Update 6/1/24: Rate increased to 6.75%
Update 2/4/23: Rate increased to 5.25%
Update 7/30/21: Now available nationwide, If you live outside of our location eligibility or do not qualify based on family eligibility, you can still join by making a contribution to one of these Associations.
- Arthritis Foundation
- Paint Creek Center for the Arts.
Hat tip to reader Angel
Offer at a glance
- Interest Rate: 4.06% APY
- Minimum Balance: None listed
- Maximum Balance: $7,500
- Availability: Seems to be in branch only, locations are in MN, PA & MI
- Direct deposit required: No
- Additional requirements: 10 debit card
- Hard/soft pull: Soft pull
- ChexSystems: Unknown, sensitive
- Credit card funding: Up to $50
- Monthly fees: None
- Insured: NCUA
The Offer
- Genisys Credit Union is offering the genius high yield checking account. This card earns 4.06% APY on balances up to $7,500 when you complete the following requirements:
- Enroll in eStatements
- Make 10 debit card transactions of $5 or more each month
Avoiding Fees
Doesn’t look like this account has any monthly fees to worry about.
Our Verdict
Nice rate and no direct deposit required. The big downside is that the debit card transactions need to be $5 or more. Not a huge deal but might be annoying for some people. As always a full list of high yield checking accounts can be found here.
Hat tip to reader Matt
11/2: Applied OOS via family member eligibility (P2 got it during summer). Got referral message: “Unfortunately, we could not approve your application online at this time. Your application will be manually reviewed and we will send you our decision within one business day”
11/4: Asked to continue in branch: “Thank you for your interest in Genisys Credit Union. Unfortunately, we are unable to continue your membership application online. If you would like to complete your application, please visit one of our 31 branch locations for a representative to assist you”
No OnAlert notification, so seems like no Chex pull at least.
FYI, OA is not 100% reliable so you should check your Chex report to be sure that there was no pull.
how do you guys do the manufactured debits?
cash app
is it specifically oos applicants that are getting rejected online for chex, or are they like this with applicants inside their footprint as well?
Approved and then denied 🤔
Was there a reason given?
Thank you for your interest in Genisys Credit Union.
Unfortunately, we are unable to continue your membership application online. Further details have been provided by mail to the address you provided in your application and your credit card will be refunded.
Application approved over the internet, waiting for funding to clear.
Monthly Fees: The fine print in the Fee Schedule (pdf) for “Interest Checking” says $1500 minimum balance or $10 monthly fee.
Does that apply to this High Yield checking account offer or some other account?
just checking.
Nice.
C’mon LMCU, be competitive again.
Don’t root for that to happen. That would mean that interest rates have been lowered to around 3% by the Fed.
Anyone actually get approved for this one recently with a lot of Chex inquiries?
I was instantly approved today with 0/1mo, 6/3mo, 15/6mo.
are you in-state or did you sign up as nationwide/donation?
OOS. I selected the donation route.
Later rejected, yes?
As of now, I have not been shut down. Online banking still works fine and I have not received any notifications regarding rejection or closure.
EDIT: I received the Unfortunately, we are unable to continue your membership application online email literally 5 minutes after posting this. Looks like I am in fact shut down.
It’s amazing how banks can approve new accouns and then change their minds later.
I know it sucks. Unfortunately for many credit unions, an automatic approval by their system is generally noted as a conditional approval, not a final decision, so they can override and reverse the decision later.
See these DPs of Genisys closing approved accounts later citing Chex: #1462538 #1323858 #1323799
Hope Genisys has stopped doing that.
mothman69
Your reply must have gone to moderation, but it appears that they are still approving and then denying after the fact. I can’t ever wrap my head around why banks & credit unions would approve people in this fashion only to later close them down. It seems so backwards and inefficient. Also extremely frustrating to the applicant.
Yep, went to moderation. I completely agree. I guess they are just too lazy to tune their system.
I am going to assume the worst and not give them the benefit of the doubt.
Updated
Keep in mind that you can buy an 8 week treasury bill yielding 5.4% or a 13 week yielding 5.25% and roll them over to your heart’s content. Effectively no dollar limit and no state tax on the interest. Source: Resource Center | U.S. Department of the Treasury
i’ve got money in a 5.15% HYS and a 5.55% HYS. do you think it’d be worth it to move over?
the debit card transactions are a lot to keep up with.
Yeah. 10 debit transactions along with $7500 limit. So you have to withdraw the earned interest every month. I think the monthly interest difference will be only like $10.
$75 compared to the more common 5.5%.
Just calculate the difference in earned interest for your principal. Then decide if the hassle of 10 debit transactions a month is worth the extra interest. Simple as that. We can’t tell you if it’s worth it.