SoSMART® Checking
Questions members frequently ask about SoSMART® checking
Rewards and Requirements
Direct Deposit and Direct Payment
ATM Refunds
Debit Card Purchases
E-Statements
Account Limits
Opening/Converting Accounts
Rewards and Requirements
Is there a monthly service charge for SoSMART® Checking?
There is never a monthly service charge for a SoSMART® Checking. It's always a free account.
What are the rewards of SoSMART® Checking?
You'll earn 4.59%APY interest for balances up to $25,000 and 0.50%APY on the remaining balance over $25,000. And, you'll receive nationwide ATM fee refunds up to $25.00 per cycle.
What's a cycle?
A cycle is approximately one calendar month, however, it will vary depending upon when the last business day of the month falls. A cycle is from the last business day of the previous month to the second to the last business day of the current month. Qualifying transactions must post to the account before the end of the business day. Let's look at October 2009 for example. The cycle for October would include the last business day of the previous month (September) which would be September 30, 2009. It goes to the second to the last business day of the current month, October, which would be October 29, 2009. The cycle for October 2009 would be from September 30, 2009 to October 29, 2009. That would mean the debit card transactions would need to clear the account during this time period. Pending transactions will count toward the next cycle.
When a cycle ends on Friday, which cycle will transactions that post to my account on Saturday and Sunday count toward?
When a cycle starts or stops over a weekend, transactions that post to your account on Saturday and Sunday will count toward the cycle beginning the following Monday. Saturdays and Sundays aren’t business days, so transactions that post on these days are dated in the system with Monday’s date. For example, the March 2008 cycle ends on Friday, March 28, 2008, and the next cycle begins on Monday, March 31, 2008. All transactions that post to your account on Saturday, March 29 and Sunday, March 30 will have the date Monday, March 31, 2008, in the system and will count toward the March 31 – April 29, 2008 cycle.
When a cycle ends around a holiday, such as Thanksgiving on November 27, 2008, which cycle will transactions that post to my account on November 27 count toward?
When a cycle ends around a holiday, transactions posted to your account on that day will count toward the cycle beginning after the holiday. For example, Thanksgiving Day, November 27, 2008 is not a business day. All transactions that post to your account that day are dated Friday, November 28, 2008, in the system and will count toward the November 27 – December 30, 2008 cycle.
Are there any requirements to qualify for the rewards?
There are just three free and simple requirements we ask for each cycle:
- Receive E-Statements (e-mail address required)
- One (1) Direct Deposit or Direct Payment
- Fifteen (15) Debit Card Purchases (posted to account)
We realize it might take a little time to set up Direct Deposit or Direct Payment and get a new Debit Card, so we're making special accommodations. You'll automatically receive the rewards the first two cycles after you sign up for SoSMART® Checking even if you don't meet the requirements. For example, if you open a SoSMART® Checking on October 15, you'll earn 4.59%APY interest for balances up to $25,000 and 0.50%APY on the remaining balance over $25,000, plus you'll receive ATM fee refunds up to $25.00 from October 15 to October 30 (end of cycle) AND for the November cycle (cycle begins October 31) too. After that, you'll need to meet all three requirements each cycle to qualify for the rewards.
Why does SoSMART® Checking have requirements?
We ask you to do a few simple things to help us operate more efficiently. We then pass those savings on to you paying premium interest rate and refunding ATM fees.
What happens if I'm not able to meet the requirements for SoSMART® Checking?
You'll still earn interest of .25%APY on your checking balance, and your ATM fees won't be refunded. However, you can start over the next month toward meeting the requirements.
I don't have an e-mail address. How can I get one?
If you don't have an e-mail address currently, listed below are three of the more popular FREE e-mail services that you can access from any computer with internet access. There are many other services available on the internet if you choose not to use one of these.
Google: www.google.com/gmail
Microsoft: www.mail.live.com
Yahoo
: www.mail.yahoo.com
Can the interest rate on my SoSMART® Checking change?
Yes, this is a variable rate and can change at any time. It will always be a very competitive and attractive rate.
Is this just a teaser rate?
No, all members with this account who meet the simple requirements receive the same interest rate.
How is the interest calculated?
The rate is calculated daily and paid monthly.
If I meet the requirements, when will I receive my rewards?
On the last business day of the month.
How will I know that I have qualified for my rewards at the end of the cycle?
An e-mail will be sent letting you know if you qualified for the rewards. If you didn't qualify, it will let you know why and what you'll need to do to qualify the next month. Your interest earned and ATM refunds will also show in Internet Banking and on your monthly E-Statement.
Will I receive a 1099 at the end of the year reflecting interest earned on my SoSmart® Checking?
If the total interest earned on the account is $10.00 or greater, a 1099 will be sent.
If my account balance goes negative, will I still be able to qualify for my rewards during that statement cycle?
As long as the requirements are met, you'll receive your rewards.
If I don't meet the requirements during a cycle, can I still have a chance to qualify during the next cycle?
Yes, all requirements start over at the beginning of each cycle.
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Direct Deposit and Direct Payment
Will a Direct Deposit or Direct Payment to my savings account also meet the requirement?
