FAQ's
Can members have more than one Peak Checking?
Yes, members may have more than one of these accounts. Note that each checking must meet rewards qualifications requirements individually to benefit.
What is the monthly fee for the Peak High Yield Checking account?
No fee!
What is the rate you can earn if you use the debit card 25 times a month minimum in a PHY?
5%
How do you earn either 4% or 1% in your Peak Saver?
Must qualify through the linked checking account debit card transactions and e-statments
What are the 3 groups that cannot open a Peak Deposit Account?
They are not available for Youth, Specialty, or Business.
What is the maximum amount of ATM fees that can be refunded?
$25
What is the APY for the Peak Saver before the cap?
4% before
What is the balance cap for earning the higher 3%/5% vs the 1% on the High Yield Checking?
$25,000.00
If a member opens a Peak Checking in the middle of the month, do they automatically qualify for rewards?
Yes, members automatically qualify during the month of opening. (members with HY will auto-qualify for tier 1)
What is the name of the feature that allows members to save from each debit card purchase they made where the change is deposited to the savings?
Round up and save
What is the APY for the Peak Saver after the cap?
1% after
Name 2 benefits that members can receive with the Peak Suite Products
• Earn more on money already in checking
• Earn cash back on everyday purchases
• Help money go further each month
• Reduce financial stress
• Support local community through member-ownership
• Move toward personal financial goals
Does running a card as "credit" count towards reward qualification?
Yes, signature and PIN transactions both qualify once posted.
What happens if members do not meet qualifications?
The High Yield Checking earns dividends at a lower rate, and the Cash Back does not receive the monthly reward.
What is the rate you earn on PHY for using debit card 12-24 times a month?
3%
What is the monthly cycle to complete debit card transactions?
From the last day of the month to the day before the last day of the next month.
Example: Qualification cycle for April = March 31st to April 29th
Do subscription charges count toward reward qualification?
Yes as long as they post as debit card purchases. Recurring ACH do not count.
Are members able to have multiple Peak Saver shares linked to their Peak HY and CB Checking shares?
Only one Peak Saver may be attached to a Peak HY Checking or Peak Cash Back Checking account. Members must have multiple Peak HY or Cash Back Checking shares to have multiple Saver shares. (1 to 1 ratio)
What is the cash back percentage members can earn with the Peak Cash Back checking?
5% on up to $200 or $10/month max
What is the average daily balance that determines whether a Peak High Yield Checking or Peak Cash back checking is the better fit for a member?
$2400