PowerPlus Checking Rewards Members with Enhanced Benefits
October 1, 2018“It’s all about putting our members first,” said BCU President and CEO Mike Valentine about the exciting new changes to the Credit Union’s most popular checking account going into effect this month.
Beginning October 1, BCU members with PowerPlus Checking will enjoy enhanced benefits to their accounts that include a higher rate of interest, unlimited ATM refunds, and fewer monthly qualifications.
“Our members spoke loud and clear about the changes they wanted to see,” BCU director of finance Brett Engel said. “It was our mission to make PowerPlus Checking even more rewarding and convenient than before.”
The result was the new PowerPlus Checking benefit enhancements that include 3.00% APY on balances up to $15,000 and unlimited monthly refunds of non-BCU ATM fees – providing members with ultimate flexibility for accessing their checking account funds.1
Qualifying for the new PowerPlus Checking benefits is also easier than ever before, marked by just two simple monthly qualifications of a minimum $500 direct deposit and 15 qualifying transactions.
Members are equally excited to know that they will continue to receive these new benefits with no minimum balance requirements or monthly account maintenance fees.
“We’re confident these enhancements will delight our current PowerPlus Checking members who are actively taking advantage of BCU’s most rewarding checking account,” Engel said.
The Credit Union was equally careful to consider its higher balance checking account members when introducing the changes, offering flexible and rewarding alternatives such as an 11 month certificate with 2.60% APY2 and Money Market specials with 1.75% APY3.
The new changes to BCU’s PowerPlus Checking will result in delivering more than $1M of value back to account holders. These enhancements are yet another step forward in the Credit Union’s “Member First” mission to continuously improve the member experience.
“When our members speak, BCU listens,” Valentine said. “This is just the first of many improvements to come.”
APY = Annual Percentage Yield
1To earn monthly dividends and unlimited reimbursements of other banks’ ATM surcharge fees, your account must meet these two monthly requirements: Monthly direct deposits totaling at least $500 into your PowerPlus Checking account and completion of at least fifteen (15) transactions that include any combination of the following: BCU Debit Card PIN, Debit Card signature, credit card purchases, Online Bill Pay or ACH payments, which apply toward the monthly requirements in the month they post to your account. Credit card transactions that post on the last day of the month will be applied toward the following month’s transaction total. Accounts not meeting all monthly requirements will not earn dividends and will not receive reimbursements of other banks’ ATM surcharge fees. The dividend rate and annual percentage yield (APY) may change at any time. Balances up to $15,000 will earn the stated higher rate and the portion of the balance over $15,000 will earn the stated lower rate. See rate sheet or website for current rates. There is no minimum balance required to earn dividends. Dividends are paid monthly and calculated based on the average daily balance method. PowerPlus Checking is available as a personal account only and is limited to one account per member. If you do not have sufficient funds in your checking account to clear a presented item, funds may automatically transfer from another share and may count towards withdrawal limitations for that other share. (Regulation D dictates that electronic transfers from Savings are limited to six per month. Overdraft transfers are automated electronic transfers, which are subject to Regulation D rules. Each transfer in excess of six per month is subject to a $3 excessive withdrawal fee). See Service Charges and Fees Schedule in Deposit Account Agreement for further details.
2Promotional rate accurate as of 1/1/2019 and subject to change. The minimum new money deposit required to open a Certificate Account and obtain the above Annual Percentage Yield (APY) is $500. New money is defined as money not on deposit with BCU at or within 90 days prior to account opening. APY assumes that dividends will remain in the account until maturity. A penalty may be imposed for early withdrawal. Withdrawals and penalties may reduce earnings.
3Offer valid for new Money Market Special account with a minimum opening balance of $15,000 in new money. New money is defined as money not on deposit with BCU at or within 90 days prior to account opening. This is a tiered rate account. Rates and Annual Percentage Yields (APYs) accurate as of 10/1/2018 and guaranteed through 12/31/2019. Balances below $15,000, you will earn the stated lower rate of 0.05% with an APY of 0.05% and balances of $15,000 and over will earn the higher stated rate of 1.75% with an APY of 1.74%. The rates and APYs are variable and may change at any time after the guarantee period as determined by us. There is no minimum balance to earn an APY. Dividends are calculated by using the Daily Balance method, which applies a daily periodic rate to the balance in the account each day. The dividend rate for a particular tier will apply to the entire balance if the account balance is within the balance range for that tier. Dividends will be compounded and credited monthly. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. Dividends will begin to accrue on non-cash deposits (e.g. checks) on the day after you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid. Six withdrawal transactions per month are allowed. No more than six preauthorized, automatic, or telephone transfers may be made from this account to another account of yours or to a third party in any month. If you exceed the transfer or withdrawals limitations, your account may be subject to a $3 excessive withdrawals fee for each transaction that exceeds the monthly six transaction limit and closure by BCU. See Service and Fee Schedule in BCU Deposit Account Agreement at www.bcu.org for a list of fees applicable to this account.