Not So Rewarding Checking

I understand the frustration of missing out on earning a wonderful rate due to not meeting the requirements on the number and status of transactions.    In all fairness, all institutions (not just UICCU) offering Rewards Checking Accounts require that the prescribed number of transactions post and clear within the qualification cycle to be eligible for the reward rate. 

It is possible that a merchant might submit a funds hold yet never "finalize" the transaction,  For example, a gas station will send a bank a "funds hold" transaction of $1 when you run your card prior to filling up.  However if for some reason you do not complete the fill-up, then there is no transaction to finalize.    That happened to me this weekend - I intended to get gasoline but accidentally pressed an incorrect button and the transaction cancelled.  The $1 hold, however, had already been sent to the bank.  When I attempted to fill up again, a second $1 hold was sent - and eventually turned into a "real transaction".

As a friendly suggestion, start using your debit card as early as possible in the qualification cycle, then ten days before the cycle ends do a quick check to make sure all is in order and take action as necessary to make sure you meet the number requirement in time, and make a couple of extra transactions to be on the safe side.  To be absolutely safe, I make it a policy to only count the transactions which have cleared after the prior period's interest earnings have posted. 

Good luck to you - and congrats on qualifying to be a member of this credit union so you can get a great rate!

I would agree with pearlbrown.  It sounds as though this credit union is offering a truly great product...I can't find anything like it at Bank of America, Chase, or Wells Fargo.  As for the customer service comments, I think that the representative should be helpful and explain the way the program works.  And, that the credit union offers this product to its members intending it to be the primary checking account.  I don't know too many people who carry multiple debit cards for a variety of checking accounts.  Too confusing for me!

It sounds as though jdmcderm was already familiar with the way that merchants process their payment transactions, since a qualification was missed earlier.  I would bet that if jdmcderm only had a single REWARDChecking account it would be easier to keep up with the 12 purchases that need to be made, instead of trying to "play the system" and remember which card I still need to make purchases with. 

Paag86:

Not sure if you work for UICCU?  I think that jmd just wanted to give us a (good) warning of UICCU's slow processing of debit card transactions and PB encouraged us to make debit transactions early in the monthly cycle.

There is really no need (and it is unfair) to accuse poeple of "playing the system" at all.:-)

BTW, I would not call (3.75%, $25K) as "a truly greart product."  There are a whole list of RCAs that are better in both APYs and requirements (e.g., no $100 ACH requirement, no $5 minimum average debit card transaction requirement).