Tesaries77

Thank you for the info LauraLea. I finally reached out to some one at Public Saving Bank and found out that the $79 processing fee is in addition to the collateral deposit. Therefore, if a person decides to open an account with the minimum deposit amount, the total would be $379.00. The expedited processing fee is $75. That to me just doesn't seem worth it. The process can take up to 21 working day (about 1 month as LauraLea stated) if you choose regular processing, which is fine with me but if you have the extra $75 to burn, I say go for it.
After deliberating for weeks now, I have decided I am going to go ahead and apply for this card.

The fact that there is $79 fee has already been established. My only question is, is that fee in addition to your collateral deposit or is it taken from your collateral deposit.

The website would not allow me to enter my credit union info.

I am happy I found this site. :-) Bank Of America reports the card to the credit bureau as a secured card so I don't know how much help that will be if the purpose is to rebuild your credit. The only good thing is that after nine months of having the BOA secured card, your account will be reviewed for a unsecured card. If you are approved for an unsecured card, you will receive your deposit back but again, what good will it be if the card is being reported as a secured card?
With regard to that $79 fee, does that come out of the initial deposit needed to open the account or is that a separate charge all together?
Also, after reading more about the Public Savings Bank secured credit card, there is not chance of it every becoming a unsecured card. It seems to me that it would only be good fore the 6 months of no APR and after that, close the account and move on.