Shopping While Sequestered: How to Qualify for Ultimate Checking Dividends

Over the last 85 years, we’ve seen it all. Recessions, hurricanes, floods, earthquakes, government shutdowns, and now, pandemic. Each of these had its own unique economic impact. What hasn’t changed is our ability to assist our members through a crisis. We still have products and services designed to fit the needs of our diverse membership. In this post, I am going to break down one of our most popular products, our Ultimate Checking Account.

For decades, we have been known for our high-yield checking account. It’s kind of our thing. :)

Even now, with the country experiencing another recession, we still proudly offer this one-of-a-kind service. Let’s face it, with so many people fearing financial instability, every dollar saved can help.

In case you aren’t familiar with our Ultimate Checking account, let me fill you in.

Benefits:

• No Monthly Fees.

• No Minimum Balance.

• Free Online Banking, Bill Pay and Mobile Banking.

• ATM fee refunds up to $10 each month for out-of-network ATMs (and it’s REALLY hard to go out-of-network because we have more than 55,000 surcharge-free ATMs in the country.)

On top of all of that, we PAY dividends. While most other financial institutions charge their members/customers to have a checking account, we do not subscribe to that. It’s all part of the rewards of membership here at InFirst.

Sound too good to be true? Nah. It’s the real deal. It’s also super easy to qualify for the highest dividend amount.

To Qualify:

• Every month, make 15 VISA® debit card purchases in the store or online, each exceeding $3 per transaction.

• Make a monthly deposit into your account via direct deposit, mobile deposit, or a deposit at one of our branches (not a shared branch), with a monthly aggregate of $500 or more. Just a note, this $500 DOES NOT have to stay in the account. We want you to use your money.

• Enroll in E-Statements (EVERYONE should do this. E-Statements are more secure for you, AND they are better for the environment. Win-win.)

• All VISA® debit card purchases and all deposits must post by the end of each month to qualify for the higher dividend rate tier.

If this sounds intimidating, I can tell you from experience that it is MUCH easier to meet these qualifications than it seems. Just last month, I made 61 qualifying purchases, so 15 is a snap. An easy way to make sure you make the monthly deposit qualification is by setting up a direct deposit. Remember, you have all month to qualify, so feel free to spread deposits and transactions over each week or every other week if it’s easier for you.  

I know what you’re thinking, what if I don’t meet the requirements? No problem. There is no fee or penalty if you don’t meet the qualifications, and you’ll STILL earn dividends*. What’s more, you’ll have another shot the next month.

Need to get groceries? If you’re braving a trip to the store, those card swipes absolutely count as qualifying transactions. Choose credit or PIN, (even when you select cash back), and you’re good to go.

*Bonus Tip – Use caution anytime you enter a PIN. Even after the COVID-19 crisis has passed, it’s a good rule of thumb to maintain social distancing when conducting transactions.

If you’re like the majority of Americans, you are doing most of your shopping online. The good news is that skipping the store doesn’t have to mean skipping the rewards. That means all the late-night Amazon shopping sprees you’re probably making now will STILL count as qualifying purchases. Score!

How about those recurring transactions? As long as you choose “credit”, that’ll count. You might not think of bills as being Point-of-Sale transactions, but in many cases, that’s exactly what they are.

So if all of those things qualify, what doesn’t?

If you still find yourself writing checks, unfortunately, those won’t qualify as a POS (Point-of-Sale) transaction. This is also true for purchases made online where you enter your routing and account number.

Hopefully, I’ve provided some much-needed positivity right now. It’s comforting to know that we will all get through this one day and be stronger when it’s all said and done.

What are your thoughts? Did you have any questions or comments about the Ultimate Checking account or any of our other services? Comment below or email me directly.

*Dividends are earned for balances less than $15,000.00.

Krista Kyte is a personal finance blogger and personal banker with over 17 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.