Friday, August 12, 2011 - 8:59 PMNorthstar Bank of Texas
Excerpt from the afternoon’s mail from Northstar Bank follows (highlighting, capitalization, and underlining for emphasis is the bank's):
“… our Bill-Pay product is being enhanced beginning September 19th. Details regarding the product conversion will be sent via a separate mailing.
If you have been using a bill-pay transaction in order to qualify for your premium interest rate on your Velocity Checking account, and it is your only qualifying ACH transaction …. beginning September 19, any bill-pay transaction that produces a “check” to a vendor rather than an “electronic payment” WILL NOT count as one of your qualifying transactions allowing you to receive your premium interest rate.
… in many cases over the past several months some bill-pay transactions were counted due to the way our current system processed them, even though they were never intended to be, nor advertised as, a qualifying transaction.
As your Velocity Checking disclosure states, in addition to other qualifications, you are also asked to have "at least one (1) Direct Deposit or one (1) ACH auto debit posted and cleared to your account. Examples of such transactions are a direct payroll or Social Security deposit, direct charges for recurring payments for insurance premiums, or membership fees. Please note, you should not count on bill-pay transactions to be your only qualifying ACH transaction for the Velocity Checking product after September 19th. “
I continue to be impressed by this institution, which provides timely and clear information to its accountholders in a straightforward manner.
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