Premier Checking FAQ
Q: What types of direct deposits qualify?
A: Any electronic deposit made by your employer, government agency, or other payor (such as payroll, Social Security, or pension) qualifies. Mobile deposits and transfers between your own accounts do not count.
Q: What types of debit card transactions qualify?
A: Purchases made in-store, online, or recurring bill payments with your debit card all count. ATM withdrawals and transfers do not.
Q: How soon after opening the account can I start earning the Premier interest rate?
A: You can begin earning the Premier rate as soon as your account is opened and all monthly requirements are met.
Q: Can joint account holders both use the debit card to meet the monthly requirements?
A: Yes. Debit card purchases by any account holder count toward the monthly requirement.
Q: What happens if my account balance goes over $10,000?
A: You’ll continue to earn the Premier rate on balances up to $10,000, and a secondary rate on amounts above that.
Q: How will I know if I’ve met the monthly requirements?
A: You can track your debit card purchases and direct deposits through online or mobile banking, and your monthly statement will show the interest rate applied.
Q: Can I upgrade my current checking account to a Premier Checking and keep the same account number?
A: Yes, you can convert your existing checking or NOW account to Premier Checking and retain your current account number.
Q: What if I don’t meet the monthly requirements for the Premier interest rate?
A: You’ll still earn the base interest rate for that month.
Q: Is there a limit on the number of transactions I can make?
A: No. However, to earn the Premier interest rate you must have at least one direct deposit and 10 debit card purchase transactions each month.
Q: Are there fees with the Premier Checking Account?
A: There are no fees specific to Premier Checking. Please refer to our full fee schedule for details on possible fees that apply to all accounts.
Q: Is there a minimum balance required to earn interest?
A: No minimum balance is required. If monthly requirements are met, you’ll earn the Premier rate on balances up to $10,000. Balances over $10,000 earn a secondary interest rate. If requirements are not met, you’ll earn the base rate.
Q: How often is interest calculated and credited?
A: Interest is compounded and credited to your account on the last day of each month.
Q: If I don’t meet the account requirements one month, do I lose interest?
A: No, you won’t lose interest. You’ll simply earn the base rate for that month instead of the Premier rate.
For further questions, give us a call at 712-624-8686 and ask for a new accounts specialist.