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At NewportFed, we are committed to providing you a better way to bank. In an effort to make banking more convenient and simultaneously, environmentally friendly, we have created several safe and secure ways for our customers to bank electronically. One example is to encourage the use of electronically delivered monthly statements, instead of paper.
Not only does that help the environment, but it reduces our cost of doing business. Those savings can then be passed on to those of you who use our electronic banking options to their fullest extent. The result is the e-Loop Checking Account; a free account with an annual percentage yield (APY) as high, and in most cases, higher than some of the best certificate of deposit rates, only with far more convenience and accessibility.
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Earning a High Rate of Interest is as Easy as 1, 2, 3
Customers with e-Loop Checking earn a high rate of interest on balances up to $50,000! And that’s not all. e-Loop account holders can use any ATM, anywhere in the country, FREE!* Earning these substantial benefits is as easy as 1,2,3… just meet the following requirements during each monthly statement cycle:
1. Make at least 10 NewportFed Visa® Debit Card purchases
2. Have one direct deposit or automated clearing house (ACH) debit transaction*
3. Receive statements electronically
The best part is that these requirements are convenient and at no cost to you! Even if you do not meet the requirements in a monthly cycle, your account remains free and you still earn a competitive rate of interest. *In that case, ATM fees will apply as well. However, you can pick right up in the next month and qualify again for the high interest reward and the free ATMs. You always control your ability to earn the highest rate and no cost ATM features of the account!
*An Automated Clearing House (ACH) debit transaction is an electronic payment to a qualified third party vendor (such as insurance payment, health club payment, cable bill, etc.) The Annual Percentage Yield (APY) is accurate as of 4/15/2013. The interest rate and APY is subject to change after the account is opened. The minimum deposit to open the account is $50. An APY of 0. 50% will be paid on balances up to $50,000. If the account balance is over $50,000, the portion of the balance above $50,000 will be paid 0.10% with an APY ranging from 0.50% to 0.23%, depending on the account balance. Certain conditions apply. To qualify for the 0.50% APY in a given statement cycle, you must receive a direct deposit into the account or make a qualified automatic ACH payment from the account, you must use your NewportFed Visa Debit Card to make 10 purchases at a point of sale, and you must receive your monthly account statement electronically. The amount of the ATM refunds and the number of debit card purchases will be calculated as of the 11th day of the month and posted to the account on the statement cycle date (usually the 15th). ATM fees incurred and debit card purchases made on the 12th day or later, up to and including the cycle date, will be calculated and rebated on the following month’s statement. ATM receipts must be presented for reimbursement of ATM fees of $5.00 or higher no later than 30 days after the statement cycle where the reimbursement was applicable. Note: ATM withdrawals do not count as qualifying debit card transactions for purposes of earning rewards within this account. **If the requirements are not met, an APY of 0.05% will be paid on the entire account balance and no ATM fees will be refunded. Fees could reduce earnings.
More information on any of our products and services can be requested through e-mail (warning: do not send confidential information via email) or by calling us at (401) 847-5500.
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