Cash Back Checking FAQs
Enhance your purchasing power with our Cash Back Checking. Find out how today!
We’re here to answer any questions you may have!
You need to know. And we’re here to help!
Is the cycle for rewards requirements different than the cycle for my account statement?
Yes, your statement reflects transactions from the first day of the month to the last day of the month. For example, August 1 and the ending date of statement period is August 31. The qualifying program cycle begins on the last business day of the month and ends one business day before the last business day of the month. For example:
Program Cycle Begins
Program Cycle Ends
|December 2014||November 27||December 30|
|January 2015||December 31||January 29|
|February 2015||January 30||February 26|
|March 2015||February 27||March 30|
|April 2015||March 31||April 29|
|May 2015||April 30||May 28|
|June 2015||May 29||June 29|
|July 2015||June 30||July 30|
|August 2015||July 31||August 28|
|September 2015||August 29||September 29|
|October 2015||September 30||October 29|
|November 2015||October 30||November 27|
|December 2015||November 28||December 30|
|January 2016||December 31||January 28|
What are the “rewards” for Cash Back Checking?
You will receive a 0.75% APY dividend for balances up to $15,000 and 0.15% APY on the remaining balance over $15,000 as well as ATM fee refunds – nationwide. Limit: $2 per transaction with a maximum of $20 per program cycle.
What are the requirements that must be met to qualify for the rewards?
Requirements for earning dividend and fee refunds include: 12 Power Financial Credit Union Visa® debit card or signature-based transactions in program cycle (ATM withdrawals excluded), accept electronic eStatement delivery, and make three bill payments using our online bill pay per program cycle.
Is there a service charge for a Cash Back Checking account?
For Cash Back Checking, there is a monthly Relationship Power Program fee if a daily balance of $1,000.01 is not maintained in the account. The fee may be avoided through the aggregate amount of savings and/or checking balances. Please see the Relationship Power Program Brochure and Fee Schedule for more information. All accounts are subject to additional fees as set forth in the Fee Schedule.
How often must the requirements be met to qualify for the rewards?
The requirements must be met for each qualifying program cycle.
How will I know that I have qualified for my rewards?
An email will be sent to you from Listening@powerfi.org letting you know if you receive the rewards each qualifying program cycle.
Can I have more than one Cash Back Checking account?
No, because of the great rewards the Cash Back Checking account offers, it is limited to one per member.
When will I receive my rewards?
If you meet the requirements each cycle, you will receive your rewards on the last day of the statement cycle.
When will I receive my first rewards after opening my Cash Back Checking account?
You will receive your rewards as soon as you meet the requirements! It’s that simple. If your account is opened late in the month, you may not have time to meet the requirements until the following month.
What if I use my debit card or pay a bill with Bill Pay and the transaction posts to my Cash Back Checking account two or three days later. Does the purchase date or the posting date count toward the requirements?
The posting date will be the date that is used for calculating rewards. The posting date is the date the transaction shows up on your account history. For example, if you initiated a transaction on June 27th but it didn’t appear until July 2nd, it would count as a July transaction. Most transactions post within three days but it depends on the merchant’s processing system.
I didn’t meet the requirements during this statement cycle, can I still have a chance to qualify during the next cycle?
Yes, all requirements start over at the beginning of each qualification cycle.