Premium Rewards Checking FAQ

Our Premium Rewards Checking Account offers high interest with NO minimum balance and NO monthly maintenance fees! All you have to do is use your account.

Use these qualifying services each month to earn the special interest rate:

  • 12 Visa Debit Card Transactions (excluding ATM)
  • At least one ACH deposit or automatic payment (via ACH)
  • Sign Up for monthly eStatements and eNotices
  • Access Online Banking at least once

* Please note that if all four qualifying services are not met, then you must maintain a minimum balance of $500.00 to earn a dividend.

How does the dividend rate for Premium Rewards Checking work?
You will receive 3.00% Annual Percentage Yield (APY) if requirements are met on balances up to $15,000. On balances over $15,000 the APY is the same as a Regular Share Savings.
- IF requirements are not met, you will still earn a Regular Share Savings APY.
- The dividends are calculated on your daily average balance and credited monthly.

Can the dividend rate on my Premium Rewards Checking account change?
Yes. The rate may change at any time based on financial and market conditions. However, the 3.00% APY is NOT designed to be a teaser rate. Your Premium Rewards Checking dividend will always be significantly higher than your Prime Share Savings.

If I meet the requirements, when will I receive my dividend pay out?
On the last business day of the month after which they were earned.

Requirements - General

What requirements must I meet to qualify for the 3.00% APY?

  • Active enrollment in eStatements, eNotices, and Online Banking with a valid email address
  • One direct deposit or ACH auto debit transaction into your Premium Rewards Checking account
  • Make 12 cleared debit transactions per month (excluding ATM transactions)

During what time period must I meet these requirements?
Between the first day and the last day of the month. For example, to earn Reward benefits and the 3.00% APY for September, you must meet the requirements between September 1 and September 30.

How often must I meet the requirements to qualify?
On a monthly basis. Statistics are reset at the end of the month therefore you can requalify with no impact from previous inactivity.

What happens if I fail to meet the requirements for Premium Rewards Checking?
You will still earn a Regular Share Savings APY on your checking account balance.
Your statistics always start over monthly so you get the opportunity to meet the requirements the very next month.

What if I open my account late in the month and I do not have time to meet the requirements...will I still earn the 3.00% APY?
Yes. New Premium Rewards Checking accounts will automatically receive the benefits for the first calendar month the account is open. This will give you time to get your debit card and set up your ACH deposits and withdrawals.

If I make debit card or ACH transactions through my savings account, will those count toward my requirements?
No. The transactions must occur on your Premium Rewards Checking account to fulfill the requirements.

eServices Requirements

Do I need to have an email address to enroll in eServices?
Yes. You will be asked for an email address when you sign up for eStatements, eNotices, and Online Banking. This email address will be used to notify you when your eStatement is ready to be viewed. Heritage South Credit Union will NEVER release your email address to someone outside of the credit union. Please see our Privacy Policy for more information. If the credit union does not have a valid email address for you, and we are unable to email you the eStatements notification, your status will be changed back to paper statements. This means you will not meet the requirements for Premium Rewards Checking. After 3 months with an invalid email address, you will be automatically switched from Premium Rewards Checking into Totally Free Checking.

Do I need to access my statement online in order to meet the eStatement requirement?
No. You do not need to access your eStatements in order to earn the higher dividend rate, but you must maintain active enrollment in the service (i.e. valid email address on file).

Do I need to access Online Banking each month in order to meet the requirement?
Yes. You need to successfully log into your Online Banking account at least once in the monthly cycle to earn the higher dividend rate for Premium Rewards Checking.

Direct Deposit or ACH Auto Debit Requirement

Exactly what do you mean by this requirement?
Direct deposits from an external source such as your employer or government checks into your Premium Rewards Checking account define the requirement. An ACH (Automatic Clearing House) Auto Debit is an automatic debit from your Premium Rewards Checking such as a utility bill or insurance bill that you set up from the vendor's site. You must maintain active enrollment. After 3 months of not maintaining this requirement you will be automatically switched out of Premium Rewards Checking into Totally Free Checking.

Debit Card Transaction Requirement

If I use my debit card at an ATM, will that transaction count towards my requirements?
No. The twelve debit card transactions must be accumulated by making purchases directly through merchants.

Can I "carry forward" debit card transactions in excess of twelve to the next month?
No. At the start of each requirements cycle (the first day of the month), your debit card transaction count will start over.

What if I make a debit card transaction and it posts to my Premium Rewards Checking account three days after I made the transaction? Which date will count towards meeting the requirements: the purchase date or the post date?
The posting date is the only date our system can recognize when counting a debit card transaction. If a transaction does not't post until the first day of the following month, it will count towards the next month's debit card transaction requirements.

Moving to Rewards Checking

Will the transactions on my old checking account count towards meeting the requirements for my new Premium Rewards Checking account?
Yes. Simply come into the credit union and have a staff member convert your Totally Free Checking account to the new Premium Rewards Checking account.

Will I be able to use my existing debit card, checks, and account number with my Premium Rewards Checking account?
Yes. Your account number does not change, there is no need to order new checks or a new debit card.

I want to convert my current checking account to the new Premium Rewards Checking account. Will I be able to access the transaction history on both accounts within Online Banking?
Yes. You will be able to view the transaction history under the new header of Premium Rewards Checking. You will also have access to your eStatements.

I have officially converted to a Premium Rewards Checking account. Do I need to update my recurring bill payments and transfers within Online Banking?
No. If you had recurring bill payments and transfers set up with your old checking account, you will not need to manually update those payments and transfers with your new Premium Rewards Checking account information.