Peak High Yield Checking FAQ
Peak High Yield Checking is a checking account that offers two tiers of rewards for you in cash each month. To learn more and sign up, see our Peak High Yield Checking page.
Rewards and Requirements
- Make at least 12 debit card (Point of Sale) transactions per cycle for Tier 1 dividend rate or 25 or more for Tier 2 dividend rate
- Be opted in to receive eStatements
Is there a monthly service charge for the Peak High Yield checking account?
There is no service charge
What are the rewards for Peak High Yield Checking?
- Higher dividend rate on the balance in the account
- ATM surcharge fees reversed
How often must the requirements be met to qualify for the rewards?
The qualification period goes from the last day of the month to the next to last day of the next month. For example a qualification period would start April 30th and end May 30th.
What happens if the requirements for Peak High Yield Checking are not met?
- A lower dividend rate is paid
- ATM surcharge fees are not reimbursed
Yes -- this is a variable rate and can change at any time.
Is this just a "teaser" rate?
No. All members with this account receive the same dividend reward as long as the requirements are met.
How are the dividends calculated?
Ending daily balance x dividend rate divided by 365 = Daily Accrued Dividend. *Calculated daily paid at end of cycle.
If I meet the requirements, when will I receive my rewards?
Rewards are paid on the last day of the month.
Will Peak High Yield Checking members receive a 1099 INT at the end of the year reflecting dividends earned over the year?
Members will receive a 1099 INT if the combined dividends earned on all Peak Credit Union accounts are equal to or more than $10.00.
If my account balance goes negative, will I still be able to qualify for my rewards during that statement cycle?
Yes, as long as you meet the requirements you will still qualify for your rewards.
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, you can start over next month and work towards meeting the requirements.
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?
You will earn the rewards the first month that you have the checking account regardless of meeting the qualifications. You should have your debit card before the next qualification period.
If I miss my requirements by only one debit card transaction, can I call in and get my dividends and ATM refunds anyway?
ATM refunds and dividend payments cannot be forced paid. You will still earn the lower dividend rate. Don't worry though, you can start over next month and work towards meeting the requirements.
ATM Fee Refunds
If I use another bank's ATM and pay a fee, when will I get my refund?
If you meet the requirements, you will receive the refund on the last day of the month. (ATM fees that are charged on the last day of the month will be refunded on the last day of the next month.)
Do I have to do anything in order to get my ATM refund?
The only thing you have to do is meet the requirements. You will automatically receive the refund at the end of the month.
Are fees refunded on ATMs used internationally?
No, international ATM fees and international transaction fees will not be refunded)
Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
The maximum refund amount is a total of $20 per cycle.
Statement Cycle
What is the statement cycle for Peak High Yield and Peak Cash Back Checking?
The statement cycle for these checking accounts is the same as all other checking accounts. The statement cut off date is the last day of the month. The qualification period however ends the day before the last day of the month.
Will all Peak High Yield and Peak Cash Back Checking members be on the same statement cycle?
Yes, all members will be on the statement cycle.
If an existing member is moved to a Peak High Yield Checking and Peak Cash Back Checking account, will his/her statement cycle change?
No, the statement cycle will always be the same.
Debit Card Transactions
If I use my debit card at an ATM, will that transaction count toward my requirements?
No, ATM transactions do not count toward the requirements. Only point of purchase transactions count (pin entered or signature based).
Do I have to use the debit card as a DEBIT card, or may I tell the vendor to use it as though it were a credit transaction?
As long as you use your debit card, it doesn't matter if you use it with your PIN, or as if if were a credit card transaction.
May I "carry forward" debit card transactions in excess of the required number to the next qualification cycle?
No, only transactions performed during the qualification period will count towards the requirements for that statement cycle.
eStatements
Can I have Peak High Yield Checking or Peak Cash Back Checking account if I don't have a computer?
Yes. You do need a valid email account, however. Google, MSN, Hotmail, and Yahoo all offer free email accounts, and you can use the computers at your local library or an internet café to sign up.
Must I access my eStatement online in order to qualify for the rewards?
No, you are not required to access your eStatement online. You are only required to sign up and receive the eStatement. Looking at the statement is your choice.
Do I receive images or checks back with my Peak High Yield or Peak Cash Back Checking account?
Check images are available through online banking. You will not receive the physical check back.
What if I need a printed copy of my statement and/or check image?
Statements and/or check images can be printed through online banking or you may contact the credit union for copies of these items (there may be a fee assessed).
Account Limits
Is there a limit on the amount of money I can keep in my Peak High Yield Checking account?
There are no limits on the amount of money you can keep in the Peak High Yield Checking account. The higher dividend rate only applies to the first $25,000.
Is there a minimum balance requirement in order to receive my rewards?
No, there is no minimum balance requirement to receive your rewards.
What is the minimum opening balance for Peak High Yield Checking or Peak Cash Back account?
$25 is the minimum opening balance for these checking accounts.
Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
The maximum refund amount is a total of $25 per month.
Opening/Converting Accounts
Is overdraft protection available for Peak High Yield or Peak Cash Back Checking accounts?
Yes, overdraft protection is available for these checking accounts.
Will I be able to use my existing Debit Card, checks, and account number with my checking account or will those all change?
Yes, you can use your existing debit card, checks and account number. The only thing that will change is the name of the account.
How may I convert my current checking account to an Peak High Yield Checking or Peak Cash Back account?
To convert your current checking account you can go to a local branch or call our contact center at (800) 258-3115.
Can I open an Peak High Yield or Cash Back Checking account over the phone or online?
Yes, you can open your checking account over the phone or online.
Can I open multiple Peak High Yield or Cash Back Checking accounts for the same address?
Yes.
Can multiple people use the same checking account?
To use the checking account, the second user must be added to the account.
Can a DBA use this account?
No, only consumer accounts are eligible for the Peak High Yield or Cash Back Checking account.
Is there a limit on the number or kind of transactions you can do on these checking accounts?
No, there is no limit on transaction type or the amount of transactions that you may conduct.