| Bank online 24/7 | |
| More Info |  |
Questions members frequently ask about SoSMART® checking
- How SoSMART® Works
- Direct Deposit and Direct Payment
- ATM Refunds
- Debit Card Purchases
- E-Statements
- Account Limits
- Opening/Converting Accounts
How SoSMART® Works
Is there a monthly service charge for SoSMART® Checking?
There is never a monthly service charge for a SoSMART® Checking. It's always a free account.
What are the rewards of SoSMART® Checking?
You'll earn 2.02%APY interest for balances up to $15,000 and 0.30%APY on the remaining balance over $15,000. And, you'll receive nationwide ATM fee refunds up to $25.00 per monthly qualification cycle.
What's a monthly qualification cycle?
A monthly qualification cycle is approximately one calendar month, however, it will vary depending upon when the last business day of the month falls. A monthly qualification cycle is from the last business day of the previous month to the second to the last business day of the current month. Qualifying transactions must post and clear the account before the end of the business day. Let's look at October 2011 for example. The monthly qualification cycle for October would include the last business day of the previous month (September) which would be September 30, 2011. It goes to the second to the last business day of the current month, October, which would be October 28, 2011. The monthly qualification cycle for October 2011 would be from September 30, 2011 to October 28, 2011. That would mean the debit card transactions would need to post and clear the account during this time period. Pending transactions will count toward the next monthly qualification cycle.
When a monthly qualification cycle ends on Friday, which monthly qualification cycle will transactions that post and clear to my account on Saturday and Sunday count toward?
When a monthly qualification cycle starts or stops over a weekend, transactions that post and clear to your account on Saturday and Sunday will count toward the monthly qualification cycle beginning the following Monday. Saturdays and Sundays aren’t business days, so transactions that post and clear on these days are dated in the system with Monday’s date.
Are there any steps to qualify for the rewards?
There are just three free and simple steps we ask for each monthly qualification cycle:
- Receive E-Statements through Internet Banking (email address required)
- Minimum one (1) Direct Deposit or Direct Payment (ACH) posted and cleared per monthly qualification cycle
- Minimum fifteen (15) Debit Card Purchases posted and cleared per monthly qualification cycle
We realize it might take a little time to set up Direct Deposit or Direct Payment and get a new Debit Card, so we're making special accommodations. You'll automatically receive the rewards the first two monthly qualification cycles after you sign up for SoSMART® Checking even if you don't meet the three steps. For example, if you open a SoSMART® Checking on October 15, you'll earn 2.02%APY interest for balances up to $15,000 and 0.30%APY on the remaining balance over $15,000, plus you'll receive ATM fee refunds up to $25.00 from October 15 to October 28 (end of monthly qualification cycle) AND for the November monthly qualification cycle (monthly qualification cycle begins October 29) too. After that, you'll need to meet all three steps each monthly qualification cycle to qualify for the rewards.
Why does SoSMART® Checking have the three steps?
We ask you to do a few simple things to help us operate more efficiently. We then pass those savings on to you paying premium interest rate and refunding ATM fees.
What happens if I'm not able to meet the three steps for SoSMART® Checking?
You'll still earn interest of .15%APY on your checking balance, and your ATM fees won't be refunded. However, you can start over the next month toward meeting the three steps.
I don't have an email address. How can I get one?
If you don't have an email address currently, listed below are three of the more popular FREE email services that you can access from any computer with internet access. There are many other services available on the internet if you choose not to use one of these.
Google: mail.google.com°
Microsoft: www.hotmail.com°
Yahoo : mail.yahoo.com°
Can the interest rate on my SoSMART® Checking change?
Yes, this is a variable rate and can change at any time. It will always be a very competitive and attractive rate.
Is this just a teaser rate?
No, all members with this account who meet the simple three steps receive the same interest rate.
How is the interest calculated?
The rate is calculated daily and paid monthly.
If I meet the three steps, when will I receive my rewards?
On the last business day of the month.
How will I know that I have qualified for my rewards at the end of the monthly qualification cycle?
An email will be sent letting you know if you qualified for the rewards. If you didn't qualify, it will let you know why and what you'll need to do to qualify the next month. Your interest earned and ATM refunds will also show in Internet Banking and on your monthly E-Statement.
Will I receive a 1099 at the end of the year reflecting interest earned on my SoSmart® Checking?
If the total interest earned on the account is $10.00 or greater, a 1099 will be sent.
If my account balance goes negative, will I still be able to qualify for my rewards during that statement cycle?
As long as the three steps are met, you'll receive your rewards.
If I don't meet the three steps during a monthly qualification cycle, can I still have a chance to qualify during the next monthly qualification cycle?
