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Automate 10 debit POS transactions?

167 58 September 20, 2017 at 09:16 PM in Finance (4)
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I'm looking to do this myself and considering a particular account. I found a bank near me that has 3% interest, but requires direct deposit of $250/month, online statements, and 10 POS debit transactions per month to qualify/maintain that rate.

Here are some bank examples with high rates:
https://www.valuepenguin.com/bank...s-accounts
https://www.fscu.com/banks-vs-cre...est-rates/

Does anybody have experience with these online only or out of state banks? Good/bad?

Has anyone found a way to automate this process? I have some reoccurring donations that I do each month, I'm considering just having those donations be split into multiple transactions via debit card? I expect that process is all computer driven and doesn't make a difference to the charity or me, but hopefully it will fulfill the requirement. My utilities do not take debit.

In talking with the bank, they refer to POS debit transactions as "at a store or gas station." I want to continue using my credit card for the majority of purchases (% cash back, no need to worry about overdraft, better protection, etc) and just have this take care of itself each month so I don't have to worry about it.

I could do multiple transactions at the grocery store each month but I really don't to hold up the line or take up the time, so I'm trying to think of a better method.

Thoughts? Thanks in advance.
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I think I know what you're talking about.

If your bank is FDIC secured, and most/all are, then you have nothing to worry about. Think of it this way. If you're traveling out of state and your local bank isn't in the neighborhood, then what would you do? Same situation right?
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$0.50 Amazon gift card balance reloads may count.
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If you need to jump through all those hoops to get an extra 1% or so on about 20k total (because they cap the balance eligible in most banks running these offers), then you just need to bank somewhere else imo. It just is not worth all the trouble and effort. Get an online account from one of the major players at about 1.2% with no restrictions, free checking, no requirement for Direct deposit and no BS debit transactions. My 2 cents.
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Quote from YanksIn2009
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If you need to jump through all those hoops to get an extra 1% or so on about 20k total (because they cap the balance eligible in most banks running these offers), then you just need to bank somewhere else imo. It just is not worth all the trouble and effort. Get an online account from one of the major players at about 1.2% with no restrictions, free checking, no requirement for Direct deposit and no BS debit transactions. My 2 cents.
Agree 109%. If there was an account at 3% with NO limit, then it could be worth it to jump hoops
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Quote from ggenovez
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I think I know what you're talking about.

If your bank is FDIC secured, and most/all are, then you have nothing to worry about. Think of it this way. If you're traveling out of state and your local bank isn't in the neighborhood, then what would you do? Same situation right?
I'm more worried about nonsense fees or complications with the online bank than them going out of business. Some of the reviews for online banks are questionable.
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Quote from YanksIn2009
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If you need to jump through all those hoops to get an extra 1% or so on about 20k total (because they cap the balance eligible in most banks running these offers), then you just need to bank somewhere else imo. It just is not worth all the trouble and effort. Get an online account from one of the major players at about 1.2% with no restrictions, free checking, no requirement for Direct deposit and no BS debit transactions. My 2 cents.
You have a point, but that's why I'm trying to automate it so I can set it and forget it. If instead, I have to go out and make 10 transactions per month, I'm not sure that is worth it to me.

I'm hoping to have $10k sitting in the account (eventually - then $15k maybe), so are hoops worth $300/year to me? $450/year? That's the viewpoint I'm coming from.
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Quote from Marknhl
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You have a point, but that's why I'm trying to automate it so I can set it and forget it. If instead, I have to go out and make 10 transactions per month, I'm not sure that is worth it to me.

I'm hoping to have $10k sitting in the account (eventually - then $15k maybe), so are hoops worth $300/year to me? $450/year? That's the viewpoint I'm coming from.

There is no way to automate such stuff that I am aware of. Some of the banks even stipulate you have to do the transactions via hard card (i.e., no online). These promos are designed to be difficult and are effectively teases by the bank to lure you in hoping to get use of people's money for next to nothing and get them to put their pay check into their bank on the lure of a marginally higher rate on some small amount that even that they know many people will not be diligent enough to achieve. Everyone is different obviously, and maybe the hassle is worth it to you, but I would not be bothered.
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Quote from Marknhl
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I'm more worried about nonsense fees or complications with the online bank than them going out of business. Some of the reviews for online banks are questionable.

Most of the major players are fine. The major players are FDIC insured and huge companies. You can always check them out at:

http://www.bankrate.com/rates/saf...earch.aspx

Everyone complains about banks to a degree as they all try to stick it to you with fees if you go below their min. And you are comparing them to the brick and mortar banks which are the poster child for crummy customer service, no interest rates and high fees?
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Quote from YanksIn2009
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Most of the major players are fine. The major players are FDIC insured and huge companies. You can always check them out at:

http://www.bankrate.com/rates/saf...earch.aspx [bankrate.com]

Everyone complains about banks to a degree as they all try to stick it to you with fees if you go below their min. And you are comparing them to the brick and mortar banks which are the poster child for crummy customer service, no interest rates and high fees?
Haha great point. Thanks for the info.

I'll plan to report back here in awhile with what progress I make on this and how successful it is.
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#11
Can you link your debit card into PayPal and charge some kind of automated subscription fee?

You could buy multiple $1 gas at pump but not really automated.
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Quote from cunoodle2
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Can you link your debit card into PayPal and charge some kind of automated subscription fee?

You could buy multiple $1 gas at pump but not really automated.
and most gas pumps that take debit charge an extra 45c or something per transaction.
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#13
When I was doing this, I set a reminder on the first of the month and went to my Verizon app, and paid my fios bill 1.01, 1.02, 1.03 ... 1.10. Took 5 minutes a month to ensure a high rate and obtain my ATM reimbursements. Not a big deal.

But, not automatic either.
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Surprised no one offered their services for a fee lol.. Get friend to create a bot or macro for u that will buy a bunch of $1 Amazon cards per month. Someone posted pseudo code on reddit or some other site a while back...
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Hmmm Amex serve... 0.01 a day debit load done. How I get 5pct ok 5k times two acts. 520/yr free
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