Frequently Asked Questions
High Yield Checking
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FAQ
General Information
1. What is a High Yield Checking account?
Midcoast FCU’s High Yield Checking account gives you easy accessibility to your money for everyday transactions, with the added opportunity to earn dividends simply by using your account. By meeting monthly requirements, you can earn a higher dividend rate on checking account balances up to $15,000. Balances over $15,000 will earn 0.25% APY.
2. What are the qualifications?
Minimum of 15 debit card purchases during the month, at least 1 ACH transaction (direct deposit or auto payment), enrollment in eStatements, and logging in to digital banking at least once during the month.
3. How much do I need to open a High Yield Checking account?
The High Yield Checking account does not have an opening or minimum balance requirement. However, balances up to $15,000 can earn a higher dividend rate when monthly requirements are met. Balances over $15,000 will earn 0.25% APY.
4. Is there a monthly service fee?
No, there is no monthly service fee for the High Yield Checking account. Other fees may apply per our fee schedule.
5. Is there a fee to close this account?
No, there is no fee to open, close, or maintain a High Yield Checking account. Other fees may apply per our fee schedule.
6. Can I access my money anytime and are there any transaction limits?
Yes, you can access your money anytime, with the same card limits as Coast Checking accounts.
7. Is there a minimum balance requirement?
No, but dividends totaling less than $0.01 will not be credited.
Dividends and Interest
1. When will dividends be paid out?
Dividends are paid on the last day of the month during end-of-day (EOD) processing. Transactions posted after EOD processing will count towards the following month.
2. Will I still earn a dividend if my balance exceeds $15,000?
Yes, qualifying accounts with balances over $15,000 earn 0.25% APY, while the first $15,000 earns 4.01% APY (variable and subject to change).
3. Is the APY fixed or variable?
The Annual Percentage Yield (APY) is variable.
4. Can dividends be deposited into another account or share?
No, dividends are always deposited into the High Yield Checking account.
5. Will dividends be credited if the account is closed before the end of the month?
No, dividends will not be credited if the account is closed prior to the last day of the month.
6. Is there a penalty if I don’t meet the qualifications?
No, there is no penalty if you do not qualify, and you will still earn 0.05%.
Transaction and Qualification Details
1. Is the 15-debit card purchase requirement per card or combined total for all cards?
Combined total for all cards linked to the High Yield Checking.
2. Do debit card purchases need to post before the last day of the month to count?
Yes, in order for transactions to count toward the monthly qualification debit card transactions must be posted to the account prior to the last day of the month.
3. Do recurring debit card transactions count toward the 15-purchase minimum?
Yes, recurring debit transactions count toward the 15 Debit Card Purchases requirement.
4. Are there any debit card transactions excluded from the requirements?
Yes, only purchases count. ATM transactions and similar non-purchase transactions do not qualify.
5. Will BillPay transactions count toward the ACH requirement?
Yes, if they post as an ACH transaction during the month.
6. Does using the Snapshot feature in digital banking count as a login?
No, you will need to log in to access digital banking to meet the qualification. By clicking on your account or anywhere in the Snapshot, this will count as a log in.
7. Do I need to be enrolled in eStatements for the full month?
No, you must be enrolled when qualifications run during goodnight processing on the last day of the month.
Tools and Notifications
1. How can I track my progress and qualifications?
You can track your progress in the mobile app under More > Accounts > High Yield Tracker or in Digtial Banking under Accounts > High Yield Tracker. This tracker shows debit card purchases, electronic transactions (ACH), eStatement enrollment status, and digital banking logins.
Eligible ATM fee reimbursements will not be listed in the tracker. They can be found by viewing your account transaction history in Digital Banking.
2. Will I be notified whether I meet the monthly qualifications or not?
You will receive email updates on the 15th of each month about your progress and at the end of the month about your qualification status.
Eligibility and Limits
1. Are business accounts eligible for High Yield Checking?
No, this product is designed for personal memberships only.
2. Is there a limit to how many High Yield Checking accounts I can have?
Yes, one High Yield Checking account per primary account holder is permitted, but there is no limit to how many High Yield Checking accounts you can be a joint owner on.
3. At what age can I open a High Yield Checking?
You can open a High Yield Checking Account at 18 years of age.
4. Will this account be eligible for mobile check deposits?
Yes, High Yield Checking is eligible for mobile check deposits.
5. Will this account have overdraft privilege (ODP)?
Yes, High Yield Checking does have overdraft privilege.
Additional Questions
1. What is the Monthly Qualification Cycle?
The qualification cycle runs from the 1st to the last day of the month. Activity that occurs after EOD processing on the last day of the month will count towards the next month. Dividends are credited on the last day of the month at EOD processing.
2. Does the ACH transaction need to be deposited into or withdrawn from the High Yield Checking account?
Yes, The ACH transaction must be attached to the High Yield Checking share draft.
3. Will direct deposits post earlier with this account?
No, Midcoast does not currently offer early direct deposit posting.
4. What is the ATM fee reimbursement policy?
Members are reimbursed up to $25.00 in ATM fees per month. If the reimbursement limit is reached, partial reimbursements will apply (e.g., if only $2.00 of a $3.00 fee remains within the limit, only $2.00 will be reimbursed).
