Reward Checking
| Type | Dividend Rate | APY* |
|---|---|---|
| Reward Checking: Non-Preferential Rate** | 0.10% | 0.10% |
| Reward Checking: Preferential Rate*** | 2.10% | 2.12% |
*APY Annual Percentage Yield
**The non-preferential dividend rate will apply to your Reward Checking Account balance if you do not meet the qualification requirements during the qualifying period. Additionally, this rate will apply to any portion of your balance exceeding $6,000, regardless of meeting the qualification requirements.
***The preferential dividend rate applies when you maintain an average daily balance of $6,000 or more during the qualifying period. This rate will apply only to the portion of the balance up to $6,000. Any amount above $6,000 will earn the non-preferential rate. If you meet the qualification requirements but your average daily balance is less than $6,000 during the qualifying period, you will receive a refund of up to 1.5% on your Debit Card PIN-based and Signature-based purchases. This refund will apply to the first $600 of purchases, with a maximum refund of $9 per qualifying period. Rewards will be deposited into a non-dividend bearing account called the "Reward Deposit Account.
Qualification Requirements: To qualify for rewards during the monthly qualification period, you must meet the following criteria:
1. Debit Card Purchases: Complete at least fifteen (15) Point-of-Sale (POS) debit card purchases that post and clear to your account during the qualification period. Note: Automatic recurring payments made with your debit card do not count toward this requirement. Some Point-of-Sale (POS) debit card transactions, particularly those made toward the end of the month, may not post to your account on the same day the transaction occurred. Transactions will be considered based on the date they post and clear to your account. For qualifying purposes, only posted transactions during the qualification period will be counted.
2. E-Statements: You must be enrolled in and actively receiving e-statements.
3. Direct Deposit: Have at least one (1) direct deposit made via ACH that posts and clears to your account during the qualification period.
Qualification Period: The qualification period begins on the first day of each month and ends on the last day of each month.
Average Daily Balance: Dividends are calculated using the average daily balance method. This method applies a periodic rate to the average balance in your account for the given period. The average daily balance is calculated by adding the balance in your account at the end of each day during the period and dividing that total by the number of days in the period.