Cash Back Checking
Ready to start earning?
- No minimum balance!
- No fees!
- ATM fee refunds!
Meet 3 simple requirements during each program cycle, and we'll pay
5.01% APY* on your checking account!
Do all of the above and you'll get a Cash Back Dividend:
- 5.01% Annual Percentage Yield (APY) on balances up to $25,000
- .50% APY on balances above $25,000
- ATM fee refunds of up to $2 per transaction and $20 per cycle
You can't beat the benefits of this FREE account.
Already have a Power Financial Credit Union checking account? Want
to switch to Cash Back Checking?
Come in to a branch
and ask for a Cash Back Checking account and we'll take care of the
rest. Or if you still have questions, please visit our Cash
Back Checking FAQ.
*Cash Back Checking requires a $20 opening balance;
no minimum balance thereafter. If requirements are met during program
cycle, 5.01% Annual Percentage Yield (APY) ("Dividend") is
paid up to $25,000; on any balance above $25,000, 0.50% APY is paid.
If requirements are not met, the APY is 0.00%. If requirements are met
in program cycle, ATM surcharge fees of up to $2 per transaction with
a maximum of $20 per program cycle will be refunded. Requirements for
earning dividend and ATM surcharge fee refunds include: 12 Power Financial
Credit Union VISA debit card or signature based transactions (ATM withdrawals
excluded), 3 online Bill Pay transactions and accept electronic statements
per program cycle. Fees may reduce earnings. Membership required; $5
membership fee. Membership open to all residents of Miami-Dade, Broward
& Palm Beach Counties as well as friends & family of current
members. Rates and terms subject to change without notice.
Frequently Asked Questions - Cash Back Checking
Q: What are the "Rewards" for Cash Back Checking?
A: You will receive a 5.01% APY dividend for balances up to $25,000
and .50% APY on the remaining balance over $25,000
as well as ATM fee refunds - Nationwide. Limit: $2/ transaction with
a maximum of $20 per program cycle.
Q: What are the requirements that must be met to qualify
for the rewards?
A: 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 through our online bill pay per
program cycle.
Q: Is there a Service Charge for a Cash Back Checking account?
A: No, there is no service charge for Cash Back Checking.
Q: How often must the requirements be met to qualify for the
rewards?
A: The requirements must be met each qualifying program cycle.
Q: How will I know that I have qualified for my rewards?
A: An email will be sent to you from Listening@powerfi.org letting
you know if you receive the rewards each qualifying program cycle.
Q: Is the cycle for rewards requirements different than
the cycle for my account statement?
A: Yes, your statement reflects transactions from the first day
of the month to the last day of the month. Example, August 1 and the
ending date of statement period is August 31. The qualifying program
cycle begins one business day before the last day of the month. Here's
an example:
- July Qualifying Cycle begins - June 30th / Cycle ends - July 30th
- August Qualifying Cycle begins - July 31st / Cycle ends - August
28th
- September Qualifying Cycle begins - August 29th / Cycle ends - September
29th
Q: Can I have more than one Cash Back Checking account?
A: No, because of the great rewards the Cash Back Checking account
is limited to one per member.
Q: When will I receive my rewards?
A: If you meet the requirements each cycle, you will receive your
rewards on the last day of the statement cycle.
Q: When will I receive my first rewards after opening my
Cash Back Checking account?
A: 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.
Q: 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?
A: 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.
Q: I didn't meet the requirements during this statement
cycle, can I still have a chance to qualify during the next cycle?
A: Yes, all requirements start over at the beginning of each qualification
cycle.
Q: How may I convert my current checking account to a Cash
Back Checking account?
A: All you need to do is see one of our well trained Personal
Service Advisors in any branch.
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