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Roy
Roy (@guest_1811547)
March 10, 2024 16:19

This sucks for me because this the pay-from on all the credit cards and the external bank on all the bonus accts I’ve opened thanks to DoC over the years.

Time to open another free checking under DoC’s Best Checking Accounts.

Mikey
Mikey (@guest_1811477)
March 10, 2024 11:55

I had an account with Memory way back when 1% was a great rate! Seems like a lifetime ago. Their customer service staff was great, and I wish them the best.

Dean
Dean (@guest_1811445)
March 10, 2024 10:42

In Memoriam Bank.

barrytuneuep
barrytuneuep (@guest_1811435)
March 10, 2024 10:06

Flagstar, they took over from NYCB but NYCB still owns them. Had NYCB for years and my dad also, for about 40 years. 7 Month CD 5.5% I know they currently have problems, but FDIC insured About Us | Flagstar Also Western Alliance is 5.36 but could change at any time. $60.00 back via SB. It’s called the highyieldsavings.westernalliancebank.com. You need to go thru SB to get the rate. Rate has been 5.36 for 8 weeks so far.

Gerald
Gerald (@guest_1811486)
March 10, 2024 12:43

Actually, NYCB bought out Flagstar and then changed their name to Flagstar, presumably because they didn’t want their name to indicate a specific geography. Corporate name is still New York Community Bancorp, Inc.

dbzdeals
dbzdeals (@guest_1811488)
March 10, 2024 12:47

NYCB this is a bank that is on the verge of going under and is actively in the news pending FED bailout and/or buyout by another larger institution.

barrytuneuep
barrytuneuep (@guest_1811550)
March 10, 2024 16:23

with 200 billion in deposits and assets (some not liquid) they will not be going under) and with rates rumored to go south by May/June, I’m depositing funds into their 5.5% 7 month CD anyway.

Lrdx
Lrdx (@guest_1811622)
March 10, 2024 19:58

SVB had $211 billion in deposits and assets on the very day it was shut down, exactly 1 year ago today.

barrytuneuep
barrytuneuep (@guest_1811548)
March 10, 2024 16:21

thanks

Master Allan
Master Allan (@guest_1811430)
March 10, 2024 09:56

Ah yes Memory Bank.
All of us readers and do I mean just about everyone here got a $100 back in 2018.

Jack
Jack (@guest_1811458)
March 10, 2024 11:05

Guess it was before my time.

CO
CO (@guest_1811348)
March 9, 2024 23:18

Thanks for the memories

International Churner
International Churner (@guest_1811397)
March 10, 2024 05:47
  CO

Same here.  Chuck how do you know they are shutting down? Website seems devoid of any messages, “news” and “blog” posts are a wasteland. It’s not terribly surprising, but I can’t find anything on relaxing Sunday morning with nothing better to do 🙂

William Charles
Admin
March 10, 2024 17:57

They sent out an e-mail

Guest
Guest (@guest_1826718)
April 5, 2024 19:12

Weird, I didn’t receive an email, and suddenly had my autopayment rejects and their website is down. Kind of scared I lost my account

Thom
Thom (@guest_1811398)
March 10, 2024 05:56
  CO

*memory

Douglas Bickel
Douglas Bickel (@guest_1811404)
March 10, 2024 07:40
  CO

I stuck with this bank for awhile after I got my reward- they were good and when I needed customer support the people I dealt with were very nice. I’m kind of sad they’re going.

Jack
Jack (@guest_1811459)
March 10, 2024 11:06

Don’t cry because it’s over; smile because it happened.

CP
CP (@guest_1811514)
March 10, 2024 14:30

Same, I used them as a hub account for years. The $2000 ACH limit was annoying but customer service was always super helpful. Guess I’m replacing it with an Ally checking account.

Derthsidious
Derthsidious (@guest_1811494)
March 10, 2024 13:32
  CO

Just put it in the… memory bank

Justin
Justin (@guest_708087)
January 18, 2019 00:21

Just a warning that they have some ridiculous policies like not raising your ACH or mobile deposite rates until you have a high enough balance but it takes quite a long time to get a high enough balance if you can only do incremental deposits at their low rates.

