This review is for: Ultimate Money Market
With rates consistently above the national average, I gave Corus a call to find our more about their Ultimate Money market.
The woman I spoke with was very helpful - not the most knowledgeable csr I've ever dealt with - but she was quick to hunt down an answer for me if she didn't know, and she always returned with good information.
A few highlights - she mentioned that because this is a money market account, they offer limited paper checks. I write very few checks on a monthly basis, so their limit of 3/month will probably work just fine, and allow me to avoid maintaining a separate checking account. She was also upfront with the fact that they cannot originate ACH transfers - and money movement via ACH would have to be handled by the outside bank.
When she walked me through the application process, I was a little disappointed. I needed to first fill out the application online, then print it out, sign it, and mail it in with a copy of my drivers license and initial deposit check. All it was missing was an essay about a challenge that I overcame as a teenager. I also didn't get the impression that the turn-around time was going to be exceptionally quick.
Corus is not a front-line internet bank. But what they save in website costs and lack of an ACH system, it appears they've decided to pass through to customers via higher interest rates. Hopefully they'll be another rate bump once they get a modern, online application system fully functioning, but unfortunately the CSR had no promises on when that would be coming.
Posted by nthompson -- March 25, 2009
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