Rewards Checking FAQ

If you have questions or would like to know how to enroll in Rewards Checking, email us at rewardschecking@enyfcu.org

Rewards and Requirements

• Is there a Service Charge for a Rewards Checking account?
• There is never a service charge for a Rewards Checking account. It is always a free account.

• What are the “Rewards” for Rewards Checking?
• 3.815% APY interest for balances up to $25,000 and 1.01% APY on the remaining balance over $25,000
• Nationwide ATM fee refunds Up to $15.00

• What must be done to qualify for the rewards?
• E-Statements (Via Internet Banking)
• Access online banking
• 1 Direct Deposit or ACH Auto Debit
• 12 Debit Card Purchases. PIN-based transactions do not qualify for rewards. You must press “credit” and/or sign for the transaction to qualify. By using the “Pen” vs. the “PIN,” you also earn Dream Rewards find out more here.

• How often must the requirements be met to qualify for the rewards?
• Each statement cycle

• What happens if the requirements for Rewards Checking are not met?
• You will receive .25% APY interest and your ATM Fees will not be refunded.

• Can the interest on my Rewards Checking account change?
• Yes - this is a variable rate and can change at any time. This is true for all of our checking accounts.

• Is this just a “teaser” rate?
• No - All Members with this account receive the same interest reward.

• How is the interest calculated?
• The rate is calculated on your average daily balance and paid monthly.

• If I meet the qualifications, when will I receive my rewards?
• On the last day of each statement cycle.

• If I use another bank’s ATM and pay a fee, when will I get my refund?
• If all requirements are met, the ATM fees will be refunded at the end of the statement cycle in which the ATM fees were charged.

• Do I have to do anything in order to get my ATM refund?
• No.  If all requirements are met, earned refunds will automatically be placed into your checking account.

• How will I know that I have qualified for my rewards at the end of the statement cycle?
• An e-mail will be sent letting you know if you qualified for the rewards. An e-mail will also be sent letting you know if you did not qualify for the rewards and why.

• Will Rewards Checking Members receive a 1099 at the end of the year reflecting interest earned over the year?
• If the total Interest earned on the account is $12 or greater, a 1099 will be sent.

• Are fees refunded on ATMs used internationally?
• If the Bank is a United States based Bank then yes

• 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.

• If I fail to meet the requirements during this statement cycle, can I still have a chance to qualify during the next statement cycle?
• Yes, all requirements start over at the beginning of each statement cycle.

• 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?
• New Rewards checking accounts will automatically get rewards for the 1st statement cycle. This will give you time to get your Debit Card and start using it for the next statement cycle.

• If I miss my requirements by only one Debit Card transaction, can I call in and get my interest and ATM refunds anyway?
• No, all requirements must be met in order to receive the rewards.

• Does an online bill-pay count toward an ACH debit or credit?
• Yes, a bill paid via our online system counts as an ACH debit.

Statement Cycle

• What is the statement cycle for Rewards Checking?
• It is a 28-day cycle in a given month.

• Will all Rewards Checking Members be on the same statement cycle?
• Yes.

• If an existing Member is moved to a Rewards Checking account, will his/her statement cycle change?
• No.

Debit Card Transactions

• If I use my Debit Card at an ATM, will that transaction count toward my requirements?
• No, the required Debit Card transactions must be a purchase to count toward the requirements.

• May I “carry forward” Debit Card transactions in excess of the required number to the next statement cycle?
• No, at the start of each cycle, all the requirements for the rewards start over.

• Will the transactions from this statement cycle on my old account count toward the required transactions for this statement cycle on my Rewards Checking account?
• No, the requirements must be done on the Rewards Checking account.

E-Statements

• Must I open my E-statement in order to qualify for the rewards?
• No

• Do I receive check images with my Rewards Checking account?
• Yes

• What if I need a printed copy of my statement and/or check image?
• Statements and images can be printed from any computer.

• How long will my statements be available on-line?
• Two years

Account Limits

• Is there a limit to the amount of money I can keep in my Rewards Checking account?
• No, you can keep as much as you want in the account.

• Is there a minimum balance requirement in order to receive my rewards?
• There is no minimum balance requirement in order to receive rewards.

• What is the minimum opening deposit for a Rewards Checking account?
• $100

Opening/Converting Accounts

• Is overdraft protection available for Rewards Checking accounts?
• Yes

• Will I be able to use my existing Debit Card, checks, and account number with my Rewards Checking account or will those all change?
• Yes, you can use your existing debit card, checks and account number.

• How do I convert my current checking account to a Rewards Checking account?
• All you need to do is see one of our well trained New Account Representatives.

• Can I open a Rewards Checking account over the phone?
• New Member -- No, Existing Member -- Yes

• Can I open a Rewards Checking account over the internet?
• No

• Can I open multiple Rewards Checking accounts for the same address?
• You can open multiple Rewards Checking accounts, but each checking account must meet all the requirements in order to get the rewards.

• Can multiple people use the same Rewards Checking account?
• Anyone who is listed on the account may use the Rewards Checking account

• Can a DBA use this account?
• No

• 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 number or kind of transactions you can do.

• Will I receive free checks with my new Rewards Checking account?
  • No

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