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Changes To INOVA Ovations Reward Checking

Sunday, May 4, 2014 - 9:34 AMINOVA Federal Credit Union - Details
Email received today changing requirements on July 1st to 5 x $51 transactions instead of 15 of any amount:

Dear Member,  
As an Ovation Checking account holder with INOVA, we want to let you know of an upcoming enhancement that will go into effect July 1, 2014. This change requires fewer signature based debit card transactions each month in order to earn the premium dividend rate, which is currently 3%. The new requirement to earn the premium dividend rate will be a total of five signature based debit card transactions in the amount of $51 or more per transaction within a statement cycle. Currently fifteen transactions are required each month to earn the premium rate.

We encourage you to continue to take advantage of INOVA's premium dividend rate by meeting the new lower requirement of five signature based debit card transactions each statement period of at least $51 per transaction. This change is a result of the Durbin Amendment recently passed by Congress which enriches merchants at the expense of consumers. Our mission is to improve our members' financial well-being and this change will allow us to continue to offer the high dividend rate for the Ovation Checking account. Rest assured we will always focus on providing the best financial services to you.

If you have any questions about this change to your Ovation Checking account, don't hesitate to give us a call at 800-826-5465. Or you can email us at memserv@inovafcu.org.   Sincerely INOVA Federal Credit Union
11
AtlantaWolfAtlantaWolf40 posts since
Jan 16, 2010
Rep Points: 187
1. Sunday, May 4, 2014 - 2:39 PM
I have not received that email yet. I could never do 5 $51 transactions. I could do heat, electric and Comcast bill only. Have nothing else I spend that much on every month. Only could do heat and electric because they are on the budget plan and I pay the same every month. Many months it would be much cheaper than that. 

Seems a little strange that after more than 2 1/2 years the Durbin amendment is now to blame. The Durbin amendment took affect on Oct 1 2011. They are a little late in reacting. 
5
Ally6770Ally6770910 posts since
Jan 16, 2010
Rep Points: 2,644
2. Saturday, May 10, 2014 - 7:38 PM
Got my letter yesterday. The honymoon is over for me. Were great at first and hard to get calls returned now. Haven't earned any interest. Money got in too late for the 1st month. I had $100 opening balance and they charged me a $7.50 service fee. Going to move my money ASAP and not bother with 15 transactions this month. They are going to charge me $7.50 anyway. Have 2 accounts so I wasted $30 in service fees and interest. Does anybody know what happened to them?
3
kiwikiwi19 posts since
Feb 22, 2013
Rep Points: 64
3. Saturday, May 10, 2014 - 7:46 PM
I have not received a letter. Have had a direct deposit going in but have not done the 15 transactions because I do not want the interest this year. I kept it open in case I want it again. 
I have had no charges of any kind so far this year when I stopped doing the 15 transactions. Do you have a direct deposit going in? 
2
Ally6770Ally6770910 posts since
Jan 16, 2010
Rep Points: 2,644
4. Saturday, May 10, 2014 - 9:18 PM
I move my money manually each month to count for my direct deposit. So, I don't have to change that part. I just need to pull my money out. I was attracted to the $20,000 cap. I was trying to consolidate. I'll have to check. If they are going to charge $7.50/ mo for my money not to earn any interest, then I will close the account.
3
kiwikiwi19 posts since
Feb 22, 2013
Rep Points: 64
5. Monday, May 12, 2014 - 3:25 PM
I move my money manually each month to count for my direct deposit. So, I don't have to change that part. I just need to pull my money out. I was attracted to the $20,000 cap. I was trying to consolidate. I'll have to check. If they are going to charge $7.50/ mo for my money not to earn any interest, then I will close the account.

Watch out for early account closure fee ($10 - $15).
http://www.inovafcu.org/inova-federal-credit-union-2014-fee-schedule-with-revisions.html
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
6. Tuesday, May 27, 2014 - 7:35 PM
Moved my money. Have to send in account cancellation forms this week so I don't get hit with a service charge.
3
kiwikiwi19 posts since
Feb 22, 2013
Rep Points: 64
7. Tuesday, May 27, 2014 - 7:45 PM
As long as I continue with the $200 deposit they told me there would be no fees. Just would not get  the higher interest if I did not do the 5 debit card transactions.  
3
Ally6770Ally6770910 posts since
Jan 16, 2010
Rep Points: 2,644
8. Thursday, June 12, 2014 - 8:51 PM
Has everyone who owns one of these accounts been notified of the July 1rst changes?  I don't doubt they will happen, but as of yet have received no notification from INOVA, and see on their website (in their promotion of Ovation Checking) they list only the "old" lineup of requirements and make no mention of any coming alterations (perhaps they inform applicants of these before an account is opened).
3
gregkgregk2 posts since
Oct 9, 2013
Rep Points: 376
9. Thursday, June 12, 2014 - 9:07 PM
It's posted on their website Ovation Checking Account Change In Terms Notification | Inova Federal Credit Union. The email notification I received May 4th with the subject "Your E-Statement is ready - Important Change In Terms & Member Notice?" looked very similar to the normal alerts about my monthly e-statement. I almost overlooked it.
6
AtlantaWolfAtlantaWolf40 posts since
Jan 16, 2010
Rep Points: 187
10. Monday, June 16, 2014 - 9:59 AM
Atlantawolf: Thanks for your original post and subsequent post regarding requirement changes. This info was most helpful to me. The changes will make this account much easier for me to utilize with an existing RCA. Thanks much.
5
styxstyx19 posts since
May 11, 2014
Rep Points: 114
11. Friday, July 18, 2014 - 11:36 PM
Email received today changing requirements on July 1st to 5 x $51 transactions instead of 15 of any amount:

Dear Member,  
As an Ovation Checking account holder with INOVA, we want to let you know of an upcoming enhancement that will go into effect July 1, 2014. This change requires fewer signature based debit card transactions each month in order to earn the premium dividend rate, which is currently 3%. The new requirement to earn the premium dividend rate will be a total of five signature based debit card transactions in the amount of $51 or more per transaction within a statement cycle. Currently fifteen transactions are required each month to earn the premium rate.

We encourage you to continue to take advantage of INOVA's premium dividend rate by meeting the new lower requirement of five signature based debit card transactions each statement period of at least $51 per transaction. This change is a result of the Durbin Amendment recently passed by Congress which enriches merchants at the expense of consumers. Our mission is to improve our members' financial well-being and this change will allow us to continue to offer the high dividend rate for the Ovation Checking account. Rest assured we will always focus on providing the best financial services to you.

If you have any questions about this change to your Ovation Checking account, don't hesitate to give us a call at 800-826-5465. Or you can email us at memserv@inovafcu.org.   Sincerely INOVA Federal Credit Union
Thank you. I wasn't aware of the change until this post. I closed my accounts because the new requirements didn't fit my needs.
1
kiwikiwi19 posts since
Feb 22, 2013
Rep Points: 64
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