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What happens if I don’t meet the monthly requirements for Power Rewards Checking? |
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How will I know if I meet the requirements each month? |
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How does the interest rate structure work for this account? |
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Can the “reward” interest rate on my Power Rewards Checking account change? |
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Is there a minimum balance requirement to receive the higher interest rate? |
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Do ATM transactions count towards meeting the 18 debit card transaction requirement? |
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If I perform more than the required 18 debit card transactions, may I count the extra transactions toward the next month’s requirement? |
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Can I have a Power Rewards Checking account if I don’t own a computer? |
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What is an eStatement? |
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I already have a First Fed checking account. Can I switch it to a Power Rewards Checking account? |
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Can I use my existing checks, ATM card and account number if I switch to a Power Rewards Checking account? |
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If I switch to Power Rewards Checking, will I have overdraft protection? |
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What is the statement cycle for Power Rewards Checking? |
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Can this be used as a business account? |
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How do I sign up for a Power Rewards Checking account? |
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| What happens if I don’t meet the monthly requirements for Power Rewards Checking? |
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You will not receive your interest rate “reward,” however; you will still receive the base interest rate of 0.25% based on the total account balance during the next statement period. |
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| How will I know if I meet the requirements each month? |
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We will send you an e-mail to advise you of whether or not you met the requirements for the month. You will see exact numbers comparing your actual results to the requirements and if you didn’t meet the requirements, you’ll see exactly what you’ll need to do the next month so that you do qualify for your interest rate reward. |
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| How does the interest rate structure work for this account? |
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The Annual Percentage Yield (APY) is subject to change daily. An account balance up to $25,000 earns the guaranteed higher interest rate/APY “reward,” now paying 4.16% APY. An account balance over $25,000 earns 1.00% interest. If monthly requirements are not met, the base interest rate of 0.25% applies to the total account balance during the next statement period. Terms and conditions apply, including those relating to debit card usage, online bill pay usage, ACH debit or direct deposit requirement. |
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| Can the “reward” interest rate on my Power Rewards Checking account change? |
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Yes. The interest rate and Annual Percentage Yield (APY) is variable and can change at any time. |
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| Is there a minimum balance requirement to receive the higher interest rate? |
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No, there is no minimum balance requirement. |
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| Do ATM transactions count towards meeting the 18 debit card transaction requirement? |
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No. ATM/cash withdrawals do not count toward the monthly requirements. Only when you use your MasterMoneyTM Debit Card to purchase goods and services will that transaction count toward meeting your debit card transaction requirements. If you get into the habit of using your card to purchase gas and buy groceries, for example, you’ll see how quickly your requirement transactions will add up. |
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| If I perform more than the required 18 debit card transactions, may I count the extra transactions toward the next month’s requirement? |
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No. The minimum requirements must be met in each statement cycle. |
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| Can I have a Power Rewards Checking account if I don’t own a computer? |
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Yes, all that you’ll need is a valid e-mail address and access to a computer to enable you to meet your 3 or more monthly online bill payment requirement and to view your monthly statements online. Several websites (including Yahoo) offer free e-mail service, and public libraries provide computer access. |
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| What is an eStatement? |
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An eStatement is an alternative to a paper statement. We’ll send you an e-mail each month letting you know when your e-statement is ready. You can then view your current (or past statements) online at your convenience. |
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| I already have a First Fed checking account. Can I switch it to a Power Rewards Checking account? |
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Yes. Switching to Power Rewards Checking is quick and easy. Just talk with your Personal Banker or call a FirstFed Direct associate at 800.226.5332 between the hours of 8:00 a.m. and 6:00 p.m., PST Monday through Friday, excluding holidays. |
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| Can I use my existing checks, ATM card and account number if I switch to a Power Rewards Checking account? |
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Yes. Everything will remain the same. |
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| If I switch to Power Rewards Checking, will I have overdraft protection? |
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If your account currently has overdraft protection, you will have it on your Power Rewards Checking account as well. Additionally, you can apply for overdraft protection if you currently do not have it on your account. |
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| What is the statement cycle for Power Rewards Checking? |
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It’s a monthly cycle so you’ll receive a statement at month-end. |
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| Can this be used as a business account? |
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No. Power Rewards Checking is a consumer account only. |
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| How do I sign up for a Power Rewards Checking account? |
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Simply go to any of First Fed’s branch locations. For the branch nearest you, click here. |
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