Ben
Ben (@guest_705570)
January 13, 2019 21:21

To the best of my knowledge, the T-Mobile Money account is also an interest-bearing checking account. It pays 4% with minimal requirements (you did a review, to recap the requirements are a post-paid T-Mobile line and a $200 deposit each month).

Downside is that 4% only applies to the first $3000, the portion above that earns only 1% (which is still great compared to most other checking accounts that don’t require contortions to qualify)

Andrew
Andrew (@guest_702872)
January 8, 2019 22:02

only complaints are low ACH transfers limits and lack of Money order deposits.

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_702757)
January 8, 2019 19:33

Transfer limits need to be fixed.

Gadget
Gadget (@guest_702983)
January 9, 2019 01:04

Use hub account! Spreadsheet! 🙂

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_703000)
January 9, 2019 01:45

The use of hub account is irrelevant. They offer a great rate but when I can’t transfer money w/o the hassle of pushing in and out through a middle man bank it’s not worth it. I’m not gonna change the account I pay my Amex bill from because I can not have any attention on my account. So I need to be able to just get a high rate on my MS float and then push quick to my main checking to pay off bill. But for Memory Bank that is too difficult.
Gadget

Gadget
Gadget (@guest_703098)
January 9, 2019 11:26

I just wouldn’t expect anything to get “fixed”. Most banks have anorexic external transfer limits. Look at Wells Fargo, for example: ACH limit is Daily Maximum = $5,000, 30-Day Maximum = $6,000. But use of a hub bypasses any imposed dollar limits.

Number of outgoing transfers/withdrawals of 6 per month is a constant for all Savings and MM products though, at any bank. You can thank Reg D and our govt for that. The only workaround for that is to have multiple of the same type of account or product if you want to get away with more savings withdrawals than intended.

Bill pay and external transfer limits are two different things, usually. I can’t say I know what rules are in place at every bank, but I am not aware of Bill Pay caps. (other than it counts for a withdrawal) You can also pay your Amex bill from the Amex site or Amex app and avoid any dollar limits. People change banks & payment settings all the time, so somehow I don’t think that is going to get attention from the RAT.

But, you do you. Is 0.4% difference in interest worth that risk of endangering your MS game?…. probably not. Party on.

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_703540)
January 9, 2019 21:45

Gadget Good points everything you’ve said. I have a 15k reported income and have spent 32k in 1.5 months on my Amex Cards I would like to do as much as possible to avoid any attention from them. Therefore I will be as cautious as possible.

NOT The IRS
NOT The IRS (@guest_703548)
January 9, 2019 21:58

how did you get to 32k MS? I need new ideas please,

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_703588)
January 9, 2019 22:41

Buy VGC ——> Serve/BB ——> Transfer to Bank Account

Repeat

Jack
Jack (@guest_1811461)
March 10, 2024 11:08

5 years later, what do you do for MS now? Dan - Legal Bank Robber

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_1811462)
March 10, 2024 11:09

I own my own Buying Group.

Dan - Legal Bank Robber
Dan - Legal Bank Robber (@guest_706896)
January 16, 2019 01:04

Gadget Why didn’t you tell me about 1 day ACH through Ally. Changes the whole game, now I am content moving shit around for the .4%. Ah Memory Bank is good for more than just Amex CC funding 🙂

Gadget
Gadget (@guest_706911)
January 16, 2019 01:42

Dan - Legal Bank Robber 1. I am new to Ally, and really haven’t surveyed their services.
2. I think most banks have slowly upgraded their ACH speed. I am getting 1 day service usually at many banks. The online banking will say 2-3 bus. day, but actually take less. Maybe banks are opening up transfer windows at different times, and the change requires policy changes at each bank? Anyway, they have have slowing rolling increased ACH speed out in phases, and 2018 was supposed to be same day “payments”. In year 2020, same day ACH “transfers”. https://www.nacha.org/rules/expanding-same-day-ach