Frequently Asked Questions about My Rewards Checking

     Reward and Qualifications
     Statement Cycle
     Debit Card Transactions
     e-Statements
     Account Limits
     Opening/Converting Accounts

Reward and Qualifications

What are the rewards of My Rewards Checking?

5.00% APY (Annual Percentage Yield) on balances up to $10,000.
ATM fees nationwide, up to $25.00, are automatically refunded on the last day of the month. *
1.50% APY on balances over $10,000.
.10% APY on non-qualifying balances (if you do not meet all the qualifications).

What are the monthly cycle qualifications to receive the reward on this account?

Make 10 signature-based debit card purchases per qualification cycle (purchases must be posted, not pending -- excludes ATM transactions).
Set up one Direct Deposit or one ACH auto debit.
Enroll in and receive your statements electronically. Save them to your computer and view them whenever you like.

How often must the qualifications be met to qualify for My Rewards Checking reward?

Each monthly qualification cycle.

What happens if I do not meet the qualifications for My Rewards Checking reward?

Don’t worry. Your checking is still free and you can start over to earn the rewards during the next qualification cycle. Dividends will be paid at the base rate of 0.10% APY on your balance.

Are there any monthly service fees?

No. There are no monthly service fees on Interra Credit Union’s My Rewards Checking accounts.

How does the tiered dividend rate for My Rewards Checking work?

If you meet the qualifications, you will receive 5.00% APY on balances up to $10,000 and 1.50% APY on balances over $10,000. If you do not qualify, you will earn the base rate of 0.10% APY on your entire balance.

Can the APY change on My Rewards Checking account?

Yes, all rates on My Rewards Checking may change at Interra Credit Union’s discretion.

Is this just a “teaser” rate?

No, this is a high Annual Percentage Yield account. However, My Rewards Checking rates may fluctuate from time to time at Interra Credit Union’s discretion.

How is the dividend calculated?

Daily Balance Method. This method applies a daily periodic rate to the balance in the account each day.

If I meet the qualifications, when will I receive my reward?

Dividends are paid monthly and posted on the last day of each 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, all ATM fees nationwide will be refunded on the last day of each monthly statement cycle.

Do I have to do anything in order to get my ATM fee refunds?

No, other than meeting the qualifications. ATM fee refunds are automatically paid on the last day of the month.

How will I know that I have qualified for my reward at the end of the monthly cycle?

You can log into Interra Online banking to review your account activity and confirm that you have met the minimum account qualifications at anytime.

You will receive an e-mail stating whether or not you met the qualifications each monthly qualification cycle.

Will My Rewards Checking members receive a 1099 at the end of the year reflecting dividends earned?

Yes, if applicable.

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 reward during that monthly statement cycle?

Yes, as long as you meet the qualifications.

If I fail to meet the qualifications during this monthly cycle, can I still have a chance to qualify during the next monthly statement cycle?

Yes, of course!

What if my new debit card doesn’t arrive until late in the monthly qualification cycle and I don’t have time to earn my first month’s reward?

Interra Credit Union waives the first monthly qualification cycle requirements. You will receive your reward for the first cycle that you have the account even if you don’t meet the qualification requirements. If you have an existing Interra debit card, you will not receive a new one.

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 0.10% APY.

Statement Cycle

When do I receive my monthly statement for My Rewards Checking?

Your e-Statement will be available on the first day of each month.

What is the qualification cycle?

The qualification cycle is a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. For example, a qualification cycle beginning September 30 would end October 30. The next qualification cycle would begin October 31 and end November 29. All other qualification cycles would follow this same pattern.

Debit Card Transactions

If I use my MasterCard debit card at an ATM, will that transaction count towards my qualifications?

No. Only signature-based transactions count and they must be posted to the account by the end of the qualification cycle.

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.

May I “carry forward” debit purchases in excess of the required number to the next monthly cycle?

No, you must meet all three requirements each monthly qualification cycle.

Will the purchases from my old account carry forward?

Since Interra Credit Union waives the first monthly requirements, this will not apply.

e-Statements

Must I access my e-Statement online in order to qualify for the reward?

No, you must accept electronic delivery with a valid e-mail address. We strongly recommend that you review your statement monthly to properly reconcile to your check register.

Can I have a My 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 e-Statement.

What if I need a printed copy of my statement and/or check image?

You can print a copy of a check or statement via Interra Online banking.

What if I change my e-mail address?

You must notify the credit union when your e-mail address changes so that we can deliver your notification of your statement availability.

What if I don’t want e-Statements?

e-Statement delivery is a requirement for My Rewards Checking accounts.

Account Limits

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, certificates, and accounts from other institutions into this account.

Is there a minimum balance requirement in order to receive my reward?

No.

What is the minimum opening balance for a My Rewards Checking account?

$25.00

Is there a limit on the amount of ATM refunds that I can receive during a qualification cycle?

Yes, ATM Fee Refunds will be refunded up to $25.00 per qualification cycle.

Opening/Converting Accounts

Is overdraft protection available for My Rewards Checking accounts?

Yes, if the account qualifies.

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 an Interra Credit Union checking account, everything will remain the same.

How do I convert my current checking account to a My Rewards Checking account?

Apply online or drop by any Interra office to speak with an Interra Credit Union representative about converting your account to My Rewards Checking.

Can I open a My Rewards Checking account over the phone?

Please visit an Interra office or apply online.

Can I open multiple My Rewards Checking accounts?

There is no reason to limit the number of accounts anyone opens, but the requirements must be met on each respective account.

Can a sole proprietor or DBA use this account?

No, only personal accounts qualify.

Can this be used as a business account?

No, only personal accounts qualify.

What happens if I apply online?

You will receive an online confirmation of your successful submittal, and a representative will contact you to assist in the final steps of activating your account.

* Please refer to the Terms & Conditions for ATM fees greater than $4.99 in a single transaction.

Checking & Savings