Looking for a high yield checking account? You found it.
With Flex Checking you can earn up to 2.50% Annual Percentage Yield (APY) when qualifications are met. Flex Checking is a tiered rate account. What does that mean? It means that your checking account will flex with you depending on how you spend!
|Flex Checking||Regular Checking|
|Which account fits my needs and lifestyle?||Interra’s premier checking account offering higher rate and additional perks.||A simple, basic checking account.|
|Minimum to open||$25.00||$25.00|
|Earns dividends||Up to 2.50% APY per cycle, when qualifications are met||Yes|
|Monthly service fee||None, if you sign up for e-statements. Otherwise there is a $5.00 monthly paper statement fee.||None|
|Unlimited transactions||No charge||No charge|
|ATM fee refunds nationwide||Up to $25 per cycle, when qualifications are met.||None|
|FREE Bill Pay||Yes||Yes|
|Qualification Cycle||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.||None|
|How to qualify each qualification cycle||Have at least 20 debit card purchase transactions post and clear your account. Have at least one direct deposit or ACH auto debit post and clear your account. Enroll and receive e-Statements at a valid email address, to which we can deliver. ($5.00 paper statement fee.)||None|
|Communication||Every month you will receive an email that includes your account activity and will let you know your qualification status. Qualification status isn’t required to keep the account open.||Monthly Statement|
Flex Checking offers
- 2.50% APY1 when 50+ debit card purchases post and clear your account each qualification cycle.
- 1.00% 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
- Have the required debit card purchases post and clear your account each qualification cycle.3
- 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 $5.00 paper statement fee.)
What is the minimum opening balance for a Flex Checking Account?
$25.00, but remember, there is no minimum balance required once your account is open.
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.
What happens if I do not meet the qualifications for Flex Checking?
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.
What if the account balance is below $10,000?
You're in luck! The rate applies to any balance up to $10,000.
What if the account balance is above $10,000?
You'll still earn .30% APY.
If my account balance goes negative, will I still be able to qualify for dividends during that monthly statement cycle?
Yes, as long as you meet the qualifications.
Can the APY change on my Flex Checking account?
Yes, all rates on Flex Checking may change 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.
How is the Annual Percentage Yield (APY) calculated?
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
If I meet the qualifications, when will I receive my dividends?
Dividends are paid monthly and posted on the last day of each statement cycle.
How do the ATM refunds work?
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.
If I use my MasterCard® debit card at an ATM, will that transaction count towards my qualifications?
No. Only debit purchase transactions count toward the qualified transactions.
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 qualification cycle?
No, you must meet all of the requirements each qualification cycle.
How do I set up a direct deposit?
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.
What is an ACH auto debit?
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.
Must I access my e-Statement online in order to qualify for the dividend?
You must accept electronic delivery with a valid e-mail address to which we can deliver. Otherwise, there is a $5 paper statement fee. We strongly recommend that you review your statement monthly to properly reconcile to your check register.
Can I have a Flex 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 when you sign up for e-Statements.
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 the notifications of your statement availability.
What if I don’t want e-Statements?
There is a $5.00 paper statement fee assessed each month you do not receive eStatements.
Flex Checking Communications
You will receive a “Welcome” e-mail from Interra Credit Union (email@example.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.
Will Flex Checking members receive a 1099 at the end of the year reflecting dividends earned?
Yes, if applicable.
Is overdraft protection available for Flex Checking accounts?
Yes, if the account qualifies.
Can I open multiple Flex Checking accounts?
You may have up to two (2) Flex Checking accounts, but the qualifications 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.
Where can I view how many qualified debit card transactions I’ve made?
You can view the number of qualified debit purchase transactions each cycle on the Flex Checking summary page in Interra Online Banking.
Where can I view how many qualified debit card purchases I've made?
In Online Banking you can view the number of qualified debit card purchases under your Flex Checking account.
What Makes a Credit Union Different?
Interra Credit Union is a member-owned, not-for-profit financial cooperative (also called a co-op). This means that our members pool their savings, borrow, and obtain related financial services together. Members are therefore united by a common bond and democratically operate the credit union.
1Annual percentage yield. APY effective April 1, 2020, and subject to change without notice. Fees may reduce earnings on the account. $25.00 minimum opening balance. Rate tiers: Bonus Rate 1: 2.50% APY on balances of $0.01-$10,000.00 and 50+ debit card purchases per cycle; Bonus Rate 2: 1.00% 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.