Michigan Heritage Bank

FAQ

Quick Links:
Rewards and Qualifications | Statement Monthly Cycle | Check Card Transactions
Electronic Statements | Account Limits | Opening/Converting Accounts

Rewards and Qualifications

1. What are the rewards of iEarn Checking?

5.00% APY (Annual Percentage Yield) on balances up to $25,000
1.01% APY on balances over $25,000
0.15% APY on non-qualifying balances (if you do not to meet all the qualifications)
ATM fees nationwide are automatically refunded at the end of your monthly statement cycle

2. What are the monthly cycle qualifications to receive the rewards on this account?

Make 10 MasterCard check card purchases per monthly cycle (purchases must be posted, not pending -- excludes ATM transactions)
Set-up one direct deposit into your account.
Access online banking
ATM fees nationwide are automatically refunded at the end of your monthly statement cycle

3. How often must the qualifications be met to qualify for iEarn Checking rewards?

Each monthly cycle

4. What happens if I do not meet the qualifications for iEarn Checking rewards?

Interest will be paid at the base rate of 0.15% APY on your balance. Your checking is still free and you can start over on your next monthly cycle to earn the rewards.

5. Are there any monthly service fees?

No. There are no monthly service fees on Michigan Heritage Bank’s iEarn Checking accounts.

6. How does the tiered interest rate for iEarn Checking work?

If you meet the qualifications, you will receive 5.00% APY on balances up to $25,000 and 1.01% APY on balances over $25,000.
If you do not qualify, you will earn the base rate of 0.15% APY on your entire balance.

7. Can the APY change on my iEarn Checking account?

Yes, all rates on iEarn Checking may change at Michigan Heritage Bank’s discretion.

8. Is this just a “teaser” rate?

No, this is a high Annual Percentage Yield account. However, iEarn Checking rates may fluctuate from time to time at Michigan Heritage Bank’s discretion.

9. How is the interest calculated?

Daily Balance Method. This method applies a daily periodic rate to the principal in the account each day.

10. If I meet the qualifications, when will I receive my rewards?

Interest is paid monthly and posted on the last day of the statement monthly cycle.

11. If I use another financial institution’s ATM and pay a fee, when will I get my refunds?

If the qualifications are met, all ATM fees nationwide will be refunded on the last day of the monthly cycle.

12. Do I have to do anything in order to get my ATM fee refunds?

No, other than meeting the qualifications. ATM refunds are automatically refunded on the last day of your monthly cycle.

13. How will I know that I have qualified for my rewards at the end of the monthly cycle?

You can log into online banking to review your account activity and confirm that you have met the minimum account qualifications at anytime.
You will receive an email stating whether or not you met the qualifications each monthly cycle

14. Will iEarn Checking customers receive a 1099 annually reflecting interest earned?

Yes.

15. Are fees refunded on ATMs used internationally?

No, nationwide only.

16. If my account balance goes negative, will I still be able to qualify for my rewards during that monthly cycle?

Yes, as long as the qualifications are met.

17. If I fail to meet the qualifications during this monthly cycle, can I still have a chance to qualify during the next monthly cycle?

Yes, of course!

18. What if my new MasterCard check card doesn’t arrive until late in the monthly cycle and I don’t have time to earn my first month’s rewards?

Michigan Heritage Bank waives the first monthly cycle qualifications. You will receive your rewards for the first monthly cycle that you have the account even if you don’t meet the qualifications.

19. If I miss my qualifications by only one check transaction, can I call in and get my interest and ATM refunds anyway?

No. However there are no service charges and you will still earn 0.15% APY.

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Statement Monthly Cycle

20. What is the monthly cycle for iEarn Checking?

The cycle begins on the third Wednesday of each month.

21. What is the qualification cycle?

A period beginning one business day prior to the current statement cycle through one business day prior to the close of the current statement cycle.

22. Will all iEarn Checking customers be on the same cycle?

23. If an existing customer is moved to an iEarn Checking account, will his/her statement cycle change?

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Check Card Transactions

24. If I use my MasterCard check card at an ATM, will that transaction count towards my qualifications?

No. Only POS (point-of-sale) transactions count and they must be posted to the account.

25. What is a “settled transaction”?

A settled transaction is one that has posted to your account. When you use your MasterCard check card, the merchant places a memo hold on your account in the amount of your purchase. It can take up to three business days before the transaction posts or clears.

26. May I “carry forward” MasterCard check purchases in excess of the required number to the next cycle?

No, each monthly cycle you must meet all four qualifications.

27. Will the purchases from this monthly cycle on my old account count towards the required purchases for this monthly cycle on my iEarn Checking account?

Since Michigan Heritage Bank waives the first monthly cycle qualifications, this will not apply.

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Electronic Statements

28. Must I access my electronic statement online in order to qualify for the rewards?

No, you must accept electronic delivery with a valid e-mail address. You don’t have to look at it, but we strongly recommend that you review your statement to properly reconcile to your check register.

29. Do I receive images or checks back with my iEarn Checking account?

No, but you can view your current and previous month’s checks online.

30. Can I have an iEarn Checking account if I don’t own a computer?

Yes, of course! You don’t have to own a computer, but you must provide a valid e-mail address for notification of availability of each electronic statement.

31. What if I need a printed copy of my statement and/or check image?

You can print a check or statement from your computer. Additionally, Michigan Heritage Bank keeps records of all statements and checks as required by state and federal laws and are available for a fee.

32. What if I change my e-mail address?

You must notify the bank when your e-mail address changes so that we can deliver your notification of your statement availability. Failure to notify the bank may result in not meeting the monthly qualifications.

33. What if I don’t want my statement delivered electronically?

Electronic statement delivery is a qualification for all iEarn Checking accounts. Delivery of paper statements is not an option.

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Account Limits

34. Is there a limit on the amount of money I can keep in my iEarn Checking account?

There is no limit to the amount you put into your account. Feel free to consolidate savings, CDs, and accounts at other institutions into this account.

35. Is there a minimum balance requirement in order to receive my rewards?

36. What is the minimum opening balance for an iEarn Checking account?

$25.

37. Is there a limit on the amount of ATM refunds that I can receive during a monthly statement cycle?

No, you will receive unlimited ATM Fee Refunds nationwide when qualifications are met.

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Opening/Converting Accounts

38. Is overdraft protection available for iEarn Checking accounts?

Yes.

39. Will I be able to use my existing MasterCard check card and checking account number with my iEarn Checking account?

Yes, if your account is already a Michigan Heritage Bank account, everything will remain the same.

40. How do I convert my current checking account to an iEarn Checking account?

Apply online or drop by one of our branches and talk with a Michigan Heritage Bank associate about converting your account to iEarn Checking.

41. Can I open an iEarn Checking account over the phone?

We prefer for you to come in to a branch or apply online.

42. Can I open multiple iEarn Checking accounts?

There is no reason to limit the number of accounts anyone opens, but the qualifications must be met on each respective account.

43. Can a DBA use this account?

44. Can this be used as a business account?

45. If I am converting an account that accrues interest to an iEarn Checking account, do I need to wait until the interest posts on the first account before converting?

If you convert an existing interest-bearing account to iEarn Checking, you will be paid the interest earned up until the date you convert your account to iEarn Checking. Once you convert your account, you will be eligible for the new interest rates.

46. What happens if I apply online?

You will receive an online confirmation of your successful submittal, and a representative will contact you to assist in the final steps of activating your account.

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