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?
|Program Cycle Begins||Program Cycle Ends|
|November 2018||October 31||November 29|
|December 2018||November 30||December 28|
|January 2019||December 29||January 30|
|February 2019||January 31||February 27|
|March 2019||February 28||March 28|
|April 2019||March 29||April 29|
|May 2019||April 30||May 30|
|June 2019||May 31||June 27|
|July 2019||June 28||July 30|
|August 2019||July 31||August 29|
|September 2019||August 30||September 29|
|October 2019||September 30||October 30|
|November 2019||October 31||November 28|
|December 2019||November 29||December 30|
What are the “rewards” for Cash Back Checking?
You will receive a 1.01% 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?
There is no monthly service fee for the Cash Back Checking Account. 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.
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