Rewards Checking

Rewards Checking
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Summary

This account is our way of rewarding members for having their primary checking account with us, and for using the electronic services that save the cooperative money. We start with a free checking account, give it a tremendous yield, and then we add free ATM transactions nationwide (including reimbursements for ATM fees that other banks charge). It doesn't stop there. Look below to see why UICCU Rewards Checking is the best account you'll find.


Here are the features:



Rates as of April 1, 2014

Average Daily Balance.........................Rate

$0 - $19,999.99.......................................2.50 % APY

$20,000 and up.......................................0.15% APY

If qualifications aren't met.......................0.01% APY


*APY is Annual Percentage Yield as of April 1, 2014. Rate is subject to change after the account is opened. 2.50% APY paid on balances up to $20,000, and all fees generated by ATMs will be refunded (up to $20) provided the following qualifiers are met each monthly qualification cycle: 1) Twelve or more debit card purchases must post and clear the account (these exclude ATM or PIN-based transactions and must average at least $5); 2) An ACH/Direct Deposit or ACH withdrawal of at least $100 must post and clear the account (internal transfers excluded). 3) You must receive and review e-Statements. If qualifiers are not met, 0.01% APY will be paid on all balances and ATM surcharge fees will not be refunded for that cycle. Account holders that do not meet the qualifiers are charged $1 per PIN-based transaction at non-UICCU ATMs or terminals. Limit one account per individual. Personal accounts only. Primary account holder must be at least 18 years of age. $50 initial deposit required. e-Statements required on this account (no paper statements). Fees could reduce earnings. Accounts that do not qualify for four consecutive months are automatically converted to the UICCU's Free Checking product.


Qualifications

To earn your Rewards, all you have to do each month is:


  • Have an ACH direct deposit or ACH withdrawal of at least $100
  • Receive statements electronically
  • Use your UICCU Debit Card at least 12 times (Average transaction amount for the month must be greater than $5. The 12 qualifying debit card transactions must post and clear per qualification cycle and excludes PIN based transactions.)

Q & A

Rewards and Qualifications

What are the rewards of Rewards Checking?


  • 2.50% APY (Annual Percentage Yield) on balances up to $20,000
  • 0.15% APY on balances over $20,000
  • ATM fees nationwide are automatically refunded at the end of your statement cycle (up to $20 each month)

What are the monthly qualifications to receive the rewards on this account?


  • Make 12 signature-based UICCU debit card purchases per monthly statement cycle (purchases must be posted, not pending -- excludes PIN-based transactions). These 12 or more transactions must average at least $5.00 and must post to the account before month-end.
  • Have an ACH direct deposit or ACH withdrawal of at least $100

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


Your checking is still free and you can start over next month to earn the rewards. Interest will be paid at the base rate of 0.01% APY on your balance. Accounts that do not qualify for four consecutive months will be automatically converted to a Free Checking account.


Are there any monthly service fees?


No.


Can the APY change on my Rewards Checking account?


Yes, all rates on Rewards Checking may change at University of Iowa Community Credit Union's discretion.


How is the interest calculated?


The average daily balance for the month.


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


Interest and ATM fee refunds are posted on the first of the month.


How will I know that I have qualified for my rewards at the end of the month?


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


Which ATM fees are refunded?


The $1 usage fee that is charged for using your PIN at a non-UICCU owned machine or terminal as well as the surcharge fees that are charged by other institutions for using their ATMs. This refund is capped at $20 per month.



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


Yes.


Statement Cycle


What is the monthly statement cycle for Rewards Checking?


The statement cycle begins the first day of the month and ends the last day of the month.

Debit Card Transactions


What is a "settled transaction"?


A settled transaction is one that has posted to your account. When you use your 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.


Electronic Statements (required)


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


You can print a check or statement from your computer. Additionally, University of Iowa Community Credit Union keeps records of all statements and checks as required by state and federal laws.


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. Most likely, failure to notify the credit union will result in not meeting the monthly qualifications.


Account Limits


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


No.


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


Up to $20.00 per month.


Opening/Converting Accounts


Will I be able to use my existing debit card and checking account number with my Rewards Checking account?


Yes, if your account is already a University of Iowa Community Credit Union account, everything will remain the same.


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


To convert an account, the quickest way is to call us at 339-1000 or 800-397-3790. Otherwise, you can stop by any office location.


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


We prefer for you to come in to a branch or apply online for a new account. (Conversions can be done over the phone.)


Can I open multiple Rewards Checking accounts?


No. There is a limit of one account per person. The primary account holder must be 18.


Can a business open an account?


No. This is for individuals only.