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Thread: Santander Extra 20 Checking

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  1. #21 Default  
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    Quote Originally Posted by omgomg View Post
    That sounds an awful lot like kiting - may not want others to try the same.
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    Last edited by Snowflake; 03-25-2014 at 04:59 PM.
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  2. #22 Default  
    Quote Originally Posted by omgomg View Post
    That sounds an awful lot like kiting - may not want others to try the same.
    They kind of accused me of that, but I did have the funds to cover the amount in each account. Did get me to stop though
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  3. #23 Default  
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    Quote Originally Posted by kevblah View Post
    ken knows a lot about this

    brace yourself.
    Yes, the team I used to work in is responsible for creating this product.

    There are already lots of good tips in the link below, especially around the direct deposit requirement. Bill pay can be any amount. I send 2x $5 bill payments to my credit card account.
    http://www.fatwallet.com/forums/finance/1309419/
    Last edited by KPewPew; 03-25-2014 at 05:38 PM.
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  4. #24 Default  
    Took me a month to get my shit together to open the account at the end of April, got my first $20 after having the account for the month.

    Having direct deposit of $1500 got me the first $10, 2x $1 transfers (which I set up as recurring) to pay credit card bills to satisfy the requirement for 2 online bill pay which gave me the other $10 for the billing cycle. Pretty easy to get an $20 a month for not doing anything. And when my primary BoA checking account runs low, I'll just write myself a check from Santander to BoA since Santander doesnt have a required minimum balance.

    They also have phone support 7 days a week, which is nice.
    Oh Yeah!
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  5. #25 Default  
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    So how many of you have signed up and continued to get the $20? I've been doing it since it began.

    FYI they just added online banking functionality to push ACH transfers to your other bank accounts. Makes it easier to empty the money out after a direct deposit, rather than writing yourself a check.

    Also found this online, an extra 20 credit card:
    http://www.highstartgroup.com/santander-pre-order/
    Last edited by KPewPew; 08-10-2014 at 06:22 PM.
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  6. #26 Default  
    Yup. for 4 months now. did a couple of transfer writing checks to myself, which honestly isnt bad since I can deposit with mobile app. Having the ability to transfer online would be a nice addition.

    I imagine the extra 20 credit card do away with rewards based on points and will credit $20 monthly after meeting some criteria ? I'll wait and see the program details before I sign up. I still have no idea how Santander can "afford" to pay each account $20 on a monthly basis when my deposit amount probably wont generate enough income for Santander to cover account maintenance costs.
    Last edited by cheu_f50; 08-11-2014 at 07:37 AM.
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  7. #27 Default  
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    $20/month * 12 months = $240/year

    At the most basic level, the idea would be that they attract enough decent customers to offset this cost. A crappy customer could be a net cost (-$100 for example) while a good customer could be a net benefit ($500 for example).

    Other value can be increased awareness in the marketplace, which drives consideration rates, which drive actual new customers. We'll have to wait and see if they cancel this product, but for now us crappy customers can drain them for the $20 without actually being profitable customers. (see "Adverse Selection")

    Wikipedia:
    Adverse selection, anti-selection, or negative selection is a term used in economics, insurance, risk management, and statistics. It refers to a market process in which undesired results occur when buyers and sellers have asymmetric information (access to different information); the "bad" products or services are more likely to be selected. For example, a bank that sets one price for all of its checking account customers runs the risk of being adversely selected against by its low-balance, high-activity (and hence least profitable) customers. Two ways to model adverse selection are to employ signaling games and screening games.
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  8. #28 Default  
    Quote Originally Posted by KPewPew View Post
    $20/month * 12 months = $240/year

    At the most basic level, the idea would be that they attract enough decent customers to offset this cost. A crappy customer could be a net cost (-$100 for example) while a good customer could be a net benefit ($500 for example).

    Other value can be increased awareness in the marketplace, which drives consideration rates, which drive actual new customers. We'll have to wait and see if they cancel this product, but for now us crappy customers can drain them for the $20 without actually being profitable customers. (see "Adverse Selection")

    Wikipedia:
    I hope they wont cancel the product. between this and credit card rewards, it's $500/year that the bank is paying me to use their services. Hopefully the existing accounts will be "grand fathered in" and they wont get rid of them
    Last edited by cheu_f50; 08-18-2014 at 10:35 AM.
    Oh Yeah!
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