[GPSCC-chat] Provident CU

[Spencer Graves]

Hello, All:


	  Just an update:  The woman at Provident Credit Union who took our 
application explained how it works:  If I understand correctly, various 
companies operating under an umbrella like Visa offer debit card 
services, and charge the merchants a few percent of each use.  Provident 
found one of these debit card clearinghouses that would give them a 
portion of what they get, and they offer that as an incentive for people 
to bank there AND use their debit card.  Thus, they make more money if 
we use a debit card rather than a credit card or a check, and they pass 
some of those savings on to us.


	  Spencer


###########################
Hi, Jim:


       Thanks.


       It just seemed strange, as they were the only financial 
institution I found offering anything close to that.  Others might have 
something similar, but I checked all the credit unions on the "No Credit 
Card Debt" brochure we produced plus Wells Fargo.  If any of them offer 
more than 0.25% interest, I couldn't find it.


       Spencer


On 3/13/2011 1:35 PM, Jim Doyle wrote:
> It is true.  2.26 % rate, 2.3 % yield.
> Conditions:  1) a monthly automatic transfer, be it in or out,
> via ACH automated clearing house
>    2)  10 uses of a debit card they issue
>    3)  max $ 25,000.
>
> I have the telephone company withdrawing the monthly bill amount
> to satisfy the ACH requirement,
> the same as GPSCC is doing from its bank.
>
>
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-- 
Spencer Graves, PE, PhD
President and Chief Operating Officer
Structure Inspection and Monitoring, Inc.
751 Emerson Ct.
San José, CA 95126
ph:  408-655-4567