Kinetic is excited to announce the following changes to your Smart Rate Checking account:
- As of Feb. 1, 2016, you are no longer charged a $1.00 point-of-sale fee for purchases with your Kinetic debit card
- Effective March 1, 2016, direct deposit will no longer be a Smart Rate account requirement
Beginning March 1, the Smart Rate Checking account will have the following requirements:
- Agree to receive statements electronically (as you do now)
- Conduct at least 10 debit card transactions per calendar month
Smart Rate Checking account holders who meet the monthly requirements will continue to earn 2.00% APY* on balances up to $5,000.00. In addition to the 2.00% APY you earn on balances up to $5,000.00, Kinetic is raising the rates on balances of $5,000.01 - $20,000.00. Effective March 1, any balance in your Smart Rate Checking account above $5,000.00 will earn 0.30% APY.
*APY = Annual Percentage Yield. Smart Rate Checking is a tiered rate account. Account holders must agree to receive statements electronically and conduct at least 10 debit card transactions (point of sale PIN and/or signature debit transactions) per calendar month. If you meet the requirement of electronic statements and the requirement of ten (10) debit card transactions, you will earn 2.00% APY on your Average Daily Balance up to $5000.00. In addition, the second dividend rate and annual percentage yield listed in the Rate Schedule for this account will apply on balances over $5,000.00. If you do not meet the requirement of electronic statements and/or the requirement of ten (10) debit card transactions, the second dividend rate and annual percentage yield listed in the Rate Schedule for this account will apply on balances over 5,000.00.
** Smart Rate Checking account holders receive two (2) free non-Kinetic ATM transactions per month. The operator of the ATM may assess a fee for cash withdrawals and balance inquiries.