfied with your current bank, I highly recommend going to Boeing Employee’s Credit Union (BECU).
Credit unions are an ideal place to put money because, as a non-profit organization, they are owned by the shareholders, i.e. anyone who has money in the bank.
I recently opened a BECU account and learned of a great opportunity to receive a higher APY on my account. Under BECU’s policy, I was informed I would earn a 6.17 percent annual percentage yield (APY) if I adhered to the following conditions (You can read the terms at BECU.com).
-Have at least $500 in a checking or savings account (the 6.17 percent only applies to the first $500 in either accounts).
-Sign up for free monthly eStatements, a paperless option for bank statements (going paperless is an excellent way to reduce the chance of identity theft and to help you organize your financial history).
-Make a purchase with either my BECU debit card/credit card (I was approved for one while opening the account), or a bill payment.
Banks suck
Just to give a comparison, the average bank has a 0.04 percent APY return for a savings account. Last year, I made a 59 cent profit from a savings account with thousands of dollars in it. There is no point in investing for such a dismal return.
In some banks, they are even beginning to charge you for having a checking account. For example, effective Aug. 24, Chase now has a $10 monthly fee for customers who have less than $1,500 in their account or less than a $500 direct deposit.
The one disadvantage, however, credit unions have compared to banks is accessibility. You can go to practically any city in Washington or across the country and find a major bank, such as Bank of America, Wells Fargo, or Chase. You should maintain an account of some size at a major bank, albeit make sure it is in one which does not charge fees.
If you plan to open up a BECU account, be sure to tell them you were referred to them by someone (Timothy Martinell, perhaps?). If you do, they not only give the person who referred you $25, but they give you $25 as well.
Debit card facts
BECU’s debit card has a lot of great features you can utilize to save money. Here are few of them (You can also view them here). I’ve summarized them here, but I recommend you do read up on it thoroughly before attempting to use any of these features.
-If you buy a product, BECU will double the warranty and duplicate the coverage of the original manufacturer’s warranty for one year. Like everything, naturally, there are restrictions. The item itself must have an original warranty of one year. Various products or services are not covered, such as antiques, permanently installed fixtures, plants, software, DVDs, or professional services.
-If you purchase something, and a find a cheaper price within 60 days, you can report it and receive a refund on the difference. However, it has to be found in an advertisement and cannot be an auction item. The maximum difference you can receive back is $250. If you want to report a claim, call 1-800-MC-ASSIST.
-If your car breaks down or you run out of gas, they have an emergency roadside service available at 1-800-MC-ASSIST. The good news is some of the fees for the services are pre-negotiated, so the costs can be anticipated if you are concerned about having car problems on a road trip. You also won’t have to worry about paying on the spot, as the fees are automatically billed to your MasterCard card account. This option is much like AAA, but you only pay when you actually require the service. Yet, with AAA, classic membership is only $56 a year. If you are not a AAA member, it’s definitely convenient to have one number to call regardless of where you are, as the policy applies anywhere in the United States.
Go open your account now
Since this post is geared toward my Washington readers, I wanted to encourage out of state and Canadian readers to seek out a local credit union in your neighborhood, even if it isn’t BECU. Credit unions flat out whoop the butts of major banks. You heard me say it here and you’ll hear me say it again. Do yourself a favor and make the switch.
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