Florida Bank of Commerce -- FBC Rewards Checking -- Rates effective as of July 19, 2010
Eligibility Requirements
To open the account, you are required to deposit a minimum of $100.
To receive your rewards (the APY and ATM fee refunds nationwide), you must meet the following qualifications each statement cycle*:
- A minimum of 12 point of sale (POS) debit card purchases (transactions must be posted to your account, not in process -- excludes ATM transactions).
- A minimum of one Direct Deposit or one automatic payment (ACH debit or credit transaction). Transactions must be posted to your account, not in process. ACH transactions initiated through Florida Bank of Commerce (FBC) Online Bill-Pay System are excluded.
- Enroll in FBC's free Online Banking. Receive your statements electronically ONLY through Online Banking (valid e-mail address is required).
Rewards
Each cycle the qualifications are met your account will earn:
- An interest rate of 2.23% will be paid only for that portion of your daily balance that is less than $25,000. The annual percentage yield (APY) for this tier is 2.26%.
- An Interest rate of 1.00% will be paid only for the portion of your daily balance that is greater than $25,000. The annual percentage yield for this tier is 1.01%.
- Nationwide ATM fees are credited to your account the last day of the statement cycle.
Tiered Variable Rate Information
| Balance | Rate | APY |
|---|---|---|
| $0 - $25,000.00 | 2.23% | 2.26% |
| >$25,000.01 | 1.00% | 1.01% |
Interest rate of 0.05% with an APY of 0.05% on the entire account balance will be earned if qualifications are not met.
Rewards
Each cycle the qualifications are met your account will earn:
- An interest rate of 2.23% will be paid only for that portion of your daily balance that is less than $25,000. The annual percentage yield (APY) for this tier is 2.26%.
- An Interest rate of 1.00% will be paid only for the portion of your daily balance that is greater than $25,000. The annual percentage yield for this tier is 1.01%.
- Nationwide ATM fees are credited to your account the last day of the statement cycle.
Each cycle the qualifications are not met:
- Your account will still function as a free checking account and you can start over the next cycle to earn the rewards.
- You will earn an interest rate of 0.05% with an APY of 0.05% on the entire account balance.
- ATM fees will not be credited to your account.
Florida Bank of Commerce waives the first cycle qualifications. This means that you will receive your rewards for the first cycle that you have the account even if you do not meet the qualifications.
This is a variable rate account. The interest rate and APY for this account depend upon the applicable rate tier. The interest rate and APY for these tiers may change.
Determination and Frequency of rate. At our discretion, we may change the interest rate on your account at any time without notice.
*Statement cycle (cycle) means:
The statement cycle begins on the third Wednesday of each month and ends one business day prior to the close of the current statement cycle.
Compounding and Crediting
Interest will be compounded daily (365 days) and will be credited to the account monthly on the last day of the statement cycle. Interest begins to accrue the day we receive a deposit.
Balance Information
We use the daily balance method to calculate the interest rate on your account. This method applies a daily periodic rate to the principal in the account each day.
Effect of closing your account
If you close you account before interest is credited, you may not receive the accrued interest.
Fees
There are no monthly activity or maintenance fees associated with this account. However, there are fees that may be charged for additional services not required to open or to maintain the account. A detailed fee schedule is provided to you at the time you open your account. These fees may reduce your earnings. Contact a Florida Bank of Commerce Financial Service Representative for more details.
Florida Bank of Commerce does not charge any ATM fees when using ATMs owned by the bank or by other financial institutions. However, other financial institutions may charge fees on your account for using their ATMs. These fees may reduce your earnings.
Available to individuals only. Limited to one account per household.
Member FDIC