No, the Direct Deposit or Direct Payment must be linked to your SoSMART® Checking.
Do payments made in Bill Payer count toward a Direct Payment?
Only if the payment is sent electronically. While most payments are sent electronically, some billers are unable to accept an electronic payment. In this case, an actual paper check is sent through the U.S. Postal Service. If a check is sent, this wouldn't count toward your Direct Payment requirement.
How can I tell if my Bill Payer payment was sent electronically?
In Bill Payer, click on Bill History. Select View Details next to the biller you want to check. If the payment wasn't sent electronically, a check number will be given. Payments normally sent electronically may occasionally be sent by a paper check.
ATM Refunds
If I use other financial institution's ATMs and pay fees, when will I get my refunds?
If all requirements are met, the ATM fees will be refunded on the last business day of the month in which the ATM fees were charged.
Do I have to do anything to get my ATM refund?
No, your refunds will automatically be placed into your SoSMART® Checking if all requirements are met. Your total ATM fee refund for the cycle will show on your E-Statement and within Internet Banking as one accumulative refund on the last business day of the month. You'll also receive a monthly e-mail summary that provides you a recap for the cycle and lets you know if you met the simple requirements. And remember, if you don't meet the requirements, you'll be able to start over the next month toward meeting them.
Will ATM refunds apply to my savings account also?
No, you'll only receive refunds from ATM transactions made from your SoSMART® Checking.
Are fees refunded on ATMs used internationally?
Yes, international ATM fees are also refunded.
Debit Card Purchases
How will I know how many debit card purchases have posted to my account each cycle?
You'll receive a monthly e-mail summary that provides you a recap for the cycle and lets you know if you met the simple requirements. It will tell you how many debit card purchases posted to your account for the cycle. You can also look up through Internet Banking by clicking on the Register. Debit Card purchases will be labeled Point of Sale.
If I use my debit card at an ATM, will that transaction count toward my requirements?
No, the required debit card transactions must be purchases to count toward the requirements.
Can I carry over debit card purchases in excess of the required number to the next cycle?
No, at the start of each cycle, all the requirements for the rewards start over.
Will the transactions from a cycle on my old checking account count toward the required transactions for a cycle on my new SoSMART® Checking?
No, the transactions from your old checking account don't transfer over to your new SoSMART® Checking, but remember, the first cycle you join SoSMART® Checking you automatically receive the rewards.
What if my new debit card doesn't arrive until late in the cycle and I don't have time to meet the requirements? Will I still get my rewards?
New SoSMART® Checking accounts will automatically get rewards for the first two cycles. This will give you time to get your debit card.
If I miss my requirements by only one debit card purchase, can I call in and get my interest and ATM refunds anyway?
No, all requirements must be met in order to receive the rewards.
E-Statements
Do I have to access my E-Statement online in order to qualify for the rewards?
You're not required to access your E-Statements. You'll no longer receive paper statements so if you want to look at your account history, you can do this through Internet Banking or E-Statements.
How do I get copies of my checks?
Through Internet Banking, you can view and print electronic images of your checks at no charge.
What if I need a printed copy of my statement?
Within Internet Banking, there is a printable version of your E-Statement.
How long will my E-Statements be available online?
We archive E-Statements for three years.
Account Limits
Is there a limit on the amount of money I can keep in my SoSMART® Checking account?
No, you can keep as much as you want in the account. You'll earn 4.59% APY interest for balances up to $25,000 and 0.50% APY on the remaining balance over $25,000.
Do I have to keep a minimum balance in my SoSMART® Checking to receive my rewards?
There is no minimum balance requirement.
What is the minimum opening balance for a SoSMART® Checking?
Your minimal balance to open a SoSMART® Checking is $50; however there is no minimum balance requirement.
Opening/Converting Accounts
Is overdraft protection available for SoSMART® Checking?
Yes, overdraft protection is available.
Will I be able to use my debit card and checks from my old NuUnion Checking Account with my SoSMART® Checking?
Yes, you'll be able to use both your current debit cards and checks with your new SoSMART® Checking.
If I switch my current NuUnion Checking Account to a SoSMART® Checking, will my account number stay the same?
Yes, you'll have the same account number.
How can I change my current checking account to a SoSMART® Checking?
Stop by any branch and a NuUnion representative will be happy to help you. You can also change your account to a SoSMART® Checking by calling our Member Contact Center at 888.267.7200 or visiting NuUnion.org and sending us an e-mail within Internet Banking.
Can I open multiple SoSMART® Checking accounts for the same address?
You can open multiple SoSMART® Checking accounts but each must meet all the requirements in order to get the rewards.
Can multiple people use the same SoSMART® Checking?
Anyone who is listed on the account may use the SoSMART® Checking. The required 15 debit card transactions are an accumulative total of all cards attached to the SoSMART® Checking.
Can a DBA use this account?
No, SoSMART® Checking is only available to personal accounts.
Is there a limit on the number or kind of transactions I can do on a SoSMART® Checking?
There is no limit on the number or kind of transactions you can do.
Will I receive free checks with my new SoSMART® Checking?
You'll be responsible for purchasing checks. Prime Privilege Senior Club members receive one box of checks free.