Personal Checking
Frequently Asked Questions
What are the requirements to get the Rewards?
It's easy to earn high interest on your Checking account when you perform these simple steps every month:
- Sign up for Direct Deposit or pay one bill via ACH debit
- Sign up for eStatements (with valid e-mail address)
- Use your debit card for 15 signature-based transactions
Is there a minimum balance requirement in order to receive my rewards?
The bank not require a minimum balance to earn the Rewards as long as the Reward requirements are met. In order to receive the stated APY, the average collected daily balance must be $0.01.
Are there any monthly service fees?
No. There are no monthly service fees. This is a free account.
When do I start to receive the Rewards?
Your Rewards begin to calculate on the first of the month following account opening. As an example, all Cash Rewards Checking statement cycles begin the first business day of the month. The last day of the cycle will be the last business day of the month, unless that day falls on a weekend or holiday. If that happens, the last day of the cycle is the previous business day.
What balance is used to calculate the reward interest?
The average daily balance.
Can the interest rate change on my Cash Rewards Checking account?
Yes. This is a variable rate account and the rate may change at any time.
If my account balance goes negative, will I still be able to qualify for my Rewards during that statement cycle?
Yes, if the Reward requirements are met.
If I fail to meet the Reward requirements during this statement cycle, can I still have a chance to qualify during the next statement cycle?
Yes, each month is viewed as a new requirement period.
If I miss my Reward requirements by only one Debit Card transaction, can I call in and get my interest and ATM refunds anyway?
No, Rewards are only given to customers who meet the Reward requirements.
Is there a limit on the number or kind of transactions you can do on a Cash Rewards Checking account?
No. There is no limit. In order to receive the rewards, you must use your debit card for signature-based transactions at least 15 times per cycle.
Will I be able to use my existing debit card from Riverside Community Bank with my Cash Rewards Checking account?
Yes, if the account is on the same card.
May I "carry forward" debit card transactions in excess of the 15 required check card transactions?
No. Requirements must be met during each statement cycle.
What is Direct Deposit?
Direct Deposit automatically places your paycheck, pension, Social Security, or other regular monthly income into your checking account. It's convenient, secure, and saves trips to the bank.
Does the auto debit have to be for the same amount each month to meet the high rate requirements?
No.
Will I receive a 1099 reflecting interest earned over the year?
Yes.
Can this be used as a business account?
No. This account is for personal use only.
Can I have a Cash Rewards Checking account if I don't have a computer?
Computer access and a valid e-mail address are required in order to have Cash Rewards Checking. If you do not have your own computer, you must at least have an e-mail address and access to a computer to view your monthly statements online.
Are my printed checks free?
No.
Your Statement
Will the transactions from this statement cycle on my old account be allowed as required transactions for my Cash Rewards Checking account for this statement cycle?
No. You will not be allowed to carry over transactions as required transactions for this account.
Will my current statement cycle change?
Yes. Cash Rewards Checking has a predetermined statement cut off date (end of each calendar month) that many not be changed.
ATM Fee Reimbursement
If I use my debit card at an ATM, will that transaction count toward my 15 required debit card transactions?
No. Only signature-based transactions used to purchase goods and services will qualify as a required debit card transaction.
If I use another bank's ATM and pay a fee, how will I get a refund?
When you meet the requirements for Cash Rewards Checking during your statement period, a refund will automatically be made to your account at the end of that statement period.
How do I get my ATM fees rebated?
Upon meeting the monthly requirements, ATM refunds will automatically be rebated and posted to your account up to $20.
Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
Yes, up to $20.00 per month.
