Rewards Checking FAQs
Q: What are the "rewards" for the VIP Checking Accounts?
A: During the month in which the account qualifies, the VIP Account pays an Annual Percentage Yield of up to 2.00%*
Q: What are the requirements that must be met to qualify for the rewards?
A: Please click here to view the requirements for this account.
Q: Will the requirements be pro-rated if I open my account later in the month?
A: The requirements remain the same regardless of when you open your account.
Q: Is there a minimum balance requirement in order to receive my rewards?
A: No, as long as you meet the three stated requirements during the month, you will receive rewards for that month.
Q: Is there a limit to the amount of money I can keep in my account?
A: No. However, the "reward" rate on the VIP account is paid on balances up to $50,000. Balances above that will earn 0.10%*.
Q: What if I do not meet the requirements for a particular month?
A: If you do not meet the stated requirements then your VIP account will not earn dividends for that particular month.
Q: How can I check my qualification status during the month?
A: You can log into Internet Banking at any time to check your status. You will also receive an email on the last day of the month for which you did not qualify.
Q: Do ATM transactions count towards the requirement of 12 Visa Debit Card transactions per month?
A: No. ATM transactions do not count. To meet this requirement you must complete 12 Visa Debit Card purchases during the month (signature based or PIN based).
Q: Do Visa Check Card authorizations count towards the requirement of 12 Visa Debit Card transactions per month?
A: No. When you make a purchase using your Visa Check Card, the authorization for the transaction is processed right away. However, the transaction may not actually post to your account for a few days. In other words, if you make a purchase near the end of the month, it may not post to your account until the following month. The transaction will count towards your requirement during the month in which it actually posts to your account.
Q: How do I enroll in e-Statements?
A: Log into Internet Banking and click on the "e-Statements" icon. If you need assistance logging in, contact our Member Service Center at 301.586.3400.
Q: Why is the APY on my statement lower than the premium VIP APY?
A: If you have balances over $50,000, those funds will earn a lower APY which will make your actual APY lower than the stated premium APY for the VIP checking account.
Q: Can I open my account online?
A: Yes, you can open your account by logging into Internet Banking. If you have an existing checking account, that account will be closed and converted to your new VIP checking. This will be done on the business day following the day that you open the account online. If you wish to maintain both accounts, you will need to contact us immediately. If you have multiple existing checking accounts, we will contact you for further instruction. If you have an existing Visa Check Card, you will be able to access your new account after 8 PM on the next business day.
Q: How many VIP Checking Accounts can I have?
A: You may have one VIP account per primary account owner (if you have multiple member numbers, you will still be permitted to maintain only one VIP.
Convert an Existing Checking Account
Q: Can I convert my existing Checking Account to a VIP account?
A: This can be easily done by contacting our Call Center or visiting one of our branches. During the conversion process, your ATM/Debit card access, along with any electronic debits/credits will be automatically transferred to your new account. You will also be able to use your existing supply of checks.
Q: Can I convert my existing to the new account online?
A: Yes, you can open your new VIP checking account by logging into Internet Banking. If you have an existing checking account, your existing checking account will be closed and converted to this new account. If you do not wish to convert your account, you will need to contact us immediately. If you have multiple existing checking accounts, we will contact you for further instruction.
Q: How long after will it take for my existing Visa Check Card to be linked to my new VIP account?
A: If you opened your account in person or by phone, you will be able to access your new account after 8 p.m. on the day that you opened the account. If you open your account online, you will be able to access your new account after 8 p.m. on the next business day.
Q: Can I use my existing checks?
A: Yes, your checking account number will be converted and you can continue using your checks.
Q: If I have established e-Alerts, will these automatically transfer to my converted VIP Account?
A: This information will not automatically convert. You will need to log into Internet Banking to edit your e-Alerts for your new account. To do this, access the e-Alerts tab and click on the description of the particular alert that you would like to edit.
Q: Once I've converted my checking account, will I be able to review account history that took place prior to the conversion?
A: You will be able to view your history using our transaction recall tool which is located in the drop down box within internet banking.
Q: Will Visa Check Card transactions and/or direct deposits made before my account was converted count towards my monthly requirements?
A: No. Only transactions and/or direct deposits made on the newly converted account will count towards your monthly requirements.