FAQ - New Deal Checking Account
Q: What must I do to earn 3.25% APY on my checking account?
A:
The account requirements include:
Using your New Era Bank Debit Card for 10 or more point-of-sale purchases per statement
cycle (excluding ATM transactions), establishing at least one monthly direct deposit or
two monthly recurring ACH auto debits per statement cycle, accessing your online banking
account at least once per statement cycle, and maintaining a valid email address in order
to receive monthly bank statements over the internet.
Q: How do I sign up for Direct Deposit or to make an automatic payment?
A:
Signing up for Direct Deposit and setting up an automatic payment is easy with the New Era
Bank easy switch kit. You can download the
easy switch kit, fill it out yourself, and bring it by
one of our three locations. Or come on in and we'll fill out the
necessary forms for you.
Q: If my employer doesn't offer Direct Deposit or if I'm not eligible for government benefits, can I still qualify for the account?
A:
Yes. You can qualify for the account by setting up 2 automatic payments. Examples include
setting up your account to automatically and electronically pay bills such as your mortgage,
car payment, other loans, insurance premiums, utilities, etc.
Q: What happens if I don’t meet the New Deal Checking requirements?
A:
If you do not meet the four free and easy requirements per statement cycle, your account will
earn 0.10% APY on daily collected balances and will function as a free checking account with
no monthly maintenance fee, however, it will not receive ATM fee refunds for that cycle period.
Q: How is my interest calculated?
A:
Interest will be compounded monthly and will be credited to the account monthly. We use the daily
balance method to calculate the interest on the account. This method applies a daily periodic rate
to the principal in the account each day. The daily balance that we use when calculating interest
is the collected balance. That means we only include those funds for which we have actually received
payment when we determine the balance on which interest is paid.
Q: If I qualify, when will I receive the interest?
A:
The interest will be credited to your account at the end of each monthly statement cycle.
Q: Can the interest rate change on my New Deal Checking account?
A:
Yes. This is a variable rate account and the rate may change at any time.
Q: If I use another banks ATM and pay a fee, how will I get a refund?
A:
When you meet the monthly requirements for New Deal Checking, a refund will be made to your account
at the beginning of the next statement period.
Q: If I use my New Era Bank Debit card at an ATM, does that transaction count as one of my 10 debit card transactions?
A:
No. Only transactions used to purchase goods and services will qualify as a required debit card transaction.
Q: If I have more than the required 10 transactions one month, can I carry them forward and receive credit the next month?
A:
No. Requirements must be met during each statement cycle.
Q: If I convert my existing New Era Bank account, will I keep my same account number?
A:
Yes, you will keep the same account number if you convert your existing account.
Q: Will I be able to use my existing New Era Bank Debit Card with my New Deal Checking account?
A:
Yes, if the card is on the same account number that is converted to New Deal Checking.
Q: Will my statement cycle change?
A:
Yes. New Deal Checking has a predetermined statement cut off date that may not be changed.
Q: Can I have a New Deal Checking account if I don't have a computer?
A:
Computer access and a valid email address are required in order to qualify for New Deal Checking. If
you don't have a computer, you must have a valid email address and access to a computer to login to
online banking at least once a month.
Q: Are my checks still free?
A:
We will pay for your first order of checks.
Q: Are there any check writing limitations?
A:
No, you may write as many checks as you like. Due to the convenience of the New Era Bank Debit Card
when making purchases, we encourage you to use it over writing a check, but of course the choice is
up to you.
Q: Will I have overdraft protection on my New Deal checking account?
A:
Yes. Overdraft protection will be the same as Free Checking, which carries a $300 overdraft privilege.
Q: Is this account FDIC insured?
A:
Yes.
Q: What is the minimum/maximum balance?
A:
There are no minimum or maximum balance requirements. However, you will only earn the 3.25% APY on
the first $50,000 in the account.
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