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Rewards Saver

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Earn a Higher Interest Rate When Qualifications Are Met in Rewards Checking

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Details:

  • When you open your Rewards Checking account, you automatically  qualify to open Rewards Saver
  • Earns 0.55% APY* on all balances if qualifications are met in your Rewards Checking Account each month.  Earns 0.01% APY* if qualifications are not met in Rewards Checking.
  • $100 minimum deposit to open
  • No monthly service charge
  • No minimum balance required to earn rewards
  • Interest and ATM fee refunds** automatically deposited into Rewards Saver
  • $20 fee if closed within 6 months of opening date
  • Additional free services available include:
    • Automatic transfers to and from checking account
    • Online banking, mobile banking, and mobile deposit
    • Text alerts*
    • eStatements

Three simple qualifications must be met each month to receive the qualified interest rate:  

  1. Conduct 12 or more debit card purchases 
  2. Set up at least 1 automatic payment or direct deposit 
  3. Enroll in eStatements

What if qualifications are not met?

If qualifications are not met, your Rewards Checking account will still function as a free account, and your Rewards Checking and Rewards Saver accounts will both earn 0.01% APY; however your Rewards Checking account will not receive ATM fee refunds for that time period. You may begin earning your rewards the very next month you qualify.  

 

*Annual Percentage Yield (APY) is accurate as of 9/1/2024. See Rate Sheet for more details. Must have Rewards Checking account to qualify to have Rewards Saver Account. No minimum balance is required to obtain the account's rewards. There are no recurring monthly service fees associated with this account. Fees may reduce earnings. When qualifications are met in your Rewards Checking account during the Monthly Qualification Cycle: Your Rewards Checking receives 0.75% APY on balances up to $15,000, and balances over $15,000 earn 0.10% APY on the portion of the balance over $15,000 resulting in a range from 0.75% APY – 0.18% APY depending on the balance. Your Rewards Saver receives 0.55% APY on all balances. **You receive reimbursements up to $25 for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. If qualifications are NOT met during the Monthly Qualification Cycle: All balances on your Rewards Checking and Saver accounts earn 0.01% 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. See Rewards Checking for details. The Monthly Qualification Cycle and the 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 Rewards Saver account linked to your Rewards Checking account, the interest does not compound in that account since it is transferred into the Rewards Saver account. The Rewards Saver APY may be less than the Rewards Checking APY.  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. 
*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.