Frequently Asked Questions about Velocity Checking™

Velocity Checking Benefits

Q:  How does the dividend rate for Velocity Checking work?
A:  If you meet the account qualifications, you will receive

• The highest rate, currently 5.05% APY for balance of $.01 - $40,000.
• The 2nd tier rate, currently 1.00% APY for balances above $40,000.

• If the account qualifications are not met, you will receive .10% APY.
• The dividends are calculated on your daily average balance and credited monthly.

Q:  Can the dividend rate on my Velocity Checking account change?
A:  Yes. The rate may change at any time based on financial and market conditions, however Verity will guarantee that the highest rate, currently 5.05% will remain in place until at least June of 2008.  Verity’s ongoing purpose for this account is to offer a rate that is higher than most checking accounts in our market.

Q:  If I meet account qualifications, when will I receive my reward dividend pay out?
A:  On the last day of the month in which they were earned.

Q:  Do I have to do anything in order to get my ATM refunds?
A:  All you need to do is meet the account qualifications for the Velocity Checking account and the refund will automatically be credited to your checking account on the last day of the month. No need to submit any receipts. We will do all the work for you!

Q:  Are fees refunded on ATMs outside the United States?
A:  ATM fees incurred worldwide will be refunded.  

Q:  Will I receive a 1099 at the end of the year reflecting dividends earned on my account?
A:  Yes. If you earn $10 or more in dividends during the applicable calendar year, the credit union will send to you a 1099.

Q:  If my account balance goes negative, will I still be able to qualify?
A:  Yes, as long as you enroll in eStatements, login to Home Banking at least once per month and make twelve or more debit purchase transactions per cycle, you will qualify and receive your rewards.

Account qualifications - General

Q:  How do I qualify for the highest interest rate possible and ATM fee refunds?
A:  Agree to receive your statements electronically.
A:  Login to Home Banking at least once per cycle.
A:  Make twelve or more debit card purchase transactions per cycle.

Q:  How long do I have to qualify for Velocity Checking rewards each month?
A:  Between the last day of the month and the day before the last day of the following month. For example, to earn the highest interest rate possible and ATM fee refunds during the month of October, you must meet the requirements between September 30 and October 30.

Example start date: September 30
Example end date: October 30

Q:  Is the cycle for the account qualification different than the cycle for my account statement?
A:  Yes. Your account statement will reflect transactions made from the first day of the month to the last day of the month. For example, your account statement for the month of October will reflect transactions between October 1 and October 31.

Example start date: October 1
Example end date: October 31

Q:  How often must I meet the account qualifications to earn the highest rate possible and ATM fee refunds?
A:  On a monthly basis.

Q:  What happens if I fail to meet the account qualifications for Velocity Checking?
A:  You will still receive free checking with no minimum balance, free in-network ATMs, free Home Banking and Billpay.
A:  You will receive .10% APY and your out-of-network ATM fees will not be refunded for that month.
• You always have a chance to start over and meet the account qualifications the very next month.
• You will never be charged a maintenance fee regardless of what happens!

Q:  What if I open my account late in the month and I don’t have time to meet the requirements … will I still earn the highest interest rate possible and ATM fee refunds?
A:  Yes. New Velocity Checking accounts will automatically receive rewards for the first cycle the account is open. This will give you time to get your debit card and enroll in eStatements.

eStatements

Q:  Do I need to have an email address to enroll in eStatements?
A:  Yes. You will be asked for an email address when you sign up for eStatements. This email address will be used to notify you about whether you’ve qualified for rewards and that your eStatement is ready to be viewed within Home Banking.
A:  If the credit union does not have a valid email address for you, and we are unable to email you the eStatement notification, your status will change back to paper statements. Therefore, you will not qualify for the Velocity Checking rewards.

Q:  Do I need to access my statement online in order to meet the eStatement qualification?
A:  No, you do not need to access your eStatement in order to earn the highest interest rate possible and ATM fee refunds, but you must maintain active enrollment in the service.

 

Home Banking

Q:  Do I need to make any transactions within Home Banking in order to meet the qualification?
A:  No. You just need to make sure you login at least once.
A:  Login means that you enter your Signon ID and password, which will bring up your account information.

Debit Card Purchase Transactions

Q:  If I use my debit card at an ATM, will that transaction count towards my account qualification?
A:  No, the twelve debit card transactions must be accumulated by making purchases directly through merchants. Both pin-based (debit) and signature-based (credit) transactions count towards qualification.

Q:  Can I “carry forward” debit card transactions in excess of twelve to the next month (i.e. I make 30 transactions in September and 5 transactions in October, can I carry over the 18 “excess” transactions from September)?
A:  No, at the start of each qualification cycle (the last day of the month), your debit card transaction count will start over.

Q:  What if I make a debit card transaction and it posts to my Velocity Checking account three days after I made the transaction? Which date will count towards meeting the requirements: the purchase date or the posting date?
A:  The posting date is the only date our system can recognize when counting a debit card transaction. If a transaction doesn’t post until the last day of the month, it will count towards the next month’s debit card transaction qualification.

Members - Moving to Velocity Checking

Q:  Will the transactions on my old checking account count towards meeting the qualification for my new Velocity Checking account?
A:  No, you must meet the qualifications with your Velocity Checking account. However, you will earn the highest interest rate possible and ATM fee refunds the very first month you open your account, qualify for the rewards.

Q:  Will I be able to use my existing debit card, checks, and account number with my Velocity Checking account?
A:  Yes.  Your account number does not change, so there is no need to order new checks.
A:  Either at the time of conversion to Velocity Checking or shortly thereafter, you will receive a Velocity Checking branded debit card, which will replace your current card.  Transactions made on both cards during the statement cycle will qualify you for the highest rate possible.

Q:  I want to convert my current checking account to a Velocity Checking account. Will I be able to access the transaction history on both accounts within Home Banking?
A:  Yes.  Because your account number is not changing, your account history for both accounts will be available on Home Banking.

Online Account Opening

Q:  What happens next if I open this account on velocitychecking.com?
A:  You will be asked to provide some basic information on our secure server

• A Verity Credit Union representative will call you to complete your application
• Your completed application will be mailed/faxed to you for signature
• You will be asked for a copy of your identification
• You will be asked for a copy of address verification (bank statement, bill etc.).
• You will be asked to fund your account (mail a check, come by a branch).