Power Rate Checking Qualifications
*If you met the qualifications for the monthly qualification cycle, you will be reimbursed for your ATM fees. ATM fee rebates will be credited to your account on the last day of the monthly qualification cycle. “Qualification Cycle” means a period beginning the first day of the month through the last business day of the month. To qualify for the Power Rate Checking Account higher interest rate and ATM rebates, the following must be met: (1) 10 Debit Card point-of-sale purchases using your Atlantic Stewardship Bank debit card must post and clear to your Power Rate Checking account during the monthly qualification cycle (does not include ATM withdrawals). ASB is not responsible to monitor the number of point-of-sale transactions on an account to meet the reward requirements. The reward requirements start over at the beginning of each monthly qualification cycle and are not carried forward to the next qualification cycle. (2) Sign-up for Online Banking services. You must have a valid email address on file. We may terminate your services for non-usage or inactivity after twelve (12) months or immediately for suspicious activity. Please see the Online Banking Terms and Conditions for All Consumers (PC and Mobile Devices) for more details. (3) Sign-up and receive your monthly statement electronically. You are required to have your statements provided to you electronically. To receive your monthly statement electronically, you must sign-up for Online Banking and consent online to receive the statement in electronic format. (4) You must have at least one direct deposit or one Automated Clearing House (ACH) automatic debit posted and cleared through your Power Rate checking account per monthly qualification cycle. Bill payments and preauthorized transactions do not count. Minimum balance to open the account $1. Rates may change. Offer is for personal accounts.
**If the account qualifications of the Power Rate Checking are met for the monthly qualification cycle, you will earn a higher rate of interest. If your daily balance is $0.01 to $25,000.01, the Annual Percentage Yield (APY) paid on the entire balance will be 0.75%. If your daily balance is $25,000.01 or greater depending on how much you keep, a range of 0.75% to 0.31% APY will paid on the entire balance. This APY is calculated using an Interest Rate of 0.20% and assumed balances of $25,000.01 to $125,000, respectively. If qualifications are not met during the monthly qualification cycle a base APY of 0.05% will be paid on your entire balance. Minimum balance to open the Power Rate Checking Account is $1. Rates may change at any time. Interest is compounded daily and credited to the account monthly. We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.