Platinum Checking

Current Rate: 4.00%
Current APY: 4.00%
Payment Frequency: Monthly
Minimum Balance: $10,000

The dividend rate and annual percentage yield (APY) for your account are shown above. The APY is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. The dividend rate and APY may change at any time at the discretion of the Credit Union’s Board of Directors.

Purpose and Expected Use of Account:

This account is intended to be the accountholder’s primary checking account in which payroll transactions and day-to-day spending activities are posted and settled. We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us, including any obligations to pay fees or charges incurred prior to termination. No deposits will be accepted, and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account.

Qualifications:

To earn your rewards as described in the Rewards Terms section below, complete the following three transactions and activities in your Platinum Checking account during each Monthly Qualification Cycle:

1. At least $500 in direct deposit;
2. At least 15 debit card purchases post and settle; and
3. Be enrolled in and agree to receive eStatements.
   
   To qualify to earn the increased APY reward, you must also:
   
4. Maintain an average daily account balance of at least $10,000 during each Monthly Qualification Cycle.

“Statement Cycle” means the period of time for which Riverview Federal Credit Union provides a summary of the financial activities and transactions that are posted and settled to the accountholders account.

“Qualification Cycle” begins on the first day of the month and ends on the last day of the month.

Additional Information:

Transactions and activities may take one (1) or more Banking Days from the date the transaction or activity occurred to post and settle to the account. The following activities do not count toward earning accounts rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by Riverview Federal Credit Union as ATM transactions, non-retail payments transactions and purchases made with non-Riverview Credit Union issued debit cards. No minimum deposit is required to open the account or to maintain the account, but a minimum average daily balance of $10,000 is required to be eligible to receive the increased APY reward. See the Qualifications section above for all requirements. You must complete the appropriate qualifying transactions and activities during each Monthly Qualification Cycle to receive rewards.

This account is not to be used for commercial purposes and there is a limit of one account per social security number. There are no fees to open or close this account. There are no recurring monthly service charges associated with this account.

Compounding & Crediting:

Dividends will be compounded on a daily basis. Dividends will be credited to your account on the last day of the month. If you close your account before dividends are credited, you will not receive the accrued dividends. Dividends begin to accrue on the Banking Day when you deposit noncash items (for example, checks).

“Banking Day” means any business day on which an office of the credit union is open to the public for the purpose of carrying out substantially all of its banking functions.

Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Balance Computation Method:

Average Daily Balance Method: We use the average daily balance method to calculate the dividends on your account. This method applies a daily periodic rate to the average daily balance for the average daily balance calculation for the period. The average daily balance is determined by adding the full amount of the principal in your account for each day of the period and dividing that figure by the number of days in the period. The period we use is the Statement Cycle.

Rewards Terms:

Your account is eligible for multiple rewards:

1. When the required qualifications are met during a Monthly Qualification Cycle, you will receive a maximum of $25.00 reimbursements for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. If qualifications are not met, ATM fees will not be refunded.
   
   If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within sixty (60) calendar days after the Statement Cycle where the reimbursement was applicable to receive a refund. An ATM receipt must be presented for reimbursements.
2. When all required qualifications are met (including the minimum balance requirement), a dividend rate of 4.00% APY will be paid on the portion of your average daily balance that is less than $25,000 and a dividend rate of 1.00% APY will be paid on the portion of your average daily balance that is greater than $25,000 during the Monthly Qualification Cycle in which you qualified.
   
   When all required qualifications are not met, the dividend rate on the entire balance will be 0.05% with an annual percentage yield of 0.05%.

Dividends and ATM fee reimbursements will be credited to your account on the last day of the current Statement Cycle.

Rates and rewards are variable and at our discretion may change after an account is opened without notice to you. Fees may reduce earnings. Rewards less than a penny cannot be distributed.