Checking Account Disclosures & Details
Co-op Advantage Checking Account vs Free Checking
|Rates subject to change at any time. Rates effective as of January 1, 2020.|
|Service||Co-Op Advantage Checking||Free Checking|
|High-earning dividend rate||★|
|Nationwide ATM fee refunds up to $25 per calendar month||★|
|No minimum balance||★||★|
|Free UMassFive ATM use||★||★|
|Free VISA Debit Card with unlimited transactions||★||★|
|Free ATM withdrawals at non-UMassFive ATMs||★||★|
|Mobile Wallet compatibility||★||★|
|Optional Overdraft Protection*||★||★|
*Optional Overdraft Protection - A share transfer option and a line of credit option are available.
**Courtesy Pay - A privilege provided to eligible members that allows them to overdraw their checking account so that checks and other items are not returned ("bounced"). In most cases, Courtesy Pay is offered to members in good standing immediately after a new checking account has been opened.
Co-op Advantage Checking Account Additional Information
- ATM fee refunds up to $25 per cycle (calendar month) if all reward rate requirements are met (see below).
- Reward rate 1.95% Annual Percentage Yield (APY) paid on balances between one penny and $15,000, and 0.25% APY paid on all amounts above $15,000 each qualification cycle (calendar month) if the minimum requirements are met. If you do not meet the requirements per cycle, your account will still function as a free checking account earning Base Rate 0.10% APY; however, it will not receive ATM refunds for that cycle period.
- We may change the rate and APY at any time after the account has been opened.
- No Minimum Balance to maintain account.
- You must establish credit union membership with a Share Savings Account balance of at least $5.
- Available to Personal Accounts only.
- No monthly service charge.
- Free Online Bill Pay.
Reward Rate Requirements
Simply meet the following free and easy requirements each monthly qualification cycle. If you don’t meet the requirements, don’t worry. There’s no penalty and you can work towards meeting them next month:
- 12 Debit Card purchases
- 1 Direct Deposit or ACH Auto Debit
- Receive eStatements