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Flex Checking FAQs

$25.00, but remember, there is no minimum balance required once your account is open.

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.

Don’t worry. With Flex Checking you can flex between qualifying tiers. You can start over during the next qualification cycle. The Base Rate is paid when the Flex Checking qualifications are not met. 

You're in luck! The rate applies to any balance up to $10,000.

You'll still earn .30% APY.

Yes, as long as you meet the qualifications.

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

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

We are required to disclose an Annual Percentage Yield (APY) which is based on an annual return. The APY is a calculation of the yield you should receive over an exact year. This is a tiered account and if you have account balances in different tiers with different dividend rates, the APY will be blended on your monthly statement.
Example: your account balance is $110,000; $10,000 earns an interest rate of 2.00% and the remaining $100,000 earns an interest rate of .30%.
$10,000 X 2.00% = 200.00 (annual interest earned)
$100,000 X .30% = 300.00 (annual interest earned) Total =500.00 ÷ 110,000 =.45% APY

Dividends are paid monthly and posted on the last day of each statement cycle.

If the qualifications are met, all ATM fees up to $25 nationwide will be refunded on the last day of each monthly statement cycle. The refunds include surcharge and foreign transaction fees. Only fees assessed for ATM withdrawals made from the Flex Checking account will be refunded. International ATM fees will not be refunded.

ATM surcharges in excess of $4.99 are not automatically refunded, but may be manually refunded by a credit union representative with the presentation of a receipt within 10 business days following the month that the Flex Checking qualifications were met.

No. Only debit purchase transactions count toward the qualified transactions.

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.

No, you must meet all requirements each qualification cycle.

Direct deposit is a process through which a payor (company/organization/agency) deposits funds directly into your account, rather than issuing a paper check. In order to do this, you must provide the payor with your 10-digit Flex Checking account number and the credit union's routing number 271291017.

Short for Automated Clearing House Network, it is an automatic payment you set up to be directly deducted from your account. It may be a regular insurance premium, utility payment or other type of payment. Because some Interra Bill Pay payments are processed via ACH, they would meet this qualification. However, processing methods are subject to change without notice. Relying on bill pay to meet your direct deposit/ACH requirement could result in forfeiture of rewards if the processing method of the payment changes.

You must accept electronic delivery with a valid e-mail address to which we can deliver. Otherwise, there is a $2 paper statement fee. We strongly recommend that you review your statement monthly to properly reconcile to your check register.

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.

You can print a copy of a check or statement via Interra Online Banking when you sign up for e-Statements.

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

There is a $2.00 paper statement fee assessed each month you do not receive eStatements.

You will receive a “Welcome” e-mail from Interra Credit Union (msg@interracu.com). The subject line will be: Flex Checking. Be sure to save this e-mail address on your approved e-mail address list. At the end of each qualification cycle, you will receive an e-mail from the above address and subject. It will include your account activity based on the requirements and let you know if you qualify or do not qualify. If you do not qualify one month, don’t worry. You will be starting a new cycle and a new opportunity to earn dividends.

Yes, if applicable.

Yes, if the account qualifies.

You may have up to two (2) Flex Checking accounts, but the qualifications must be met on each respective account.

No, only personal accounts qualify.

No, only personal accounts qualify.

You can view the number of qualified debit purchase transactions each cycle on the My Rewards Checking summary page in Interra Online Banking.

In Online Banking you can view the number of qualified debit card purchases under your Flex Checking account. 

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Flex Checking

Have fun with Flex Checking

Looking for a high yield checking account?
You found it.

Flex Checking1 offers you:

  • 5.00% APY1 when 50+ debit card purchases post and clear your account each qualification cycle.
  • 2.00% APY1 when 20-49 debit card purchases post and clear your account each qualification cycle.
  • High rate paid on balances up to $10,000.1
  • ATM fee refunds nationwide - up to $25 per qualification cycle.2
  • No minimum balance.
  • Automatically qualify the month you sign up.

It's easy to qualify each cycle:3

  • Post and clear the required debit card purchases each qualification cycle.
  • Have at least one direct deposit or an ACH auto debit post and clear your account.
  • Enroll in and receive e-Statements at a valid e-mail address, to which we can deliver. (There is a $2.00 paper statement fee.)

My Rewards Checking is now Flex Checking

Flex Checking replaced My Rewards Checking July 1, 2018. If you had My Rewards Checking your account was automatically enrolled in Flex Checking.

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1Annual percentage yield. APYs effective July 1, 2018, and subject to change without notice. Fees may reduce earnings on the account. $25.00 minimum opening balance. Rate tiers: Bonus Rate 1: 5.00% APY on balances of $0.01-$10,000.00 and 50+ debit card purchases per cycle; Bonus Rate 2: 2.00% APY on balances of $0.01-$10,000.00 and 20-49 debit card purchases per cycle; Second Tiered Rate: 0.30% APY on balances over $10,000.00 and at least 20 debit card purchases per cycle; Base Rate: 0.01% APY applies to all balances if qualifications are not met. The monthly statement will reflect a blended APY if you have balances in different tiers. 

2ATM fee refunds up to $25.00 provided only if qualifications are met within the qualification cycle. Fee refunds are only applied to withdrawals made from the Flex Checking account. ATM surcharges over $4.99 are not automatically refunded, but may be manually refunded by a credit union representative with the presentation of a receipt within 10 business days following the month that the Flex Checking qualifications were met.

3Dividends are variable based on tier and dependent on all qualifications being met.  For account information and disclosures, contact Interra or go to interracu.com.

Read the complete Flex Checking Truth-in-Savings Disclosure.

Equal Housing Lender ASI

Your savings insured to $250,000 per account.  By members' choice this institution is not federally insured.