Comments on: Malvern Federal 5.01% Checking Account

By: Steve Darnell

Steve Darnell — Thu, 08 Apr 2010 18:30:03 +0000

They have gradually dropped my rewards rate from 5% to 1.5% over the last year, without even telling me. Prime rate stuck at 3.25% the whole time. Disgusting.

By: cw

cw — Tue, 16 Mar 2010 14:00:58 +0000

Malvern Federal started as a small community bank in the late 1800s..those of you that say to be afraid, I am not sure as to what you are afraid of? I and my family have been with this bank for generations. Don’t call them liars or suggest fraud…I know this bank and these people and they are good members of our community and have been for over 100 years.

By: Nic

Nic — Tue, 16 Jun 2009 12:56:09 +0000

I asked at my local bank (Phila. PA) what the banks with the high interest ckg accts were up to, he said that they are usually smaller banks who are attempting to build a customer base = teaser rates. They want more customers to take out loans and their interest rates are usually a little higher on the loans. I am pulling out today too.

By: Eddie

Eddie — Mon, 15 Jun 2009 15:18:51 +0000

Disregard…The rate dropped on the 9th…..pulling money out NOW!

By: Eddie

Eddie — Mon, 15 Jun 2009 14:53:40 +0000

I’ll be closing my account on July 1 when the rate changes.

By: mike

mike — Thu, 11 Jun 2009 14:39:30 +0000

rate drop?? bank not answering phone at 10am…closing account today!

By: John

John — Wed, 27 May 2009 15:48:20 +0000

So far so good. I live in NYC and was able to open my account without any issues. Expect to receive your welcome letter, debit card and pin number separately.

By: Anne

Anne — Wed, 29 Apr 2009 12:18:46 +0000

I applied for a Malvern Federal 5.01% ckg acct yesterday morning and by noon I got a denial email. Like the others who have commented, I also have perfect credit, never been late on a payment, no history of any bounced checks or kicking in overdraft, it’s a 42 yr. history. And I live in PA, 30 miles from a branch bank.

Something seems strange…I guess we better beware

By: Andrew

Andrew — Sat, 18 Apr 2009 15:31:17 +0000

I opened my account with Malvern about a month ago and everything went though fine. My landlord tried to look for Malvern to show up on Checking Finder and they are no longer there. Luckily, i get in when i did since i live in California

By: Eddie

Eddie — Wed, 15 Apr 2009 02:34:26 +0000

Beware of what?

By: Dollar Bill

Dollar Bill — Tue, 14 Apr 2009 06:41:26 +0000

*BEWARE * BEWARE *BEWARE* BEWARE*

I currently reside in one of the following states: Delaware, Maryland, New Jersey, New York, Pennsylvania, West Virginia, or Ohio.

My application was STILL declined for no valid reason whatsoever.

BEWARE*BEWARE * BEWARE *BEWARE* BEWARE*

By: Eddie

Eddie — Mon, 13 Apr 2009 22:07:02 +0000

I just read that they changed the State requirement on April 6th. I applied on the 4th.

That was close.

By: Eddie

Eddie — Mon, 13 Apr 2009 22:03:21 +0000

I was approved last week and I live in Florida. This is my 4th rewards checking account in the past year and a half (3 other Banks). Also, I was discharged from Ch. 7 in Sept. 07 and still approved.

I wonder why some of you have not been approved?

By: DealMaven

DealMaven — Fri, 10 Apr 2009 15:49:21 +0000

Dave’s right Dollar Bill. It’s nothing personal. Malvern Federal Saving started limiting its Rewards Plus Checking to residents of Delaware, Maryland, New Jersey, New York, Pennsylvania, West Virginia, and Ohio this past week. We suspect that’s why you were rejected.

A bank officer told me that Bankaholic, Bankrate.com and USA Today all wrote about Malvern’s checking account within just a few days of each other, and it was swamped with so many applications it couldn’t keep up. So Malvern decided to limit access to the states nearest its home in suburban Philadelphia.

If you have a Rewards Plus account and live in another state, don’t worry. You can keep it.

By: Dave

Dave — Fri, 10 Apr 2009 15:40:04 +0000

They recently restricted new accounts only to people currently residing in Delaware, Maryland, New Jersey, New York, Pennsylvania, West Virginia, and Ohio.

This was done in the past week or so. So people may be getting rejected because of that.

http://bankdeals.blogspot.com/2008/04/501-reward-checking-account-at.html

By: Dollar Bill

Dollar Bill — Fri, 10 Apr 2009 06:52:19 +0000

***************BEWARE****************

“ChexSystems” does NOT reject or decline anyone from having an account at Malvern Bank. It says that in BOLD LETTERS on the ChexSystems web site.

I was also declined for this offer. Huge deposits in accounts. Perfect Credit. No debt. There is NO REASON why I should have been declined, not even for overdrafts.

This is a scam. I plan on reporting this to the appropriate government agency.

*BEWARE * BEWARE *BEWARE* BEWARE*

By: DealMaven

DealMaven — Thu, 02 Apr 2009 22:11:30 +0000

I contacted Malvern Federal and asked why you were rejected. A spokesperson said you were rejected by ChexSystems, a company the banking industry uses to identify applicants that have a history of mishandling accounts.

The spokesperson said you should receive a leeter from ChexSystems confirming your denial and supplying you with a phone number to call and challenge the decision and correct any misinformation in your history.

From what you’ve told us, I’d say there’s some bad info in your record.

You can read more about ChexSystems at its Website:
http://www.ckfraud.org/chexsystems.html

By: walt

walt — Thu, 02 Apr 2009 20:52:35 +0000

I’ve been putting as much as $250k into accounts, but was denied an account, I think at Beverly in MA. They don’t want anyone who deals with more than two banks. From what I’ve seen at other banks, this is a form of bait and switch. High rates to build up the customer base, then average or worse rates later. Most bank customers are slow to make changes – I am not.

By: Marilyn Teifke

Marilyn Teifke — Wed, 01 Apr 2009 14:48:18 +0000

I recently applied for this account with Malvern and their credit checker denied my application. My husband and I have excellent credit. I just cashed out a CD and thought this could be a good alternative to the low CD rates. Why would we be denied an account to DEPOSIT money (not to borrow)? Are they afraid we would N e v e r default on their terms thus saving them paying interest on the money.

By: Alan

Alan — Mon, 30 Mar 2009 00:06:19 +0000

BloggingBank, which bank allows up to $50K for a similar bank deal?

And Doug, I’m curious – what was lied about with their requirements to open an account? I’ve read you need 10 “pin” transactions which I understand means NOT merely a “credit” transaction purchase.