Rewards Checking Frequently Asked Questions
Rewards and Qualifications
High-dividend on balances up to $10,000.
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Dividends on balances above $10,000.
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Nationwide ATM fees refunded up to $25 a month.
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Free Online Bill Pay.
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Make 12 debit card purchases (Non-ATM. Transactions must post before the end of
the month).
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Receive your monthly account statement electronically.
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Set up one Direct Deposit, authorize one automatic payment from your account, or
use online bill payment at least once during the month (transaction must post before
the end of the month).
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- How often must the qualifications be met to qualify for Rewards Checking rewards?
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The qualifications must be met each month.
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Your checking is still free and you can start over the next cycle to earn the rewards.
Dividends will be paid at the base rate on your entire balance.
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No. There are no monthly service fees on Kitsap Credit Union’s Rewards Checking
accounts.
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Yes, all rates on Rewards Checking may change at Kitsap Credit Union’s discretion.
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No, this is a high Annual Percentage Yield account. However, Rewards Checking rates
may fluctuate from time to time at Kitsap Credit Union’s discretion.
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- Is there a minimum balance requirement in order to receive
my rewards?
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Dividends are paid monthly and posted on the last day of the statement cycle.
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If the qualifications are met, ATM fees will be refunded on the last day of the
month.
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Members who meet the Rewards qualifications will also receive up to $25.00 in domestic
ATM fees refunded for that month (this includes both surcharges charged by the ATM
owner for using their machine as well as Kitsap Credit Union’s ATM usage fee for
not using an ATM owned by Kitsap Credit Union.)
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If the Rewards qualifications are not met, the ATM fees are not refunds.
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You must have a direct deposit, automatic payment, or bill payment post to your
account during the calendar month to qualify. Since direct deposits may post at
the beginning or end of the month, we recommend that you have more than one of the
qualifiers. For example, direct deposit and an automatic payment. Or, direct deposit
and use the online bill payment.
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You can log into online banking to review your account activity and confirm that
you have met the minimum account qualifications at anytime. You will receive an
email stating whether or not you met the qualifications each month.
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- Will Rewards Checking members receive a 1099 at the end
of the year reflecting dividends earned?
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No. Refunds are made for use only with domestic ATMs.
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Yes, as long as the qualifications are met.
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- If I fail to meet the qualifications during the month, can
I still have a chance to qualify during the next month?
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You may not qualify for the Rewards for that month. However, you stil earn dividends
at the base rate and are not charged a fee. You can always qualify the following
month.
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No. However there are no service charges and you will still earn the base rate on
your balance.
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Statement Cycle
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The statement cycle begins on the first day of the month and ends on the last day
of the month. Qualifying transactions must be posted to the account on or before
the last business day of the month.
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A qualification cycle is the period beginning with the first business day of the
month and ending with the last business day of the month.
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- Will all Rewards Checking members be on the same cycle?
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No. All Kitsap Credit Union checking accounts are on the same statement cycle.
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Debit Card Transactions
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No. Only non-ATM, point-of-sale transactions count and they must be posted to the
account before the last business day.
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A settled transaction is one that has posted to your account. For some debit card
transactions, the funds are placed on hold and may take up to three days to actually
clear your account.
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No. You must meet the qualifications each month.
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Electronic Statements
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You must choose to receive your monthly statements electronically with a valid e-mail
address rather than in paper, delivered via the U.S. Postal Service. You are not
required to look at it online, but we strongly recommend that you review your statement
to properly reconcile to your check register and to ensure there are no fraudulent
transactions.
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You will receive an email when your electronic statement is available to view. Log
into CU@Home, our online banking product, then click on the “Statement” tab. Click
on the date of your statements to view it, print it, or save it to your computer’s
hard drive.
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Most check images are available for you on CU@Home, our online banking product.
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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 electronic statement. You can access
email through most public libraries, some senior centers, or at the computer kiosks
located at Kitsap Credit Union branches.
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You can print a check or statement from your computer. Additionally, Kitsap Credit
Union keeps records of all statements and checks as required by state and federal
laws
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You must notify the Credit Union when your e-mail address changes so that we can
deliver your notification of your statement availability. Failure to notify the
Credit Union may result in not meeting the monthly qualifications.
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Electronic statement delivery is a requirement for all Rewards Checking accounts.
Delivery of paper statements is still an option if you choose not to have a Rewards
Checking account.
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Account Limits
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There is no limit to the amount you may put into your account. Feel free to consolidate
savings, CDs, and accounts at other institutions into this account.
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- Is there a minimum balance requirement in order to receive
my rewards?
- What is the minimum opening balance for a Rewards Checking
account?
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Yes. You can receive up to $25 per month in domestic ATM fees when qualifications
are met (this includes both surcharges charged by the ATM owner for using their
machine as well as Kitsap Credit Union’s ATM usage fee for not using an ATM owned
by Kitsap Credit Union.)
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Opening/Converting Accounts
- Is overdraft protection available for Rewards Checking accounts?
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Yes, if your account is already a Kitsap Credit Union account, everything will remain
the same, except that your account will be coded as a Rewards Checking account.
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There is no paperwork necessary. Simply stop by one of our offices or call us at
360-662-2000, or 1-800-422-5852, or send a secure email through online banking to
talk with a Kitsap Credit Union Financial Service Representative about converting
your account to Rewards Checking.
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If it is a new account, we prefer for you to come in to one of our offices, however,
in most cases we can open the account by mail. If you are switching an existing
Kitsap Credit Union checking account to a Rewards Checking account, we can do that
over the phone.
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Yes. You may open as many personal Rewards Checking accounts as you would like,
but the requirements must be met on each respective account to receive the rewards.
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No. Rewards Checking is only available on personal, consumer accounts.
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- Can this be used as a business account?
