MyRate Checking FAQ
A Custom Fit
MyRate Checking® Frequently Asked Questions
The answers you need now.
MyRate Checking is an account that pays high interest rates when the monthly requirements are met.
Rewards and Qualification:
A higher interest rate than most accounts* and up to $15 of nationwide ATM fee refunds per calendar month. There are no points or travel miles paid for this account.
- Make 12 VISA® debit card purchases per calendar month (purchases must be posted and cleared, not pending; excludes ATM transactions).‡
- Conduct at least one monthly ACH transaction, such as a direct deposit (ACH must be posted and cleared, not pending).‡
- Enroll and receive your statements electronically; and
- Log in to online banking once every 180 days
The interest rate paid on the entire balance will be 0.10% with an APY of 0.10%. Your checking account is still free, and you can start over the next calendar month to try to qualify for the rewards.
No. There are no monthly service fees on Lewiston State Bank's MyRate Checking accounts.
Yes, all rates on MyRate Checking may change at Lewiston State Bank's discretion.
Using the Daily Balance Method. This method applies a daily periodic rate to the principal in the account each day.
You can view your VISA® debit card transactions and other account activities real-time in our online banking to confirm that you have met the minimum account qualifications at any time. You will see the higher APY on your monthly statement if you qualified.
What if my new VISA® debit card doesn't arrive until late in the month and I don't have time to earn my first month's rewards?
Lewiston State Bank waives the first calendar month's qualifications. You will receive your rewards for the first calendar month that you have the account even if you don't meet the qualifications.
The statement cycle begins on the second business day of the month and runs to the first business day of the next month.
Yes. It will change to a MyRate statement cycle.
Debit card transactions:
No. Only POS (point-of-sale) transactions count and they must be posted and cleared to the account in the calendar month. They can be processed either as debit or credit sales.
- Yes, you must enroll your MyRate Checking account for electronic statements inside of online banking in order to qualify. We strongly recommend that you review your statements to properly reconcile them to your check register.
- You must log in to your personal online banking at least once every 180 days to maintain enrollment in eStatements, which is a requirement to qualify for monthly rewards.
Yes, you will receive canceled check images with your electronic statement.
You can print a check or statement from your computer. Additionally, Lewiston State Bank keeps records of all statements and checks as required by state and federal laws.
There is no limit on the amount you can put into your account; however, the highest interest rate is only paid on the first $25,000.
Yes, you will automatically receive up to $15 per calendar month on ATM-fee refunds on transactions where the debit card tied to your MyRate Checking account is used and when qualifications are met (does not apply to international ATM fees).
To locate ATMs that are free of charge when you use your Lewiston State Bank debit card, please visit www.moneypass.com.
Opening and converting accounts
Yes, subject to credit approval.
Will I be able to use my existing VISA® debit card and checking account number with my MyRate Checking account?
Yes, if your account is already a Lewiston State Bank account, your VISA® debit card and checks will still work, and your account number will not change.
MyRate Checking is not intended for business use.
If I am converting an interest-bearing account to a MyRate Checking account, do I need to wait until the interest posts to the first account before closing it?
If you convert an existing interest-bearing account to MyRate Checking, you will be paid the interest earned up until the date you convert your account to MyRate Checking. Once you convert your account, you will be eligible for the new interest rates.
* Based on a survey of Utah banks and credit unions offering rewards checking accounts on May 29, 2013.
† Annual Percentage Yield rate effective 8/11/2016. The MyRate Checking account requires an opening balance of $100. To obtain the higher APY and the ATM-fee refunds, reward requirements must be met. Rates are tiered and interest earned will vary based on daily balances (View rates). Fees may reduce earnings on the account. The rate may change after the account is opened.
‡ In order to qualify for the highest level of interest on the MyRate Checking account and the ATM-fee refunds, the 12 required POS transactions and the ACH transaction must post and clear to your account by the last business day of the calendar month. Please note that it may take several days for a debit card transaction to post to your account.
VISA®, the name VISA, and VISA (stylized) are federally registered Trademarks of Visa.