Re: great checking account... 4.25% no fees
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Perhaps the extra safety provided by DIF lured many multi-millionaires into this Salem Five Direct account, and this caused Salem Five to make this change.
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Insurance above the FDIC limits costs a significant amount of money (in most cases it's a one time fee). 1.25% is the standard one time fee to increase your insurance cap.
Easy example, you are starting a bank and bring in a million dollar deposit, your "excess funds" are $900,000 and would be charged $11,250 to insure those (one-time lifetime). If that account withdraws, you able to bring other excess funds without charge.
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