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POWERCHECKING Change of Terms Update

Dear Valued Member,

Recently, we notified you of changes being made to the way your Credit Union POWERCHECKING account qualifies to receive monthly dividends. The new structure was designed to address the two most common objections made about POWERCHECKING: “the qualifiers are too complicated”, and “credit card transactions should also be included.”

While we feel the new structure addresses these objections, we’ve received member feedback in the last two weeks regarding the absence of Online Bill Pay and ACH payments from the list of qualifying transactions. Online Bill Pay and ACH payments are powerful and convenient payment options for members and we agree that they should be included. So, based on member feedback, we have decided to amend our recent changes. Starting January 1, 2012, the monthly dividend qualification criteria for POWERCHECKING will be as follows:

  • At least 15 qualifying transactions per month which include any combination of the following:

  •      - Debit Card purchases (PIN and Signature)
         - Credit Card purchases (New)
         - Online Bill Payments
         - ACH Payments
  • Direct deposit of $500 or more
  • Online Statement enrollment
  • Important to Note: If your account has less than the required 15 monthly transactions within a month, there are no fees for minimum activity or balance AND you still earn CURewards ® points; you simply will not earn the full potential dividend rate for that month.

    As a not-for-profit Credit Union, our sole purpose remains to maximize the financial value we create for the largest number of members possible. So, while we regret any confusion this most recent change may have caused, we want you to know that we’re listening and we’re here to serve the best interest of our members.

    We welcome the opportunity to discuss your needs in order to maximize the benefit of your POWERCHECKING account. Please visit your local branch or email ASKBCU@BCU.org today.

    Sincerely,

    Michael Valentine,
    President and CEO