The Cathay Online Banking Services is part of the expansion this California based bank has made since 1962 when it first opened its doors to serve their community better. Cathay Bank started in LA with one goal in mind, to help the Chinese community in investing and saving their money. Today anyone from any heritage is welcome to join their community and will receive the same great service all of their customers have come to know and trust in.
As for the online banks, this one is called Cathay eBanking. You will have unlimited access to your accounts online free of charge including the activities in your accounts and the transaction history. You also have the option of exporting your financial data into Quicken and Microsoft Money.
There are eAlerts to help keep you apprised of activities and balance levels associates with your accounts and the current bank rates. There is also a web bill paying service that is free to use with a qualifying checking account or a balance of $5000 in combined deposits. If you do not qualify, you can still use it with a $5.95 monthly fee.
The interest rates are competitive for their checking accounts. These are set up in a tiered format. For the Cathay ValuePlus account the minimum balance levels are $2,000, $10,000, $25,000 and $50,000. The corresponding APYs are 0.10%, 0.15%, 0.20% and 0.25% respectively.
The Smart Money Market Account is also in a tiered format. The minimum balance levels are $2,000, $10,000, $25,000, $50,000, $100,000, $300,000, $500,000, $1,000,000 and $3,000,000. The corresponding APYs are 0.10%, 0.15%, 0.25%, 0.35%, 0.40%, 0.50%, 0.65%, 0.70% and 0.80% respectively.
This is part of what the Cathay Online Banking Services has to offer their customers. All Cathay Bank rates were posted on July 19, 2011 but are subject to change at the banks discretion.
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