Phone: (419) 426-3641

Rewards Checking

Rewards Checking is an innovative free account that pays. With 3.01% APY*, your checking account...

Summary

Rewards Checking is an innovative free account that pays. With 3.01% APY*, your checking account becomes a true investment. This is not an intro rate; you earn high interest as long as you have your account. Since we refund ATM fees incurred by other banks nationwide, you'll never waste those gains on getting cash. Plus you get a Visa Debit Card, Internet banking and online bill pay for free. There are never maintenance fees or hidden service charges, just rewards for using Sutton Bank as your primary bank.

* Annual Percentage Yield

**Rewards Checking is a variable rate checking account, and is therefore subject to rate change at any time without notice. Rewards Checking is a relationship account, and is therefore intended to be your primary checking account, with check card transactions for everyday expenses.

Features

Earn 3.01% APY on balances up to $25,000 *

Free ATMs nationwide **

No minimum balance, low opening balance of $100

No maintenance fees

Free online banking and bill pay

Free Visa Check Card

* 3.01% Annual Percentage Yield (APY) paid on balances between one penny and $25,000 each cycle the minimum requirements are met. Balances over $25,000 earn 1.01% APY. If you do not meet the requirements per cycle, your account will still function as a free checking account earning 0.15% APY without ATM fee refunds.

** ATM refunds are capped at $5.00 per transaction, which covers most nationwide ATM transactions fees and surcharges.

Qualifications

• At least 11 check card transactions must settle per statement cycle
• Set up one monthly direct deposit or ACH auto debit
• Receive your statements electronically

FAQ

Rewards and Requirements

• What are the "rewards" for Rewards Checking? 3.01%APY (annual percentage yield) on balances from $0.00-$25k, 1.01%APY on balances over $25k, 0.15% APY Base; All ATM fees incurred in cycle are refunded.
• What are the requirements that must be met to qualify for the rewards? 11 POS Check Card Transactions must settle (actually posted, not pending) through your account (excluding ATM transactions); Accept Electronic statement (E-Statement); Direct Deposit of payroll or Government check or one (1) ACH Debit in Rewards account.
• How often must the requirements be met to qualify for the rewards? Each Cycle
• What happens if I do not meet the requirements for Rewards Checking? Still get base rate! (No ATM refunds)
• Are there any monthly service fees? No! There are no monthly service fees. The account is a free account, however if your REWARDS qualifications are not met, the ATM fee refunds will not be applied for that statement cycle.
• How does the tiered interest rate for Rewards Checking work? If you qualify, the portion of your balance from $0 - $25k will receive 3.01%APY, portions of your balance above $25k will receive 1.01%APY. If you do not qualify, you still get 0.15%APY.
• Can the interest change on my Rewards Checking account? Yes, all rates on Reward Checking can be changed at the discretion of the institution.
• Is this just a "teaser" rate? No. The Rewards Checking account will always offer a rate well above market, however, it is a variable rate account, and is subject to change at any time without notice due to market conditions.
• How is the interest calculated? Daily balance method.
• If I meet the requirements, when will I receive my rewards? Last day of statement cycle.
• If I use another bank's ATM and pay a fee, when will I get my refund? On the last day of the statement cycle, providing all qualifications are met.
• Do I have to do anything in order to get my ATM refund? 11 POS Check Card transactions settled through your account, Accept E-Statement, and one (1) Direct Deposit or ACH debit per cycle. Other than the account requirements, no.
• How will I know that I have qualified for my rewards at the end of the statement cycle? You will receive an e-mail telling you. You can also log onto Internet Banking and keep up every day!!
• Will Rewards Checking customers receive a 1099 at the end of the reflecting interest earned over the year? Yes.
• Are fees refunded on ATMs used internationally? No, nationwide only.
• If my account balance goes negative, will I still be able to qualify for my rewards during that statement cycle? Yes. Just do 11 POS Check Card transactions, Accept E-Statement, and have one (1) Direct Deposit or ACH Debit.
• 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, of course!!
• What if my new Check 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? You will receive your rewards for the first cycle that you have the account.
• If I miss my requirements by only one Check Card transaction, can I call in and get my interest and ATM refunds anyway? No.

Statement Cycle

• What is the statement cycle for Rewards Checking? The Statement cycle begins the first day after the last business day of the previous calendar month and ends the last business day of the current calendar month.
• What is the qualification cycle? The Qualification cycle begins on the last day of the previous statement cycle and ends on the last business day before the next statement cycle ends.
• What is a Settled Transaction? A settled transaction is one that has posted to your account. When you use your debit card the merchant places a memo hold on your account for the amount of the purchase. It can take up to three business days before the merchant actually debits your account.
• Will all Rewards Checking customers be on the same statement cycle? Yes.
• If an existing customer is moved to a Rewards Checking account, will his/her statement cycle change? Yes.

Check Card Transactions

• If I use my Check Card at an ATM, will that transaction count towards my requirements? No. Only POS (point-of-sale) transactions count.
• Does a Check Card reversal count against my requirements? Does it count towards my requirements? You need a net of 11 Settled POS Check Card transactions to settle through your account, so yes, it does count against your requirements.
• May I "carry forward" Check Card transactions in excess of the required number to the next statement cycle? No.
• Will the transactions from this statement cycle on my old account count towards the required transactions for this statement cycle on my Rewards Checking account? They don't need to, you will get your rewards for your first cycle whether you qualify or not.

E-Statements

• Must I access my e-statement online in order to qualify for the rewards? No, you must accept electronic delivery with a valid e-mail address, but you do not have to look at it.
• Do I receive images or checks back with my Rewards Checking account? Upon request, you can receive check images with your electronic statement.
• Can I have a Rewards Checking account if I don't own a computer? Yes, of course! Nowhere does it say that you have to have a computer, but must provide a valid e-mail address for delivery of electronic statement.
• What if I need a printed copy of my statement and/or check image? You may go to your local library or facility offering free Internet access.
• What if I change my e-mail address? You MUST notify the bank when your e-mail address changes. We will attempt to deliver the statement electronically, but if it is rejected and bounces back to us for 2 consecutive months, a paper statement reproduction will be mailed at a fee of $20.00.
• What if I don't want my statement delivered electronically? Then you do not qualify for the Rewards account. A number of other checking products are available, including Free Checking.

Account Limits

• Is there a limit on the amount of money I can keep in my Rewards Checking account? There is no limit to the amount you put into your account. Feel free to consolidate savings, CDs, and accounts at other institutions.
• Is there a minimum balance requirement in order to receive my rewards? No!!
• What is the minimum opening balance for a Rewards Checking account? $100.00.
• Is there a limit on the amount of ATM refunds that I can receive during a statement cycle? Rewards are capped at $5.00 per transaction, which covers most nationwide ATM transaction fees.

Opening/Converting Accounts

• Is overdraft protection available for Rewards Checking accounts? Yes.
• Will I be able to use my existing Check Card, checks, and account number with my Rewards Checking account or will those all change? If your existing account is switched, everything will remain the same.
• How may I convert my current checking account to a Rewards Checking account? Talk to a New Accounts Representative at an office nearest you.
• Can I open a Rewards Checking account over the phone? We prefer for you to come in to an office.
• Can I open multiple Rewards Checking accounts for the same address? There is no reason to limit the number of accounts someone opens.
• Can a DBA use this account? No.
• Can this be used as a business account? No.
• How many checks do I get when I open a Rewards Checking account? 1 box of 150 personalized checks will be provided free of charge. (restrictions apply)

Sutton Bank, Member FDIC, Equal Housing Lender