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What are the “rewards” for Rewards Checking?
If requirements are met for the statement period, then the customer will earn an Annual Percentage Yield (APY) of 4.26% on their balances up to $50,000.00 and on the portion of their balance over $50,000.00, they will earn an APY of 2.01%. The customer will also be refunded any foreign ATM surcharge fees up to $20.00 per statement period. Back to top
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What are the requirements that must be met to qualify for the rewards?
All three of the following requirements must be met during the statement period to qualify for the rewards:
1) Make at least 10 Debit card transactions (not including ATM withdrawals)
2) Set up at least one direct deposit or automatic debit (Online bill payments can
count towards this requirement)
3) Receive monthly statements electronically (Customer will have to provide
valid email address at account opening. Back to top
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Do I have to come to the bank to open a Rewards Checking account?
An office visit is required to open a brand new Rewards Checking account. If an existing customer wants to open a Rewards Checking, then it can be done without an office visit. Back to top |
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How often must the requirements be met to qualify for the rewards?
The requirements must be met each statement period to receive the rewards for that statement period. To ensure you qualify for the rewards, all needed transactions (Debit card, etc.) should be posted to the account a few days before the statement cycle cuts off. Back to top
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What happens if I do not meet the requirements for Rewards Checking?
The account will still operate as a free checking account, and the entire balance will receive an APY of .25% if the requirements are not met. Also, no ATM refunds will be given if the requirements are not met. There are no monthly or minimum balance charges on this account! Back to top
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Is this just a “teaser” rate?
No. While the interest rate can change on this account, the account is designed to pay a high APY to those who meet the requirements. Back to top
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How is the interest calculated?
Interest is calculated using the daily balance method, which applies a daily periodic rate to the principal in the account each day. Back to top
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How does the tiered interest rate for Rewards Checking work?
If the requirements are met, the full balance up to $50,000 will receive the APY of 4.26% and any portion of the balance over $50,000 will receive a 2.01% APY. The interest will be paid in a lump sum at the end of the statement cycle. Back to top
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If I meet the requirements, when will I receive my rewards?
Your rewards will be credited to your account on the last day of the statement cycle, this includes your interest and any ATM surcharge fee refunds. Back to top
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How will I know that I have qualified for my rewards at the end of the statement cycle?
A notification email will be sent at the end of the statement period that will tell you if you met the requirements, what amount of interest and ATM fee refunds will be credited to your account, and what you need to do to meet the requirements if they were not met that statement cycle. Back to top
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What if my new Debit card doesn’t arrive until late in the statement cycle and I don’t have time to earn my rewards…will I still get them?
As a thank you for choosing Rewards Checking, you will receive your Rewards for the first statement period whether or not you meet the requirements for that statement period. Back to top |
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Is there a fee to use my debit card?
There is NO fee to use your debit card to make purchases. Some banks may charge a surcharge fee if you withdraw money from their ATM machine, but if you meet the requirements, you will receive a refund for those fees up to $20 per statement cycle. Back to top |
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Do I receive images or checks back with my Rewards Checking account?You will receive check images back with your statement, you just access it online, rather than receiving it in the mail. Back to top
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Can I have a Rewards Checking account if I don’t own a computer?Absolutely! You only need to have a valid email address in order for us to send your statement notifications, but you can pull the statement from wherever you have internet access. Back to top
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Is there a minimum balance requirement in order to receive my rewards? There is NO minimum balance required for this account, and there is NO minimum balance needed to open the account. Back to top
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Can this be used as a business or DBA account?
No, Rewards Checking is for personal accounts only. Back to top |
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Is there a limit on the number or kind of transactions you can do on a Rewards Checking account?
There is no limit on the transactions you can do on your Rewards Checking account. Back to top
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Will I be able to use my existing Debit card, checks, and account number with my Rewards Checking account?
Yes, your account number, debit card, and checks will not change when you switch to Rewards Checking. Back to top |