Yes, you'll start over at the beginning of each monthly qualification cycle.
Direct Deposit and Direct Payment
Will a Direct Deposit or Direct Payment to my savings account also meet the requirement?
No, the Direct Deposit or Direct Payment must be linked to your SoSMART® Checking.
Do payments made in Bill Pay count toward a Direct Payment?
Only if the payment is sent electronically. While most payments are sent electronically, some billers are unable to accept an electronic payment. In this case, an actual paper check is sent through the U.S. Postal Service. If a check is sent, this wouldn't count toward your Direct Payment.
ATM Refunds
If I use other financial institution's ATMs and pay fees, when will I get my refunds?
If all three steps are met, the ATM fees will be refunded on the last business day of the month in which the ATM fees were charged.
Do I have to do anything to get my ATM refund?
No, your refunds will automatically be placed into your SoSMART® Checking if all requirements are met. Your total ATM fee refund for the monthly qualification cycle will show on your E-Statement and within Internet Banking as one accumulative refund on the last business day of the month. You'll also receive a monthly email summary that provides you a recap for the monthly qualification cycle and lets you know if you met the simple steps. And remember, if you don't meet the steps, you'll be able to start over the next month toward meeting them.
Will ATM refunds apply to my savings account also?
No, you'll only receive refunds from ATM transactions made from your SoSMART® Checking.
Are fees refunded on ATMs used internationally?
Yes, international ATM fees are also refunded.
Debit Card Purchases
How will I know how many debit card purchases have posted to and cleared my account each monthly qualification cycle?
You'll receive a monthly email summary that provides you a recap for the monthly qualification cycle and lets you know if you met the simple steps. It will tell you how many debit card purchases posted to and cleared your account for the monthly qualification cycle.
If I use my debit card at an ATM, will that transaction count?
No, the required debit card transactions must be purchases to count.
Can I carry over debit card purchases in excess of the required number to the next monthly qualification cycle?
No, at the start of each monthly qualification cycle, all the steps for the rewards start over.
Will the transactions from a monthly qualification cycle on my old checking account count toward the required transactions for a monthly qualification cycle on my new SoSMART® Checking?
No, the transactions from your old checking account don't transfer over to your new SoSMART® Checking, but remember, the first monthly qualification cycle you join SoSMART® Checking you automatically receive the rewards.
What if my new debit card doesn't arrive until late in the monthly qualification cycle and I don't have time to meet the 15 purchases? Will I still get my rewards?
New SoSMART® Checking accounts will automatically get rewards for the first two monthly qualification cycles. This will give you time to get your debit card.
If I miss by only one debit card purchase, can I call in and get my interest and ATM refunds anyway?
No, you'll need a minimum of fifteen (15) purchases in order to receive the rewards.
E-Statements
Do I have to access my E-Statement online in order to qualify for the rewards?
You're not required to access your E-Statements. You'll no longer receive paper statements so if you want to look at your account history, you can do this through Internet Banking or E-Statements.
How do I get copies of my checks?
Through Internet Banking you can view and print electronic images of your checks at no charge.
What if I need a printed copy of my statement?
A printable version of your E-Statement is available.
Account Limits
Is there a limit on the amount of money I can keep in my SoSMART® Checking account?
No, you can keep as much as you want in the account. You'll earn 2.02% APY interest for balances up to $15,000 and 0.30% APY on the remaining balance over $15,000.
Do I have to keep a minimum balance in my SoSMART® Checking to receive my rewards?
There is no minimum balance requirement.
Opening/Converting Accounts
Is overdraft protection available for SoSMART® Checking?
Yes, overdraft protection is available.
Will I be able to use my debit card and checks from my old Lake Trust Checking Account with my SoSMART® Checking?
Yes, you'll be able to use both your current debit cards and checks with your new SoSMART® Checking.
If I switch my current Lake Trust Checking Account to a SoSMART® Checking, will my account number stay the same?
Yes, you'll have the same account number.
Can I open multiple SoSMART® Checking accounts for the same address?
You can open multiple SoSMART® Checking accounts but each must meet all three steps in order to get the rewards.
Can multiple people use the same SoSMART® Checking?
Anyone who is listed on the account may use the SoSMART® Checking. The required 15 debit card transactions are an accumulative total of all cards attached to the SoSMART® Checking.
Can a DBA use this account?
No, SoSMART® Checking is only available to personal accounts.
Is there a limit on the number or kind of transactions I can do on a SoSMART® Checking?
There is no limit on the number or kind of transactions you can do.
°Third party website. Lake Trust Credit Union is not responsible for the content on this website.
