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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 or open an account, visit our Peak High Yield Checking page.

How Do I Earn Rewards?

To qualify for rewards each month, you must:

  • Complete at least 12 debit card transactions to qualify for Tier 1 rewards
  • Complete 25 or more debit card transactions to qualify for Tier 2 rewards
  • Be enrolled in eStatements

Rewards Include:

  • Higher dividend rates
  • ATM surcharge fee refunds

There is no monthly service charge for Peak High Yield Checking.

What Happens If I Don't Meet the Requirements?

If monthly requirements aren't met:

  • You'll receive the lower dividend rate
  • ATM surcharge fees won't be reimbursed

Don't worry. Qualification resets each month, so you can qualify again during the next qualification period.

Frequently Asked Questions

How often do I need to meet the requirements?

  • Requirements must be met during each monthly qualification period.

  • The qualification period ends the day before the last day of the month. For example, a qualification period would start April 30th and end May 30th.

When are rewards paid?

  • Rewards and ATM fee reimbursements are paid on the last day of the month.

Can dividend rates change?

  • Yes. Dividend rates are variable and may change at any time.

Is there a minimum balance requirement?

  • No. There is no minimum balance required to earn rewards.

Is there a limit on how much money I can keep in the account?

  • No. However, the higher dividend rate only applies to the first $25,000 in the account.

If my account balance becomes negative, can I still qualify?

  • Yes. As long as all qualification requirements are met, the account may still qualify for rewards.

How do qualifying debit card transactions work?

  • Qualifying transactions include:

    • PIN-based debit card purchases
    • Signature-based debit card purchases

  • The following do not count:

    • ATM withdrawals
    • ATM transactions

Can I carry extra transactions into the next month?

  • No. Transactions only apply to the qualification period in which they occur.

Do I need to view my eStatement to qualify?

  • No. You only need to be enrolled in eStatements. Viewing the statement is optional.

How are the dividends calculated?

  • Ending daily balance x dividend rate divided by 365 = Daily Accrued Dividend. *Calculated daily; paid at end of cycle.

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.

ATM Fee Refunds

How much can I receive in ATM fee refunds?

  • ATM surcharge fee refunds are limited to $25 per month.

When are ATM fees refunded?

  • If qualifications are met, ATM surcharge fee refunds are credited on the last day of the month.

Are international ATM fees refunded?

  • No. International ATM fees and international transaction fees are not eligible for reimbursement.

Opening or Converting an Account

Can I convert my current checking account?

  • Yes. You can:

    • Visit a branch
    • Call Peak Credit Union at (800) 258-3115

Can I open the account online?

  • Yes. Peak High Yield Checking can be opened online, by phone, or in a branch.

Will my account number, checks, or debit card change?

  • No. Your existing account number, checks, and debit card remain the same.

  • Only the account type changes.

Is overdraft protection available?

  • Yes. Overdraft protection is available.

Can multiple owners be on the account?

  • Yes. Joint owners may be added to the account.

Can business accounts open this account?

  • No. Peak High Yield Checking is available only for consumer accounts.

Need More Help?

Ranger is available 24/7 through website chat to answer questions and help you find information.

Live chat with a Peak representative is available during business hours:

  • Monday-Friday: 8:00 a.m. - 6:00 p.m. PT
  • Saturday: 9:30 a.m. - 2:00 p.m. PT
  • Excluding holidays

If you have questions about rewards, qualification requirements, dividend rates, ATM refunds, opening an account, or converting an existing checking account, start a chat with Ranger or connect with a live representative during available chat hours.

Prefer to call? Contact us at (800) 258-3115.