• Checking Plus: A free variable rate checking account with no minimum balance that rewards accountholders with dividends and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycle.
• Checking Saver is a free, variable rate, deposit account with no minimum balance that rewards accountholders with dividends when they meet the minimum qualifications associated with their linked Checking Plus checking account during each Monthly Qualification Cycle.
Rates, rewards, and bonuses, if any, are variable and may change after account is opened without notice to you. No minimum balance is required to earn or receive the account’s rewards. Rewards less than a penny cannot be distributed. Fees may reduce earnings.
This account is intended to be the accountholder’s primary share draft account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.
Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards.
Keesler Federal Credit Union reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different share draft account or closed altogether.
We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be accepted and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Keesler Federal Credit Union check for the remaining balance, if applicable, will be mailed to accountholder at the address indicated on our current records. Upon termination of your Checking Plus with Checking Saver account, any optional add-on products / services associated with this account will also be terminated at the same time.
If, for whatever reason the Checking Saver portion of your account is closed, your account will automatically be converted to a standalone Checking Plus account and only the Checking Plus terms and conditions articulated within this disclosure will apply.
The Dividend Rate (Rate) and Annual Percentage Yield (APY) on your account are set forth below and are accurate and offered as of the effective date. The APY measures the total amount of dividends to be paid on your account based on the rate and the frequency of compounding for an annual period. The rates and corresponding APY on those checking or savings accounts as categorized above are variable and may change at any time at the discretion of the Board of Directors.
• Compounding & Crediting:
Dividends will be compounded on a daily basis. Dividends will be credited to your Checking Plus with Checking Saver account on the first day following the current statement cycle. Dividends begin to accrue on the day you deposit noncash/cash items.
• “Statement Cycle” means the period of time for which Keesler Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account. Please contact one of our branches or member contact center at 1-888-Keesler (533-7537) for specific Statement Cycle dates.
• Dividend Rate & Annual Percentage Yield:
When your Checking Plus account qualifications are met during a Monthly Qualification Cycle:
Checking Plus: daily balances up to and including $25,000.00 in your Checking Plus account earn a dividend rate of 2.96% resulting in a non-compounding APY* of 3.00%; and daily balances over $25,000.00 earn a dividend rate of 0.40% on the portion of the daily balance over $25,000.00, resulting in a non-compounding range from 3.00% to 0.92% APY depending on the account’s daily balance.
Checking Saver: daily balances up to and including $150,000.00 in your Checking Saver account earn an APY of 1.00% and daily balances over $150,000.00 earn a dividend rate of 0.40% on the portion of the daily balance over $150,000.00, resulting in a range from 1.00% to 0.76% APY depending on the account’s daily balance.
When your Checking Plus account qualifications are not met during a Monthly Qualification Cycle:
Checking Plus: ATM withdrawal fees are not refunded and the entire daily balance in the account earns an dividend rate of 0.049% resulting in a non-compounding annual percentage yield of 0.05%.
Checking Saver: the entire daily balance in the Checking Saver account earns an dividend rate of .049% resulting in an annual percentage yield of 0.05%.
* Interest in Checking Plus does not compound because it is automatically transferred to the Checking Saver account within one day. Note: Automatic transfer may cause an overdraft to your Checking Plus account, if the account’s balance is less than the transferred amount when transfer occurs.
To earn your rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Checking Plus account during each Monthly Qualification Cycle:
• At least 1 direct deposit, ACH credit, or ACH payment transaction
• At least 12 debit card purchases
• Enrolled in eStatements
Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards.
The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, credit card purchases, debit card purchases processed by merchants and received by our credit union as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our credit union. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.
“Monthly Qualification Cycle” means the current statement cycle.
Click here for specific Monthly Qualification Cycle dates.
“Statement Cycle” means the period of time for which our credit union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account.
When your Checking Plus account qualifications are met during a Monthly Qualification Cycle, daily balances up to and including $25,000.00 in your Checking Plus account earn a dividend rate of 2.96% resulting in a non-compounding APY of 3.00% and daily balances over $25,000.00 earn a dividend rate of 0.40% on the portion of the daily balance over $25,000.00, resulting in a non-compounding range from 3.00% to 0.92% APY depending on the account’s daily balance.
In addition, daily balances up to and including $150,0000.00 in your Checking Saver earn a dividend rate of 0.995% resulting in an APY of 1.00%; and daily balances over $150,000.00 earn a dividend rate of 0.40% on the portion of the daily balance over $150,000.00, resulting in a range from 1.00% to 0.76% APY depending on the Checking Saver account’s daily balance.
You will receive reimbursements up to an aggregate total of $25.00 for nationwide ATM withdrawal fees incurred within your Checking Plus account during that Monthly Qualification Cycle. We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM withdrawal fee. If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if we receive the transaction receipt within sixty (60) calendar days of the withdrawal transaction.
When your Checking Plus qualifications are not met, the dividend rate earned on the account’s entire daily balance will be 0.0499% resulting in a non-compounding annual percentage yield of 0.05% and ATM withdrawal fees are not refunded. In addition, the entire daily balance in the Checking Saver account earns a dividend rate of 0.0499% resulting in an annual percentage yield of 0.05%.
Dividends will be credited to your Checking Plus and Checking Saver account on the first day following the monthly qualification cycle.
Nationwide ATM withdrawal fee reimbursements will be credited to your account on the last day of the current statement cycle.
APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $25,000.00 + $100,000 in your Checking Plus account and an assumed statement cycle of thirty-one (31) days. Rates, rewards, and bonuses, if any, are variable and may change after account is opened without notice to you. No minimum balance is required to earn or receive the account’s rewards. Rewards less than a penny cannot be distributed. Fees may reduce earnings. You will automatically qualify for the account’s rewards during your account’s first statement cycle. If the account is closed before rewards are credited, you will forfeit the rewards.
Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. A $25.00 minimum deposit is required to open the account. Monthly eStatements is a condition of this account(s). See accompanying Fee Schedule for fees that may apply to this account. Limit of 1 account per member. There are no recurring monthly maintenance charges or fees to open or close this account. This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Checking Plus account is required to have a Checking Saver account. If, for whatever reason the Checking Saver portion of your account is closed, your account will automatically be converted to the associated standalone Checking account and that account’s terms and conditions articulated within their specific disclosure will apply. A linked Checking Saver account is required for automatic savings.
Account Limitations: If Checking Saver Is Established As A Savings Account: Transfers or withdrawals from a Checking Saver account to (a) another account of the same depositor at our institution or to (b) a third party or an account of the same depositor at another bank, if made by preauthorized transfer, automatic transfer, telephone, fax or internet banking service and (c) transfers or withdrawals to a third party or to an account of the depositor to another account at another bank made by check, draft, debit card are limited to an aggregate total of six (6) per calendar month. There is no limit to the number of transfers or withdrawals from your Checking Saver account to repay loans at our institution or are made in person, by mail, by messenger or at an ATM. These transactions are considered made on the date the transaction posts and settles to your account, not the date the withdrawal request was initiated.
Contact one of our credit union service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions.
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