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RewardsPLUS Checking

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You'll Love Earning Up to 3.50% APY* on Your Checking Account & Receiving Nationwide ATM Fee Reimbursements*

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Check Out RewardsPLUS Saver 

Details:

  • Interest Rewards:
    • Earn an interest rate of 3.45% and APY of 3.50% up to a balance cap of $10,000 (APY Range 3.50% to 0.41%) when qualifications are met
    • If account qualifications are not met, you will earn an interest rate and APY of 0.05% on your balance
  • Special Benefits:
    • Nationwide ATM fee refunds up to $25 if qualifications are met
    • You're eligible to open RewardsPLUS Saver, earn additional interest and link this to your checking account
  • No monthly service charge
  • $100 minimum deposit to open
  • No minimum balance requirement
  • Unlimited check writing
  • $20 fee if closed within 6 months of opening date
  • Additional free services include:
    • Instantly issued debit cards
    • Online banking, mobile banking, mobile deposit, and bill pay
    • Mobile wallet
    • Text alerts**
    • Internal and external transfers
    • Card controls

Three simple qualifications must be met each month to receive the qualified interest rate and ATM reimbursement perk:

  1. Conduct 20 or more debit card purchases totaling $75 or more
  2. Set up at least 1 direct deposit or multiple direct deposits totaling $500 or more
  3. Enroll in eStatements

What if qualifications are not met?

If qualifications are not met, you will still have a free checking account earning an interest rate and APY of 0.05%.  There will be no ATM fee refunds for that time period, but you may begin earning your rewards the next month you qualify.

 

*Annual Percentage Yield (APY) is accurate as of 2/13/2024. See Rate Sheet for more details. There are no recurring monthly service fees associated with this account. Fees may reduce earnings. When qualifications are met during the Monthly Qualification Cycle: you receive an interest rate of 3.45% and APY of 3.50% on balances up to $10,000, and balances over $10,000 earn an interest rate and APY of 0.10% on the portion of the balance over $10,000 resulting in a range from 3.50% APY – 0.41% APY depending on the balance. In addition, account will receive reimbursements up to $25 for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. When qualifications are NOT met during the Monthly Qualification Cycle: All balances earn 0.05% APY and nationwide ATM fees are not reimbursed. Transactions and activities may take one or more business days from the date the transaction or activity occurred to post and settle to the account. The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts and debit card transactions processed by merchants and received by Peoples Bank as ATM transactions. The Monthly Qualification Cycle and Statement Cycle begin on the first business day of the month and end on the last business day of the month. If you have a RewardsPLUS Saver account linked to your RewardsPLUS Checking account, the interest does not compound in that account since it is transferred into the RewardsPLUS Saver account. The RewardsPLUS Saver APY may be less than the RewardsPLUS Checking APY. No minimum balance is required to obtain the account's rewards.  There is a limit of 1 account per social security number. This account is not to be used for commercial purposes. Enrollment in electronic services (e.g. online banking, electronic statements) will be required to meet some of this account's qualifications. Rates are subject to change.
**Your mobile carrier's message and data rates may apply. 
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What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
  2. We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account.  It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

 

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

 

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $30 each time we pay an overdraft.
  • The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
  • No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
  • There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

 

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance.  If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

 

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.    

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

 

Alternate ways to Opt In/Out or make changes:

  • By Phone.   Our Customer Care Representatives can be reached at 815-936-7600.
  • By Mail.   Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
  • In Person.  Please visit your local office and ask a representative to help you decide which plan is best for you.