TailorMade™ Checking: FAQ
What are the benefits I can choose from on the account?
What requirements have to be met to earn the benefits?
- Use electronic statement delivery (e-statements) monthly
- Have at least one(1) ACH post to the account each month(can be debit or credit)
- Have account balances, totaling $10,000 (including any combination of deposits or loan except any real estate loans)
What if I have a TailorMade™ Checking account but do not meet the requirements?
Not a problem, in this case the account will function as a free checking account
Can I change my benefits at any time?
You can change benefits as often as you like with the exception of the NSF fee refund or Skip-a-Pay benefits. If one of those benefits were chosen, that would only leave you two benefits to choose from for the rest of the calendar year. Skip a Pay and NSF fee refunds are annual choices which means once they are chosen during the calendar year, it reduces the amount of available benefits to two for the remainder of the year.
If I choose a benefit such as the bonus rate on a CD in the middle of the month how will the reward pay out?
Regardless of the day of the month you choose a benefit such as the bonus rate on a certificate, you will earn the bonus rate for the entire month.
What if I choose the bonus on a CD or the discount on a loan and have more than one CD or loan?
You would receive the bonus on all certificates and/or the discount on all loans. Remember, the floor limit rate on this benefit is 3%, if you already have a rate of 2.49% you should not choose this option.
How many TailorMade™ checking accounts can a I have?
Only one TailorMade™ checking account per social security number.
What if I have more than one High Yield Rewards Checking account?
In this case, you can choose which HYRC account to transition to a TailorMade™ Checking account. The other HYRC accounts will be transferred to our Free Checking. If you have not responded to our letters we will transfer the first HYRC account that was opened to TailorMade™ and the others to Free Checking.
What is the "cycle" period for the TailorMade™ Checking Account?
The first day of the month to the last day of the month. This is the same cycle as our current High Yield Reward Checking accounts.
Will my account number or share ID change when the checking account is transferred?
NO, the only change you will see on the new checking account is the name. The "High Yield Reward Checking" will now say "TailorMade™ Checking".
When will TailorMade™ accounts be available?
Effective June 30th all HYRC
accounts must be transferred to a TailorMade™ or Free checking account. Our current HYRC will no longer be available. Communications informing members of the change and asking them to choose their benefits will be sent out well in advance of that date. Members who currently have a High Yield checking and do not respond will be transferred to a TailorMade™ checking but they will not receive any benefits until they contact us and make their choice.
If a member has multiple HYRC accounts only one can be transferred to a TailorMade™ account. The others will be transferred to a Free checking account. In most cases we will transfer the HYRC that was opened first to the TailorMade™ checking account if we have not received a response from the member.
If I have a Free Checking or a Checking Plus account can I switch that account to a TailorMade™ checking account?
Can a Money Market account be switched to a TailorMade™ Checking account?
No, a Money Market account is not considered a "demand deposit" account, it is really a savings account. The member would have to close the MM account and open a TailorMade™ Checking account.
Why we are eliminating the High Yield Reward Checking account?
We are replacing the HYRC account with a checking account that allows you to choose the benefits that are most valuable to you. There is no cap on the amount that will earn interest and we have added benefits that pay you such as; money back on debit card transactions, refund on NSF fees, bonus CD rate, discount on loan rate.
Does the TailorMade™ checking account qualify for Courtesy Pay?
Yes it does.
Do the CD bonus and loan rebate rewards count on existing loans and/or certificates?
Yes, members will not only enjoy the rewards on existing loans and certificates, but if they choose that benefit they will get it on ALL of their loans or CDs.