Central Willamette Community Credit Union

REWARDS CHECKING BENEFITS:

Q.      How does the interest rate for Rewards Checking work?

You will earn 1.00% APY* (Annual Percentage Yield) on balances up to $15,000 every month that you meet the account requirements.  If the requirements are not met, you will earn 0.05% APY.  Interest is calculated daily and paid monthly.

Q.      Can the interest rate on my Rewards Checking Account change?

Yes.  The rate may change at any time based on financial and market conditions; but the 1.00% APY* is not designed to be a teaser rate.  The account is designed to offer a market leading rate when account requirements are met.

Q.      When will the interest be paid?

The interest will be paid on the last day of the month in which it was earned.

Q.      Will I have to do anything to get my ATM fee refunds?

No.  When you meet the account requirements for Rewards Checking, any ATM fees paid up to $20.00 that were charged to your Rewards account will automatically be refunded to your checking account on the last day of the month.  There is no need to submit receipts.  ATM fees will appear on your account at the time of the transaction.

Q.      How will I know if I have qualified for 1.00% APY* and ATM fee refunds?

You will receive an email letting you know whether or not you qualified and why.

Q.      Is there a maximum amount that I may deposit to the account?

No.  You may deposit as much as you like, but balances over $15,000 will earn .25% APY.

Q.      Is there a minimum balance requirement for Rewards Checking?

No.  There is no minimum balance requirement to earn high interest or receive $20 maximum ATM fee refunds that were charged to your Rewards account.

Q.      Is there a monthly service fee for Rewards Checking?

No, there is never a monthly service fee, however if you do not receive your monthly account statement electronically a $2.00 monthly fee will be charged. 

Q.      Can I open multiple Central Willamette Community Credit Union Rewards Checking accounts?

You can open multiple Central Willamette Community Credit Union Rewards Checking accounts.  However, each Rewards checking account must meet all the requirements in order to receive the Rewards.

Q.      Is overdraft protection available for Central Willamette Community Credit Union Rewards Checking?

Yes.

Q.      Will Central Willamette Community Credit Union Rewards Checking members receive a 1099 INT at the end of the year reflecting interest earned over the year?

If the total interest earned on the account is $10.00 or greater a 1099 INT will be sent.

Q.      Is this account insured?

Yes, your Rewards Checking account is federally insured by the National Credit Union Administration up to $250,000.

ACCOUNT REQUIREMENTS FOR REWARDS CHECKING:

Q.      What are the account requirements that I must meet each cycle to qualify for the 1.00% APY* and refunded $20 maximum ATM Fees?

Four simple requirements must be met each cycle:

1.         Have at least 10 Debit card transactions post and clear per qualification cycle that were charged to your Rewards account

2.         Have at least one direct deposit or ACH Debit post and clear per qualification cycle

3.         Receive your monthly account statement electronically.

4.         Access Online Banking at least one time per qualification cycle

Q.      During what time period must I meet the requirements?  What is the qualification cycle?

The qualification cycle end date is the second to last business day of the month.  The qualification cycle start date is the day following the previous cycle end date.

2013

 

Rewards Checking Requirements Cycle Dates

This schedule enables us to process information needed to determine whether the account requirements are met, so that when you qualify the interest and ATM refunds can be posted on the last day of the statement cycle.

Q.      Is the qualification cycle for the requirements different than the cycle for my account statements?

Yes.  Please refer to the previous Rewards Checking Requirements Cycle Dates schedule.

Q.      If my account balance goes negative, will I still be able to qualify for my Rewards during that statement cycle?

As long as the requirements are met you will receive your Rewards.

Q.      What happens if I do not meet the requirements to qualify?

You will receive 0.05% APY and your ATM fees will not be refunded.  You always have a chance to start over and meet the requirements next month.

Q.      What happens if I open my account late in the month and I don't have time to meet the requirements?

For the month you first open your Rewards Checking account, you will receive the high interest and $20 maximum ATM fee refunds that were charged to your Rewards account, whether or not you meet the requirements.  This will give you time to get your debit card and set up your ACH deposits or withdrawals.

