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 Member advantage checking frequently asked questions
APY = Annual Percentage Yield
Member Advantage Checking Benefits
Q: How does the dividend rate for Member Advantage Checking work?
A: If you meet the account qualifications, you will receive
- The highest rate, currently 5.01% APY for average daily balances of $.01 - $25,000.
- The 2nd tier rate, currently 1.01% APY for average daily balances above $25,000.
• If the account qualifications are not met, you will receive .10% APY.
• The dividends are calculated on your daily average balance and credited monthly.
Q: Can the dividend rate on my Member Advantage Checking account change?
A: Yes. The rate may change at any time based on financial and market conditions. TBACU's ongoing purpose for this account is to offer a rate that is higher than most checking accounts in our market.
Q: If I meet account qualifications, when will I receive my reward dividend pay out?
A: On the last day of the month in which they were earned.
Q: Do I have to do anything in order to get my ATM refunds?
A: All you need to do is meet the account qualifications for the Member Advantage Checking account and the refund will automatically be credited to your checking account on the last day of the month. No need to submit any receipts. We will do all the work for you!
Q: Are fees refunded on ATMs outside the United States?
A: Only fees incurred nationally (within the United States) will be refunded.
Q: Will I receive a 1099 at the end of the year reflecting dividends earned on my account?
A: Yes. If you earn $10 or more in dividends during the applicable calendar year, TBACU will send to you a 1099.
Q: If my account balance goes negative, will I still be able to qualify?
A: Yes, as long as you meet the requirements you will qualify and receive your rewards.
Account Qualifications - General
Q: How do I qualify for the highest interest rate possible and ATM fee refunds?
A: Agree to:
- 10 Debit (Credit Based) Debit Card Transactions
- Have at least on ACH Debit or ACH Credit
- Receive eStatements
Q: How often must I meet the account qualifications to earn the highest rate possible and ATM fee refunds?
A: On a monthly basis.
Q: What happens if I fail to meet the account qualifications for Member Advantage Checking?
A: You will still receive free checking with no minimum balance, free in-network ATMs, free Home Banking and Billpay.
A: You will receive .10% APY and your out-of-network ATM fees will not be refunded for that month.
• You always have a chance to start over and meet the account qualifications the very next month.
• You will never be charged a maintenance fee regardless of what happens!
Q: What if I open my account late in the month and I don't have time to meet the requirements … will I still earn the highest interest rate possible and ATM fee refunds?
A: Yes. New Member Advantage Checking accounts will automatically receive rewards for the first Calendar month the account is open. This will give you time to get your debit card and enroll in eStatements.
eStatements
Q: Do I need to have an email address to enroll in eStatements?
A: Yes. You will be asked for an email address when you sign up for eStatements. This email address will be used to notify you about whether you've qualified for rewards and that your eStatement is ready to be viewed within Home Banking.
A: If the credit union does not have a valid email address for you, and we are unable to email you the eStatement notification, your status will change back to paper statements. Therefore, you will not qualify for the Member Advantage Checking rewards.
Q: Do I need to access my statement online in order to meet the eStatement qualification?
A: No, you do not need to access your eStatement in order to earn the highest interest rate possible and ATM fee refunds, but you must maintain active enrollment in the service.
Debit Card Purchase Transactions
Q: If I use my debit card at an ATM, will that transaction count towards my account qualification?
A: No, the ten debit card transactions must be accumulated by making purchases directly through merchants. Only signature-based (credit) transactions count towards qualification.
Q: Can I “carry forward” debit card transactions in excess of ten to the next month (i.e. I make 30 transactions in January and 5 transactions in February, can I carry over the 20 “excess” transactions from January)?
A: No, at the start of each qualification cycle, your debit card transaction count will start over.
Q: What if I make a debit card transaction and it posts to my Member Advantage Checking account three days after I made the transaction? Which date will count towards meeting the requirements: the purchase date or the posting date?
A: The posting date is the only date our system can recognize when counting a debit card transaction. If a transaction doesn't post until the last day of the month, it will count towards the next month's debit card transaction qualification.
Members - Moving to Member Advantage Checking
Q: Will the transactions on my old checking account count towards meeting the qualification for my new Member Advantage Checking account?
A: No, you must meet the qualifications with your Member Advantage Checking account. However, you will earn the highest interest rate possible and ATM fee refunds the very first month you open your account, qualify for the rewards.
Q: Will I be able to use my existing debit card, checks, and account number with my Member Advantage Checking account?
A: Yes. Your account number does not change, so there is no need to order new checks, debit cards, or worry about automatic debit or credits.
Q: I want to convert my current checking account to a Member Advantage Checking account. Will I be able to access the transaction history on both accounts within Home Banking?
A: Yes. Because your account number is not changing, your account history for both accounts will be available on Home Banking.
For more information about TBACU or to find out how you can join, please call 713-336-5500 or 800-577-3164, visit any branch office or e-mail us.
To apply for membership please contact us.
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