Bonus Checking Frequently Asked Questions

  1. What happens if I don't meet the requirements for Bonus Checking?
  2. Are my checks still free?
  3. If I use my check card at an ATM, will that transaction count toward my 10 required check card transactions?
  4. May I "carry forward" debit card transactions in excess of the 10 required check card transactions?
  5. Can I have a Bonus Checking account if I don't have a computer?
  6. What if I need a printed copy of my statement and/or check image?
  7. Can the interest rate change on my Bonus Checking account?
  8. If I qualify, when will I receive my benefits?
  9. If I use another bank's ATM and pay a fee, how will I get a refund?
  10. Is there a minimum balance requirement in order to receive these benefits?
  11. What happens to my fund balance if it exceeds $50,000?
  12. Will my statement cycle change?
  13. Will I be able to use my existing Institution for Savings Visa Debit Card with Bonus Checking or do I need to get a new one?
  14. If I already have an Institution for Savings checking account, can I convert it to a Bonus Checking account?
  15. Will my business account qualify for Bonus Checking?

1. What happens if I don't meet the requirements for Bonus Checking?

Instead of earning the premium interest rate, you will earn the standard interest rate based on the average collected balance on your account for the statement period and your ATM fees will not be refunded. However, you can begin working immediately towards receiving those benefits in the next statement.
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2. Are my checks still free?

Yes.
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3. If I use my check card at an ATM, will that transaction count toward my 10 required check card transactions?

No. Only transactions used to purchase goods and services will qualify as a required check card transaction.
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4. May I "carry forward" debit card transactions in excess of the 10 required check card transactions?

No. Requirements must be met during each statement cycle then you start at 0 the following month.
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5. Can I have a Bonus Checking account if I don't have a computer?

Computer access and a valid email address are required in order to have Bonus Checking because you need to be enrolled in Internet Banking and Bill Pay, and receive your statements electronically to qualify for the bonuses. If you do not have your own computer, you must at least have an email address and access to a computer to view your monthly statements online, pay bills, etc.
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6.What if I need a printed copy of my statement and/or check image?

Statements can be printed or saved from your online access for approximately three months from the statement date. Images can be accessed and printed individually from your online account transactions during that time.
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7.Can the interest rate change on my Bonus Checking account?

Yes. This is a variable rate account and the rate may change at any time.
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8. If I qualify, when will I receive my benefits?

If you meet the criteria, you will receive the premium interest rate and your ATM fees will be refunded to you at the end of each statement date. Your Bonus Checking statement cycle ends at midnight on the last business day of each month. You must qualify by that time.
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9. If I use another bank's ATM and pay a fee, how will I get a refund?

When you meet the requirements for Bonus Checking during a given statement period, a refund will be made to your account at the end of that statement period to a maximum of $20 per month. Only ATM fees in the US qualify for refunds.
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10. Is there a minimum balance requirement in order to receive these benefits?

Yes, you must maintain a $500 minimum daily balance to receive these benefits. A $10 monthly fee will be assessed if your balance drops below $500.
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11. What happens to my fund balance if it exceeds $50,000?

Amounts in excess of $50,000 are paid a lower rate. This is done automatically by the system.
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12. Will my statement cycle change?

No, your statement will continue to be cut on the last business day of the month.
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13. Will I be able to use my existing Institution for Savings Visa Debit Card with Bonus Checking or do I need to get a new one? 

You can use your existing card.
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14. If I already have an Institution for Savings checking account, can I convert it to a Bonus Checking account?

Yes, please consult with a Customer Service Representative to do this.
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15. Will my business account qualify for Bonus Checking?

No, this account is for personal customers only.
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