ReWARD Checking FAQS

  • Earn 3.00% APY on balances up to $25,000.
  • Earn 0.55% APY on any amount in excess of $25,000.
  • ATM fees refunded up to $25/monthly statement cycle.
  • Register and receive monthly e-Statements (must maintain a valid e-mail address).
  • Access online banking one time each monthly qualification cycle.
  • Have at least one Automatic Payment or Direct Deposit post and clear per qualification cycle.
  • Have at least 12 debit card transactions post and clear per qualification cycle.
  • Each Monthly Statement Cycle.
  • You earn the base rate of 0.10% APY on the average end of day balance for the monthly statement cycle.
  • If you qualify, the portion of your balance $25,000 and below will earn 3.00% APY. Amounts in excess of $25,000 will earn 0.55% APY.
  • If you do not qualify, you earn 0.10% APY on the average end of day balance for the monthly statement cycle.
  • Yes. While rates are always subject to change depending on market conditions, the intent of this account is to provide premium dividends above most other local financial institutions checking and savings rates.
  • Dividend rates are subject to change without notice.
  • Dividends will be calculated using the average daily balance, which is the current method of the Credit Union.
  • Dividends and ATM fee reimbursements will post the last day of the monthly statement cycle.
  • The last day of the monthly statement cycle, prior to posted dividends, (if you qualify) up to a maximum of $25 incurred during the statement cycle.
  • Yes. You must meet the account qualifications as listed below.
    • Register and receive monthly e-Statements (must maintain a valid e-mail address).
    • Access online banking one time each monthly qualification cycle.
    • Have at least one Automatic Payment or Direct Deposit post and clear per qualification cycle.
    • Have at least 12 debit card transactions post and clear per qualification cycle.
  • ATM surcharges greater than $4.99 is not automatic and requires the presentation of a receipt to a member services representative for reimbursement, subject to the maximum monthly amount of $25.
  • You can monitor the status of your qualifications through online banking or our mobile app.
  • In your first month as a holder of a ReWARD Checking Account:
    • You will receive the ReWARD Checking dividend rate(s) on your balance from the date of enrollment regardless of whether or not you met all of the qualifications.
    • You will receive ATM Fee Refunds up to $25 for ATM transactions that occurred on/after your enrollment date regardless of whether or not you met all of the qualifications.
  • Yes, providing the total amount earned is over $10 during the year.
  • Yes. (if you meet the monthly statement cycle qualifications)
  • International ATM surcharges are not automatic and require the presentation of a receipt to a member services representative for reimbursement.
  • Yes. (if the qualifications are met)
  • Yes. Every monthly statement cycle your account will be assessed to qualify for the rewards.
  • No. Your account must remain open through the last day of the monthly statement cycle to qualify for rewards.
  • Yes. You will receive your rewards for your first monthly statement cycle whether you qualify or not.
  • No. You must meet ALL of the qualifications during the monthly statement cycle in order to receive the rewards.
  • No. You must initiate an ACH debit through an outside merchant in order to qualify. For example, setting up with your insurance company to have monthly premiums automatically deducted from your account.
  • Yes. There is no cost to start up the account, no monthly maintenance fee and there are no fees for debit cards or direct deposit.
  • Some additional costs incurred on accounts might include check orders, ATM surcharge fees over $25 in a monthly statement cycle or overdraft fees.
  • The monthly statement cycle runs from the 1st day of the month to 7:00 p.m. on the last day of the month.
  • All debit card purchase transactions must have posted and cleared your account by the last day to qualify.
  • Yes
  • No
  • No. In order to qualify you must use your debit card for purchases.
  • You need a net of 12 debit card purchases, so a reversal (or credit) would count against the net total. For example, if you make 20 purchase transactions but return one, your net purchase transactions for the monthly statement cycle would be 19.
  • No. You must qualify during each monthly statement cycle.
  • No. You will receive your rewards for your first monthly statement cycle whether you qualify or not.
  • No. You do not have to view your e-Statement to qualify for the rewards.
  • You do need a valid e-mail address on file.
  • You can access your e-Statement from any computer with the appropriate log on and password information.
  • Update it on your e-Statement page online.
  • E-mail Vermont Federal Credit Union at memberservices@vermontfederal.org with your old and new e-mail address.
  • Speak to a member service representative at any of our branches.
  • Contact our Call Center at 888-252-0202, option 3.
  • You must update your e-mail address with Vermont Federal Credit Union so that you can continue to receive e-Statements as per the qualifications.
  • Yes. Through online banking you can obtain images of your checks.
  • Yes. In order to receive the rewards you must log into online banking once during the monthly statement cycle.
  • You must have a valid e-mail address.
  • You must accept electronic delivery of statements.
  • You can print your e-Statement.
  • You can print your check image from online banking.
  • If you do not have the ability to print you can contact us at 1-888-252-0202 option 3 and a member service representative can assist you.
  • No (Note that current NCUA insurances apply)
  • No
  • There is no minimum opening balance requirement for ReWARD Checking; however in order to be a member of Vermont Federal Credit Union we do require that you open a Share Savings account. The credit union requires an ownership pledge of $25.
  • Yes. You will receive refunds up to $25 in fee refunds per monthly statement cycle.
  • No. This account is a normal checking account with no limits on check writing.
  • No. You can use your debit card up to $1500 per day for purchases.
  • Yes. You are eligible for our Overdraft Privilege Plus (restrictions apply) with this account.
  • You may apply for an Overdraft Line of Credit which is another source of overdraft protection.
  • You can set up an overdraft protection from another share suffix.
  • Yes. All of your account information will remain the same.
  • Speak to any of our member service representatives and they will work with you to complete the paperwork and change your account.
  • We have a “switch kit” available to streamline the process.
  • If you are a current member you can work with a Member Service Representative over the phone to change your account. Contact us at 888-252-0202, Option 2.
  • If you are a new member we prefer that you work with a Member Service Representative in person so that all qualifications can be discussed.
  • Yes. There is no limitation on the number of accounts opened for the same address. However, each account will be reviewed individually when determining qualifications.
  • Yes. As long as you provide the proper paperwork for each individual to be a joint owner of the account.
  • No. ReWARD Checking is a personal account only.
  • No. ReWARD Checking is a personal account only.
  • A dividend is the “interest” a member earned on their account during a monthly statement cycle.
  • Yes. You do receive the products as listed previously however you do have access to our entire line of products and services such as:
    • Debit Card – We will order you a debit card when you open your ReWARD Checking account.
    • Online Banking  We will provide you a PIN for your online account when you open your ReWARD Checking account.

 

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