Star Checking - Frequently Asked Questions

Rates Effective March 1, 2008

Rewards and Requirements

  • What are the "rewards" for Star Checking?
    • 5.01% APY dividend for balances up to $25,000
    • 2.00% APY on the remaining balance over $25,000
    • Nationwide ATM fee refunds with no limit
  • What are the requirements that must be met to qualify for the rewards?
    • 10 cleared Debit Card transactions each calendar month
    • 1 Direct Deposit or ACH Deposit
    • Accept eStatements (Which also requires a valid email address)
  • How often must the requirements be met to qualify for the rewards?
    • You have from the start of the calendar month to the end of the month to meet all the requirements. This time frame is also known as the 'statement cycle'.
    • The requirements start over at the beginning of each calendar month.
  • What happens if the requirements for Star Checking are not met?
    • The dividend rate on ALL funds within the account is .25% APY.
    • ATM Fees will not be refunded.
  • If I fail to meet the requirements during this statement cycle, can I still have a chance to qualify during the next statement cycle?
    • Yes, all requirements start over at the beginning of each month.
  • How can existing ACH originations, crediting savings accounts, be changed to credit the Star Checking Account?
    • In order to help members qualify for the ACH Deposit a member can convert their ACH deposit from savings to checking by way of an employee sending an email to the Finance Department with a request. Be sure to review/change the TRCH for loan payments.

Dividends and ATM Fee Refunds

  • Can the dividend rate on my Star Checking Account change?
    • Yes. The rate is variable and can change from time to time as determined by the Board of Directors.
  • Are the 'reward' rates just teaser rates or introductory dividend rates?
    • No. In fact, March 1st marks our first rate change since the account debuted almost a year ago even though the Fed has lowered rates by 2.00% during that time.
  • How are the dividends calculated?
    • Dividends are calculated daily and paid monthly on the last day of the month.
  • What account are dividends posted to?
    • Dividends post directly to the Star Checking Account.
    • A secondary transfer of dividends may be set up on a monthly basis to the account of the member's choice.
  • If I use another bank's ATM and pay a fee, when will I get my refund?
    • If all requirements are met, the ATM fee will be refunded on the last day of the statement cycle in which they were generated.
  • Do I have to do anything in order to get my ATM refund?
    • All you need to do is meet the requirements for the Star Checking Account and the refund will automatically be placed into your Star Checking Account at month-end.
  • Is there a maximum amount for an individual ATM fee that we will refund? (IE: casino's $4.99 ATM fee)
    • For an AUTOMATIC reimbursement, the cap is $4.99. For individual ATM fees in excess of $4.99, the receipt must be submitted to any branch.
  • Are fees refunded on ATMs used internationally?
    • No. Only U.S. ATM fees will be refunded. However, ATMs located on military bases outside of the U.S. are considered domestic ATMs and fees from those machines will be refunded.
  • Will I be charged the $0.95 for exceeding my 5 non CUW ATM transactions?
    • Yes, and if the requirements are met the fees will be reimbursed at the end of the calendar month.
  • If my Star Checking Account balance goes negative, will I still be able to qualify for my rewards during that statement cycle?
    • As long as the requirements are met you will receive Dividends.
  • If I miss my requirements by only one debit card transaction, can I call in and get my dividends and ATM refunds anyway?
    • No, all requirements must be met in order to receive the rewards.
  • Are POS fees refunded?
    • No. We refund ATM withdrawal fees not POS fees.
  • Will Star Checking members receive a 1099 at the end of the year reflecting dividends earned over the year?
    • If the total Dividends earned on the account is $10.00 or greater a 1099 will be sent.
  • Is there a Service Charge for a Star Checking Account?
    • No.

EStatements

  • How will I know that I have qualified for my rewards at the end of the statement cycle?
    • An email will be sent letting you know if you received the rewards.
    • An email will also be sent letting you know if you did not receive the rewards and why.
  • Must I access my eStatement online in order to qualify for the rewards?
    • No, you do not need to ACCESS your eStatement in order to qualify for your rewards but you must SIGN UP FOR eStatements through CU West's home banking site in order to be eligible for the rewards.
    • By accepting eStatements, monthly statements will no longer be mailed out and standard statement-print fees will apply if hard copies are requested over the phone or at a branch.
  • What if I need a printed copy of my statement?
    • You can access your statement through CU West's home banking site and print a copy from there.
  • Do I receive images or checks back with my Star Checking Account?
    • No.
  • How long will members be able to access eStatements?
    • From the first time they sign up for eStatements.
    • eStatements will be stored for up to 2 years.
    • eStatements can also be downloaded and saved to the members' personal computer.

Account Limits

  • Is there a limit on the amount of money I can keep in my Star Checking Account?
    • No.
  • Is there a minimum balance requirement in order to receive my rewards?
    • No.
  • What is the minimum opening balance for a Star Checking Account?
    • No minimum required.
  • Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
    • No.

Debit Card

  • What if my new debit card doesn't arrive until late in the statement cycle and I don't have time to earn my rewards… will I still get them?
    • Star Checking Accounts will automatically get rewards for the 1st month. This will give you time to get your debit card and start using it for the 2nd month.
  • If I use my Debit Card at an ATM, will that transaction count toward my requirements?
    • No, the required debit card transactions must be processed and cleared at a merchant to count towards the meeting of the requirements..
  • May I "carry forward" debit card transactions in excess of the required number to the next statement cycle?
    • No, at the start of each month all the requirements for the rewards start over.

Statement Cycle

  • What is the statement cycle for the Star Checking Account?
    • The statement cycle will run from the beginning of the calendar month to the end of the calendar month.
  • Will all Star Checking Account members be on the same statement cycle?
    • Yes.
  • If an existing member is moved to a Star Checking Account, will his/her statement cycle change?
    • If the statement cycle previously was not set up to run for the calendar month, converting to a Star Checking Account will change the statement cycle to calendar month end.

Opening/Converting Accounts

  • Is Credit Reserve available for Star Checking Accounts?
    • Yes, members must apply and qualify.
  • Is Overdraft Privilege available with the Star Checking Account?
    • Yes, members will have a $500.00 privilege.
  • Will I be able to use my existing debit card, checks, and account number with my Star Checking Account?
    • Yes, they will all remain the same.
  • How may I convert my current checking account to a Star Checking Account?
    • Existing members may change their type of checking accounts by:
      • Visiting a CU West branch
      • Calling the eBranch Department
      • Sending a secured email message
      • Faxing a signed request
      • Calling the branches
  • Can I open multiple Star Checking Accounts for the same account number?
    • No, but you can open another membership account with the Star Checking Account suffix and each checking account must meet all the requirements in order to get the rewards.
  • Can multiple people use the same Star Checking Account?
    • Anyone who is listed on the account may use the Star Checking Account
  • Can a DBA/Business/Non-Profit use this account?
    • No, the Star Checking Account is for personal use.
  • How many checks do I get when I open a Star Checking Account?
    • The first (1st) box of (Credit Union West Shadow/with Specialty only) checks is free.
    • $5 off any other style for the First Order if the member doesn't want the Specialty checks.
    • Star Checking reorders - NO free checks but will track reorders under the name Star Checking.

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