My Rewards 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.

In Interra Online Banking you can view the number of qualified debit card transactions under your My Rewards Checking account. 

Don’t worry. Your checking account is still free and you can start over to earn the rewards during the next qualification cycle. Dividends will be paid at a base rate of .10% APY on your balance.

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 My Rewards 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.

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 My Rewards Checking account will be refunded. International ATM fees will not be refunded.

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 My Rewards Checking qualifications were met.

Transactions process one of two ways with your debit card. One is PIN-based, usually when you enter your 4-digit PIN. However, merchants can choose how they process transactions if the amount is less than $50.00, meaning they can treat it as a PIN-based transaction, even when you aren’t required to enter your PIN. This practice varies by the merchant, at his/her discretion.

Most other transactions are considered “signature-based,” whether you actually sign or not. Frequently, for example, a debit card transaction at a service station is a “signature-based” transaction, but you don’t actually sign the receipt. Be sure to choose the signature-based method so that your debit card purchases count toward the minimum of 10 that you need to post and clear per qualification cycle.

To keep track of the signature-based transactions you make, just go to Interra Online Banking. Those transactions show as SIGNATURE BASED, and the others show as POS WITHDRAWAL. That can help ensure you receive the rewards of My Rewards Checking.

A signature-based debit card transaction processes through the MasterCard system, even though the funds are withdrawn from your checking account. If you want a signature-based transaction, always choose “credit.”

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 three 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 My Rewards 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.

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.

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.

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

You will receive a “Welcome” e-mail from Interra Credit Union (msg@interracu.com). The subject line will be: My Rewards 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 for the rewards. If you do not qualify one month, don’t worry. You will be starting a new cycle and a new opportunity to earn rewards.

Yes, if applicable.

Yes, if the account qualifies.

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

No, only personal accounts qualify.

No, only personal accounts qualify.

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

In Interra Online Banking you can view the number of qualified debit card transactions under your My Rewards Checking account

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My Rewards Checking

My Rewards Checking

Get more from your checking account!

  • Free checking account
  • A great rate of 2.00% APY1 on balances up to $10,000
  • Balances above $10,000 will receive 0.30% APY1
  • Up to $25 ATM fee reimbursements nationwide per qualification cycle2
  • Free debit card with Interra Rewards
  • No minimum balance
  • No monthly service charge
  • Automatically qualify the month you sign up.

To qualify each month3

  1. Have at least 10 signature based transactions post and clear your account.
  2. Have a least one direct deposit or ACH debit post and clear your account.
  3. Enroll in and receive e-Statements.

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1Annual Percentage Yield. APY effective February 1, 2012, and is subject to change without notice. Rate tiers are as follows: 2.00% APY applies to balances of $0.01-$10,000.00 and 0.30% applies to balances over $10,000.00 if qualifications are met each qualification cycle, 0.050% APY applies to all balances if qualifications are not met. Rates may change after the account is opened. Fees may reduce earnings.

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 My Rewards 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 My Rewards Checking qualifications were met.

3Minimum balance to open the account is $25.00. No minimum balance required to maintain the account. Qualifying purchases or other transactions must post and clear the account during the qualification cycle. Purchases/Transactions may take one or more business days from the transaction date to post to an account from the date the purchase/transaction is made. Intra-bank transfers do not count as qualifying transactions. PIN based purchases do not count toward qualifying debit card purchases.

Read the complete My Rewards Checking Truth-in-Savings Disclosure.

Each account insured up to $250,000 by American Share Insurance. By members' choice, this institution is not federally insured. Learn more about ASI >>