Q.      Are fees refunded on ATMs used internationally?

No.  Refunded fees apply to nationwide ATM withdrawals.

DEBIT CARD TRANSACTION REQUIREMENT:

Q.      If I use my debit card at any ATM, will that transaction count towards my requirements?

No.  The 10 posted and cleared debit card transactions that were charged to your Rewards account must be accumulated by making purchases directly through merchants.

Q.      When I use my debit card more than 10 times in the cycle, may I carry the extra transactions over to the next month?

No. At the start of each requirement cycle (last business day before the last day of the month), your debit card transaction count will start over.

Q.      Does it matter whether I use my "PIN" or sign for the transaction?

Both types of transactions qualify; but there is an advantage to you when you sign for the transaction. Should you have a dispute with a merchant, the VISA dispute resolution process applies to signature-based transactions.  When you use your PIN, the VISA dispute resolution process does not apply, and VISA cannot assist you in dealing with that particular merchant.  When you are at a point-of-sale terminal, simply press "credit" instead of "debit" and it will process through VISA and you will be asked to sign for the transaction.

Q.      What if I make a debit card transaction and it posts to my Rewards Checking account after the requirement cycle closes?  Will it count toward meeting the requirements?

No.  The posting date is the only date our system can recognize when counting a debit card transaction.  If a transaction does not post until after the requirement cycle ends, it will count towards the following month's debit card transaction requirements.  In order for a debit card transaction to post within the same day it must be a point of sale (PIN based) transaction and it must be completed before the close of our business.

ONLINE BANKING REQUIREMENT:

Q.      Do I need to make transactions within Online Banking to meet this requirement?

No.  You just need to login at least once per qualification cycle to view your account information.

ELECTRONIC (eStatement) REQUIREMENT:

Q:      What if I do not want to have eStatments?

You will be charged a $2.00 monthly statement fee.

Q.      Do I need to have an email address to enroll in eStatements:

Yes.  You will provide your email address when you sign up for eStatements.  This email address will be used to notify you when your eStatement is ready to be viewed within Online Banking. 

Q.      Do I need to access my statement online in order to meet the eStatement requirement?

No, you do not need to access your eStatement to qualify for Rewards Checking, but you must maintain an active enrollment in the service.  Remember, however, it is your responsibility to review your statement and report any errors within 30 days.  If you fail to do so, you may lose important rights regarding error resolution.

Q.      What do I do if my email address changes?

If your email address changes, it's important to update your Online Banking "User Options" with the new address.  If we do not have a valid email address for you, and we are unable to email you the eStatement notification, your status will change back to paper statements and you will not meet the requirements for Rewards Checking.

MEMBERS SWITCHING FROM AN EXISTING CHECKING ACCOUNT TO REWARDS CHECKING:

Q.      I already have a Central Willamette Community Credit Union checking account.  Do I need to complete any paperwork to open Rewards Checking?

No.  Just give us a call at 800-950-4536 and we'll take care of everything.

Q.      Will the transactions on my old checking account count towards meeting the requirements for Rewards Checking?

No.  You must meet the requirements with your Rewards Checking account.  The first month your account is opened you will earn the high interest and ATM fee refunds whether or not you meet the requirements.

Q.      Will I be able to use my existing debit card and checks with my Rewards Checking Account?

Yes, if your account number doesn't change, you will be able to use your existing debit card and checks on your new account.

Q.      Once I have converted to Rewards Checking, will I need to update my recurring bill payment and transfers within Online Banking?

No.  You will retain all of your existing Online Banking information for bill payments and transfers.  Your checking account history will be continuous, but the account name will change to Rewards Checking.

*APY=Annual Percentage Yield.  1.00% APY applies to the first $15,000 in account.  Balances over $15,000 earn .25% APY.  $25 minimum deposit to open account.  If the account requirements are not met, the rate will be 0.05% APY and ATM fees will not be refunded.  All APYs listed are effective as of 11/01/12 and subject to change.

This Credit Union is Federally Insured by the National Credit Union Administration.