Q. What is Performance Checking? A. Performance Checking is a checking account in which members receive a high-dividend rate on balances up to $25,000 based upon fulfilling certain qualification requirements. This rate is significantly higher than what is being offered on most share certificates and money market accounts. In addition to requiring no minimum balances, qualifying members may receive up to $25 monthly reimbursements on their foreign ATM usage fees. Q. What are the qualification cycle requirements that must be met to qualify for the rewards? A. Members must fulfill the following during each monthly qualifying cycle: Q. How does the tiered dividend rate for Performance Checking work? A. Qualifying members will receive the higher dividend rate on balances up to $25,000. Balances over $25,000 will receive a 0.25% APY dividend rate. On checking accounts that do not meet qualification requirements, the rate will be the default rate - presently 0% APY. Q. How often must the requirements be met to qualify for the rewards? A. Each cycle period. Please note: monthly cycle periods may vary from statement cycles. The account disclosure outlines specific details, but below please find the general disclaimer: "Each cycle the minimum requirements are met, 2.02% Annual Percentage Yield (APY) will be paid on balances between one penny and $25,000, as well as 0.25% APY paid on all amounts above $25,000. Rates as of July 1, 2010. LAPFCU may change the dividend rate at any time. No minimum balance required, however you must deposit a minimum of $25 to open the account. No monthly service charge. If you do not meet the requirements per qualification cycle, your account will not earn dividends nor will ATM fees be reimbursed. **ATM refunds up to $25 per statement period if requirements are met. ***Qualification cycles will vary from your statement period. One Performance Checking Account per member. New accounts will automatically receive the 2.02% APY for the first statement period of the account. See disclosure for complete details." Q. Can the dividend change on the Performance Checking account? A. Yes, the rates are subject to change without notice. Q. How is the dividend rate calculated? A. The dividend is calculated based on the average daily balance in the Performance Checking Account. Q. Is this just a "teaser" rate? A. No, this is not a teaser rate. The high dividend rate is being offered to members based upon them fulfilling certain requirements. However, as with all of our rates, this rate can change without notice. Q. What happens if I don't meet the requirements for Performance Checking? A. Your account will not earn dividends. Q. If I meet the requirements, when will I receive my rewards? A. Rewards will be reflected on your monthly Performance Checking e-statement. Q. If I use another bank's ATM and pay a fee, when will I get my refund? A. Refunds will be reflected on monthly Performance Checking e-statements. Q. Direct deposit is one of the requirements for Performance Checking. I requested my direct deposit be transferred to my Performance Checking Account, but it didn't happen on my next pay period. Why? A. Whenever a direct deposit is changed over, it may take one or two payroll cycles to have it transition to the new account. During the transition, you may receive a check instead of a pay statement. Please verify what you received before discarding any pay records. Q. Do I have to do anything in order to get my ATM refund? A. You must satisfy the monthly qualification requirements. Qualified ATM reimbursements will be calculated and applied on a monthly basis, and reflected on your statement. Q. How will I know that I have qualified for my rewards at the end of the qualification cycle? A. You will receive an e-mail notification which details account activity and shows if qualifications have been fulfilled. It will also indicate if the higher dividend rate and an ATM refunds have been awarded. Q. Will I receive appropriate dividend information at the end of the year? A. You will receive appropriate dividend information for each account reflecting the total annual dividends earned on the account. Q. Are fees refunded on ATMs used internationally? A. No. If you meet qualification requirements, refunds are only given for ATMs in the United States. Q. If my account balance goes negative, will I still be able to qualify for my rewards during that qualification cycle? A. Yes. As long as the qualification requirements are met and the average daily balance for the account is positive, you will qualify. Q. If I fail to meet the requirements during this qualification cycle, will I still have a chance to qualify during the next cycle? A. Yes, each month you have a new opportunity to fulfill requirement qualifiers. However, qualification requirements do not roll over monthly. Q. What if my new QuickDrawPlus Card doesn't arrive until late in the qualification cycle and I don't have time to earn my rewards... will I still get them? A. Yes. Members automatically qualify for the bonus rate during the first month in which they establish their account. Q. If I miss my requirements by only one debit card transaction, can I call in and get my interest and ATM refunds anyway? A. No. Rewards are award-based upon the member fulfilling all the qualification requirements. Q. Does an online bill pay count towards an ACH-debit or auto-debit? A. No. In order to qualify as an ACH debit, it must originate from a service or company. Q. Why do you have a $25,000 limit on Performance Checking Accounts? A. The Performance Checking account offers a very attractive dividend rate and other great benefits. In order to offer that great rate, LAPFCU had to set in place certain guidelines, the $25,000 ceiling being one of them. Through research we discovered that anything higher than that would make it difficult to provide the great rates and benefits.
Rewards and Requirements
