Cedar Rapids Bank and Trust - M@XX Checking Frequently Asked Questions

September 08, 2008 | | Temp

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M@XX Checking Frequently Asked Questions

Q: What are the requirements to earn 5.00% APY on my checking account?
A: The monthly account requirements include the following:

Use your Visa® Check Card a minimum of 15 times (excludes PIN and ATM based)
Enroll in Online Banking
Accept eStatements, an electronic delivery of statements
Line up a minimum of one direct deposit or debit

Q: Is this account FDIC insured?
A: Yes, this account is FDIC insured.

Q: What happens if I don’t meet the requirements for M@XX Checking?
A: If you don’t meet the monthly requirements, you simply don’t earn the premium rewards for that month and start all over the following month. This mean you will not receive 5.00% APY for that statement period and will not receive any ATM fee refunds for the previous month. Instead, the ATM fees will be charged to your account on the following month’s account statement and you earn only ___% APY on balances up to $25,000.

Q: If I qualify, when will I receive my interest?
A: You will receive your interest at the end of each statement cycle, which is the last business day of each month.

Q: Do I receive 5.00% APY on the total amount?
A: You receive 5.00% APY on balances of $25,000 or less.

Q: What about balances over $25,000?
A: For example, if you have a balance of $40,000, you will earn 5.00% APY on up to $25,000 of the balance. For the remaining $15,000 of the balance, you will earn ____% APY.

Q: If I use my Visa® Check Card at an ATM and enter my PIN number, will that transaction count toward my 15 required credit transactions?
A: No, only credit-based transactions used to purchase goods and services will qualify as a required Visa® Check Card transaction. Any time you use your Visa® Check Card and enter your PIN, it will not count towards your 15 required credit transactions.

Q: How do I know whether to select “credit” or “debit” at a merchant?
A. You should ALWAYS select “credit”. At some merchants, it will default to ask for your PIN #. When this occurs, you should inform the cashier that you would like to use the credit function. When you select “credit” it will count towards the 15 required credit transactions per statement cycle. At some merchants (ie McDonalds & Wendy’s) they will not ask for a signature OR a PIN #. In these cases, the transactions will count towards your 15 credit transactions for the month. The thing to remember when using your check card: If you DO NOT enter your PIN #, IT WILL count towards the 15 credit transactions total.

Q: What if I use my check card at a merchant and they ask me to input my PIN #?
A: Inform the merchant that you would like to use the “credit” function of your card and have them process it as a “credit” transaction.

Q: If I use another bank’s ATM and pay a fee, how will I get a refund?
A: The fees will be refunded automatically on the next business day.

Q: What if I’m at a merchant and they do not ask me to sign or enter a PIN #?
A: Some merchants have made the decision to not require a PIN number or a signature for small dollar items. In this case, this transaction will count towards your 15 credit transactions per month. Remember, anytime that you use your debit card and do not enter your PIN, it will count towards your 15 credit transactions total.

Q: What happens to the ATM fee refunds I received during the month if I do not meet the requirements within the statement period?
A: If the ATM fees have been refunded to your account during the month and you do not meet the M@XX Checking requirements, the ATM fees will be charged back to your account on the following statement cycle.

Q: Can I “carry forward” check card transactions in excess of the 15 required Visa® Check Card credit transactions?
A: No, requirements must be met within each statement period.

Q: How can I convert my current CRBT checking account to a M@XX Checking account?
A: Contact any CRBT Account Executive at (319) 862-2728 or (319) 743-3555. They will have you sign an Account Maintenance form, which will then initiate the process of transferring your account to M@XX Checking.

Q: Will I be able to use my existing Visa® Check Card from CRBT if I convert my account to M@XX Checking?
A: Yes, you will be able to use your existing Visa® Check Card. Also your account number, checks, online banking, automatic withdrawals and direct deposits will be carried over to your M@XX Checking account.

Q: Will the ACH transactions that were attached to my old account transfer over automatically to my M@XX Checking account?
A: Yes, you will not have to re-initiate these transactions.

Q: Will the prior history from my transferred account be viewable on online banking?
A: Yes, this information will transfer over to your M@XX Checking account.

Q: Will my statement cycle/period change?
A: Yes, your M@XX Checking statement period will start on the first day of the month and end on the last business day of the month. All credit based transactions that occur during the statement cycle will count towards the required transactions.

Q: Will credit transactions from the statement cycle on my old account be allowed as required transactions for my M@XX Checking for this statement period?
A: No, you will not be allowed to carry over transactions as required transactions.

Q: Is there a minimum balance requirement?
A: No, there is no minimum balance requirement.

Q: Can the interest rate change on my M@XX checking account?
A: Yes, this is a variable rate account and the rate may change at any time.

Q: How is my interest calculated?
A: Interest is compounded monthly and will be credited to the account monthly. We use the daily balance method to calculate the interest. This method applies a daily periodic rate to the principal in the account each day.