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Frequently Asked Questions about FREE Reward Checking
How are the tiered interest rates calculated?
If the three requirements are met, the first $25,000 earns the bonus interest rate, while all balances over that amount earn 1.01% APY. If the requirements are not met, the account functions as a free checking account with unlimited transactions, earning .25% APY. There is no minimum balance requirement. The bonus rate may change at the bank’s discretion.
How are the debit card transactions tracked?
The FREE Reward Checking account statement will cycle around the 20th of each month. It may cycle earlier due to weekends and holidays. The ten qualifying debit card transactions and one ACH must be posted by the night before the statement cutoff. Therefore, we recommend that the 10 required debit card transactions and ACH be originated by the 15th of each month. (ATM transactions do not count.)
How are ATM refunds obtained?
If all three requirements are met, all ATM transaction fees within the United States will be automatically refunded. Only NVB ATM fees will be refunded on transactions outside the United States.
Will failing to meet the requirements during one statement cycle prohibit qualifying for rewards in subsequent months?
No, each statement cycle represents a new qualification period. Excess transactions cannot be “carried forward”.
Is it necessary to own a computer in order to have a FREE Reward Checking account?
No, as long as you have a valid email account. Free email accounts are available through several websites. Public libraries have Internet access. Hotmail and Yahoo are two free email service companies.
Must the electronically generated statement be viewed online in order to qualify for rewards?
No, however, you must provide a valid email address for us to send a notification that your statement is available.
May an existing account number, check supply and ATM/Debit Card be used for a FREE Reward Checking account?
Yes, there is no requirement to change account numbers, however, your statement cycle may change.
May a customer have more than one FREE Reward Checking account?
Yes.
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