What are the rewards of Rewards Checking?
• 2.25% APY* (Annual Percentage Yield) on balances up to $15,000.
• 0.50% APY* on balances over 15,000.
• 0.05% APY* on non-qualifying balances (if you do not to meet all the qualifications).
• ATM fees nationwide are automatically refunded at the end of your statement cycle.
What are the qualifying statement cycle qualifications to receive the rewards on this account?
• Post and clear 15 MasterCard debit card purchases per qualifying statement cycle (excludes ATM transactions).
• Set up one Direct Deposit.
• Enroll and receive your statements electronically. Save them to your computer. See them whenever you like.
How often must the qualifications be met to qualify for Rewards Checking rewards?
Each qualifying statement cycle.
What happens if I do not meet the qualifications for Rewards Checking rewards?
Your checking is still free and you can start over for next qualifying statement cycle to earn the rewards. Dividends will be paid at the base rate of 0.05% APY* on your balance.
Are there any monthly service fees?
No. There are no monthly service fees on Sooper Credit Union's Rewards Checking accounts.
How does the tiered dividend rate for Rewards Checking work?
If you meet the qualifications, you will receive 2.25%* APY on balances up to 15,000 and 0.50% APY* on balances over 15,000. If you do not qualify, you will earn the base rate of 0.05% APY* on your entire balance.
Can the APY change on my Rewards Checking account?
Yes, all rates on Rewards Checking may change at Sooper Credit Union's discretion.
Is this just a "teaser" rate?
No, this is a high Annual Percentage Yield account. However, Rewards Checking rates may fluctuate from time to time at Sooper Credit Union's discretion.
How is the dividend calculated?
Daily Balance Method. This method applies a daily periodic rate to the principal in the account each day.
If I meet the qualifications, when will I receive my rewards?
Dividends are paid monthly and posted on the last day of the statement cycle.
If I use another financial institution's ATM and pay a fee, when will I get my refunds?
If the qualifications are met, ATM fees nationwide will be refunded on the last day of the qualifying statement cycle.
Do I have to do anything in order to get my ATM fee refunds?
No, other than meeting the qualifications. ATM refunds are automatically paid on the last day of your qualifying statement cycle.
How will I know that I have qualified for my rewards at the end of the qualifying statement cycle?
You can log into online banking to review your account activity and confirm that you have met the minimum account qualifications at anytime. You will also receive an email stating whether or not you met the qualifications each qualifying statement cycle.
Will Rewards Checking members receive a 1099 at the end of the year reflecting dividends earned?
Are fees refunded on ATMs used internationally?
No, nationwide only.
If my account balance goes negative, will I still be able to qualify for my rewards during that qualifying statement cycle?
Yes, as long as the qualifications are met.
If I fail to meet the qualifications during this qualifying statement cycle, can I still have a chance to qualify during the next qualifying statement cycle?
Yes, of course!
What if my new MasterCard Debit Card doesn't arrive until late in the qualifying statement cycle and I don't have time to earn my first month's rewards?
Sooper Credit Union will waive the first qualifying statement cycle qualifications. You will receive your rewards for the first cycle that you have the account, even if you don't meet the qualifications.
If I miss my qualifications by only one debit transaction, can I call in and get my dividends and ATM refunds anyway?
No. However, there are no service charges and you will still earn 0.05% APY*.
What is the qualifying statement cycle for Rewards Checking?
The qualifying statement cycle begins on the last business day of each month.
What is the qualification cycle?
A period beginning one business day prior to the current statement cycle through one business day prior to the close of the current statement cycle.
Will all Rewards Checking members be on the same qualifying statement cycle?
If an existing member is moved to a Rewards Checking account, will his/her statement cycle change?
If I use my MasterCard Debit Card at an ATM, will that transaction count towards my qualifications?
No. Only POS (point-of-sale) signature based transactions count and they must be posted to the account.
What is a "settled transaction"?
A settled transaction is one that has posted to your account. When you use your MasterCard Debit Card, the merchant places a memo hold on your account in the amount of your purchase. It can take up to three business days before the transaction posts or clears.
26. May I "carry forward" MasterCard Debit Card purchases in excess of the required number to the next qualifying statement cycle?
No, you must meet all three qualifications each qualifying statement cycle.
Will the purchases from this qualifying statement cycle on my old account count towards the required purchases for this qualifying statement cycle on my Rewards Checking account?
No. Because Sooper Credit Union waives the first qualifying statement cycle qualifications, this will not apply.
Must I access my electronic statement online in order to qualify for the rewards?
No, you must accept electronic delivery with a valid e-mail address. You don't have to look at it, but we strongly recommend that you review your statement to properly reconcile it to your check register.
Do I receive images or checks back with my Rewards Checking account?
Yes, you will receive check images with your electronic statement.
Can I have a Rewards Checking account if I don't own a computer?
Yes, of course! You don't have to own a computer, but you must provide a valid e-mail address for notification of availability of each electronic statement.
What if I need a printed copy of my statement and/or check image?
You can print a check or statement from your computer. Additionally, Sooper Credit Union keeps records of all statements and checks as required by state and federal laws.
What if I change my e-mail address?
You must notify Sooper Credit Union when your e-mail address changes so that we can deliver your notification of your statement availability. Most likely, failure to notify the credit union will result in not meeting the monthly qualifications.
What if I don't want my statement delivered electronically?
Electronic statement delivery is a qualification for all Rewards Checking accounts. Delivery of paper statements is not an option.
Is there a limit on the amount of money I can keep in my Rewards Checking account?
There is no limit to the amount you put into your account. Feel free to consolidate savings, CDs, and accounts at other institutions into this account.
Is there a minimum balance requirement in order to receive my rewards?
Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
Yes, ATM fees will be refunded up to $25 per qualifying statement cycle when qualifications are met, and a maximum of $4.99 per transaction fee will be refunded.
Is overdraft protection available for Rewards Checking accounts?
Will I be able to use my existing MasterCard Debit Card and checking account number with my Rewards Checking account?
Yes, if your account is already a Sooper Credit Union account, everything will remain the same.
Can I open a Rewards Checking account over the phone?
We prefer for you to come in to a branch or apply online.
Can I open multiple Rewards Checking accounts?
No, only one account per member.
Can a DBA use this account?
Can this be used as a business account?
If I am converting an account that accrues dividends to a Rewards Checking account, do I need to wait until the dividend posts on the first account before closing?
If you convert an existing dividend-bearing account to Rewards Checking, you will be paid the dividends earned up until the date you convert your account to Rewards Checking. Once you convert your account, you will be eligible for the new dividend rates.
Can I apply online?
Yes. Please click here to open your Rewards Checking account online.
*APY = Annual Percentage Yield. Rates are current as of December 1, 2013. Sooper Credit Union may offer other rates in the future.
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