What makes Village eRewards Plus so "rewarding"?
Simply put, it gives you everything you want in a checking account:
- A high interest rate (upon meeting all "reward requirements")
- No Minimum Balance
- No Monthly Service Fee
- Free Internet Banking
- Free Bill Pay
- 4 Free Foreign ATM Transactions per Statement Cycle
- Free 24-Hour Phone Banking
- Free MasterCard Check, Debit or ATM Card
- Free 1st Box of Wallet Checks
THE INTEREST RATE
Is this just a teaser rate? How soon will my rate change?
We do not plan on frequent interest rate changes; however, we cannot guarantee what interest rates will be going forward. Rates may change at anytime at the Bank's discretion.
What if I put in more than $25,000?
If your balance exceeds $25,000 any time during the statement cycle period, the interest rate will be .10% for the balance exceeding $25,000.
REWARDS AND REQUIREMENTS
How do I qualify for Rewards?
It's easy... just use the services that come free with your Village eRewards Plus Account! Specifically:
- Make a minimum of 10 POS/Debit Card/ ATM Transactions per monthly statement cycle
- Establish at least one regular direct deposit of a payroll or government check, or set up an automatic debit, (like a mortgage or insurance payment)
- Receive secure Electronic Statements, (e-Statements) instead of traditional paper statements
- Access your account via Internet Banking at least once during a statement cycle.
What if I don't qualify for rewards in any given month?
If you don't qualify in a particular cycle, you still receive great benefits: The lower interest rate on your balance, free e-statements, free debit card, etc. Each new statement cycle is an opportunity to meet the rewards requirements and earn the higher interest rate as stated.
DEBIT CARD USAGE
What if my new debit card doesn't arrive until late in my first statement cycle and I don't have time to earn my rewards. Or what if my automatic debit or direct deposit does not occur during my first cycle: will I still receive rewards?
You will automatically receive all your rewards for the first statement cycle in which the account is open.
Does a debit card reversal count AGAINST my requirements?
Yes, returns/reversals will decrease the total number of transactions.
What if I use my debit card 15 times one month and only eight times the next? May I roll over debit card transactions to the next cycle?
Sorry, no. Each qualifying statement cycle starts new.
E-STATEMENTS AND ELECTRONIC ACCESS
Do I have to enroll for e-Statements in order to qualify for the rewards?
Yes, you must enroll for eStatements by the end of the first statement cycle.
Do I receive images of checks with my Village eRewards Plus Account?
Yes, they are available through Village Bank Internet Banking and your eStatement.
Do I have to access my account online in order to qualify for rewards?
Yes, at least one during a statement cycle. Log in and check your balance, transfer funds or check to see if a check has cleared.
ACCOUNT LIMITS AND FEES
Is there a limit on the amount of money I can keep in my Village eRewards Plus Account?
No. However, you are cautioned that if your balance exceeds $25,000 at any time during a statement cycle, your interest rate on the amount that exceeds $25,000 will be .10%.
Is there an annual fee or a per-usage fee for the debit card, Village Bank Internet banking or Village Bank Bill Pay?
No. These services are currently free to you, year round, regardless of how often you use them.
OPENING/CONVERTING ACCOUNTS
How much do I need to deposit in order to open my Village eRewards Plus Account?
There is a $50.00 minimum opening balance.
Can I open an account on-line?
Not at this time.
Do I get Overdraft Protection with my account?
Overdraft Protection is available upon qualification.
I'm already a customer. Can I use my existing debit card, checks, and account number and just start earning rewards?
Yes, please contact your closest Village Branch for details.
Can I open multiple Village eRewards Plus Accounts for the same address?
Yes. You can open as many accounts as you need. Each account must meet the "reward requirements" independently.
Can a DBA use this account or can it be used as a business account?
Sorry, no.
How many checks do I get when I open an account?
You will receive your first box of Wallet checks free after opening your account and you will be provided the opportunity to order additional checks if needed.
MISCELLANEOUS
How long is a statement or qualifying cycle?
Most cycle dates on the Village eRewards Plus Checking Account begin on the 16th of the month and end on the 15th of the following month.
The interest earned: is it taxable?
Yes. You will receive a 1099 showing your total interest earned for one year at the beginning of the next year.
What if I need a printed copy of my statement and/or a check image?
Simply print the eStatement or the check contained within it.
What is an automatic debit?
Often referred to as an ACH transaction, an automatic debit is an electronic transfer of funds that is initiated by the payees' financial institution. For example, if you give your mortgage or insurance company (payee) permission to withdraw your monthly payment automatically from your (payor) account, that is an automatic debit. Village Bank Bill Pay does not count towards the automatic debit requirement.
Do regularly scheduled transfers from one account to another count as automatic debits?
Account transfers (such as savings-to-checking), even made on a regular basis DO NOT count as automatic debits for the purpose of earning account rewards.
What is APY?
APY stands for Annual Percentage Yield. It is the actual amount of interest an account will earn, or yield, for you over the course of a year. With Village eRewards Plus, interest is compounded daily and paid monthly on your daily ledger balance.
What are the specifics of this APY?
The Village eRewards Plus Account's Annual Percentage Yield (APY) is accurate as of 8/1/2010. The interest rate is variable and may change after the account is open. An interest rate of 0.45% earns a 0.47% APY on daily balances up to $25,000 during each qualifying cycle assuming all reward requirements are met. Account daily balances exceeding $25,000 will earn 0.10% APY.
Need Assistance?
If you have additional questions, contact Village Bank for assistance.
*There will be an interest rate reduction to .10% on the amount that exceeds $25,000.00 at any time during the statement cycle period. You must conduct 10 POS/Debit Card/ATM transactions, have at least one ACH debit or direct deposit transaction, receive your account statement electronically and login to Online Banking at least once each statement cycle to avoid an interest rate reduction to .10%. Interest rate changes may be made at anytime at the sole discretion of Village Bank. An interest rate reduction may result in a decrease in Annual Percentage Yield (APY). Interest rate/APY effective as of 8/29/2013. $50.00 minimum deposit to open account.
