Effective March 1, 2012, the credit union is offering 1.75% APR on credit union checking account balances. Whats the catch?
To qualify for the special 1.75% rate you must:
- Have a monthly Direct Deposit to your credit union savings or checking account.
- Sign up for monthly electronic statements (e-statements).
- Use your credit union ATM/Debit or VISA Credit Card 12 times each month. Transactions at the ATM do not count. The 12 monthly transactions count when they post to your account.
Dividends will be paid monthly on balances to $25,000.
- Dividends are subject to change without notice.
- Dividends are not guaranteed.
Rewards and Requirements
1. What are the benefits of Bonus Checking? 1.75% APR (annual percentage rate as of March 1, 2012) on balances up to $25,000
2. What are the requirements that must be met to qualify for the benefits on this account? Each month make 12 VISA debit card or credit card transactions (must be posted, not pending excludes ATM transactions), make one Direct Deposit, and enroll and receive your statements electronically.
3. How often must the requirements be met to qualify for Bonus Checking? In order to receive the 1.75% APR (annual percentage rate as of March 1, 2012) the same requirements must be met monthly.
4. What happens if I do not meet the requirements for Bonus Checking benefits? Your checking is still free and you may begin to qualify during the next month to earn benefits.
5. Are there any monthly service fees? No, there are no monthly service fees on the Bonus Checking account.
6. How do the dividends for Bonus Checking work?
If you meet the requirements, you will receive the 1.75% APR (annual percentage rate as of March 1, 2012) on daily average balances up to $25,000. If you do not qualify, you will not earn any dividend.
7. Can the dividend rate change on my Bonus Checking account? Yes, all rates on the Bonus Checking may change, without notice, at the credit union's discretion.
8. Is this just a teaser rate?
No, this is a high Annual Percentage Rate account. However, rates may fluctuate from time to time at the credit unions discretion.
9. How is the dividend calculated? Daily Balance Method applies a daily periodic rate to the principal in the account.
10. If I meet the requirements, when will I receive my benefits?
Dividends are paid monthly and posted on the last day of the month.
11. How will I know that I have qualified for my benefits at the end of the month? You may access online banking to review your account activity and confirm that you have met the minimum account requirements at anytime.
12. Will Bonus Checking members receive a 1099-I at the end of the year reflecting dividends earned?
Yes, in January we will mail your 1099-I
13. Do I have to change my existing checking account to obtain the Bonus Checking account? No, as long as you qualify your existing checking account will be paid the Bonus Checking dividend.
14. If I use my VISA debit card at an ATM, will that transaction count towards my requirements? No, to qualify only POS (point-of-sale) and signature based transactions count.They must be posted to the account.
15. Does a VISA debit card reversal count against my requirements? Yes, you need 12 posted VISA debit or credit card transactions settled through your account.
16. What is a settled transaction?
A settled transaction is one that has posted to your account. When you use your VISA debit or credit card, the merchant may place a hold on your account in the amount of the transaction. It can take several days before the transaction posts to your account.
17. May I carry forward VISA debit and credit card transactions in excess of the required number to the next month? No, each month must meet its own requirements.
18. Must I access my e-statement online in order to qualify for the benefits?
No, but you must accept e-statement delivery with a valid e-mail address. We recommend you regularly review your e-statement activity to reduce your exposure to identity theft and fraud.
19. Do I receive images or checks back with my Bonus Checking account?
No, however online you may view and print check images from e-statement.
20. What if I need a printed copy of my statement and or check image?
You may print a check or statement copy from your computer.
21. What if I change my e-mail address?
You must notify the credit union when you change your e-mail address so we may notify you of your statement availability. Bonus Checking dividends require a current e-mail address.
22. What if I don't want my statement delivered electronically?
Electronic statement delivery is a requirement for all Bonus Checking accounts. Delivery of paper statements is not an option with Bonus Checking.
23. Is there a limit on the amount of money I can keep in my Bonus Checking account?
No, the Bonus Dividend will be paid on the balance in the account up to a maximum of $25,000. Consolidate other bank accounts into this Bonus Dividend checking account.
24. Is there a minimum balance requirement in order to receive my benefits?
No, there is no minimum balance requirement.
25. Is overdraft protection available for Bonus Checking accounts? Yes, overdraft protection is available.
26. Will I be able to use my existing VISA debit, credit card, and checking account number with my Bonus Checking account?
Yes, your existing VISA debit, credit card, and checking account will remain the same.
27. How do I convert my current checking account to a Bonus Checking account? Meet the requirements and you will be converted!
28. Can I open a Bonus Checking account over the phone? You may open the checking account over the phone; we would prefer to see you in person.
29. May I open multiple Bonus Checking accounts?
No, there is a limit of one Bonus Checking account per member.
30. Does my business checking account qualify for Bonus Checking? No, business checking accounts do not qualify.
31. If I am converting a dividend-bearing account to a Bonus Checking account, do I need to wait until the dividends post on the first account before opening the Bonus Checking account?
No, if you convert an existing dividend-bearing account to Bonus Checking, You will be paid the dividends earned up until the date you qualify for the Bonus Checking dividend. Once you convert and qualify you will be eligible for the Bonus Checking interest rate.
