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In order to qualify for interest, Vibe Checking Account holders must:
Make Qualifying Deposits totaling $300.00 or more per statement cycle.
Qualifying Deposits include direct deposit, transfers from external bank accounts, check deposits and cash deposits such as those made via Green Dot® Reload @ the Register™. Financial aid refunds or other refunds issued by your school, internal account transfers, fee waivers, fee credits, returned items or dispute credits are not eligible toward the $300 in total deposits. In addition to qualifying for interest, these deposits allow you to waive the Monthly Service Fee. Until May 29, 2019 the Monthly Service Fee will be $1.99. Effective May 30, 2019, the Monthly Service Fee will be $2.99.
An interest rate of 2.96% will be paid for average daily balances up to $1,000 with an Annual Percentage Yield (APY) of 3.00%. An interest rate of 0.01% will be paid only on the portion of the average daily balance that is greater than $1,000 resulting in an Annual Percentage Yield (APY) range of 3.00% to 0.04%, depending on the balance in the account, assuming a maximum average daily balance of $115,000.00. To check your rates, you can always refer to the interest information on your Fee Schedule or login to your account and refer to your account summary page. BankMobile will email you if your enrollment status with your school changes.
Interest rates and APY are variable and may change at our discretion at any time without notice. Fees may reduce earnings. A withdrawal from your account will reduce earnings. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest on your account will be compounded and credited on a monthly basis. At the end of your statement cycle date, we will determine the qualifying posted transactions and we will use the average ledger balance for the statement cycle to calculate the interest on your account. If your account is closed before interest is credited, any accrued interest will not be paid. Mobile deposits are subject to verification and not available for immediate withdrawal.
BankMobile partners with schools to distribute financial aid refunds. Through these partnerships, schools provide BankMobile with your student enrollment status monthly, which is used by BankMobile to determine your eligibility for interest rates and other products. If you have a Vibe Checking Account and you become unenrolled, you will be moved to the Interest Bearing Checking Account. Similarly, if your school is no longer partnered with BankMobile or if you enroll with another school which is not partnered with BankMobile, your enrollment status will become unenrolled and you will be moved to the Interest Bearing Checking Account. When you become unenrolled, you will be moved to this account and, if you have Qualifying Deposits totaling $300 or more per statement cycle, you will earn interest. If you do not have Qualifying Deposits totaling $300 or more per statement cycle, you will not earn interest. Should your enrollment status change at any time from unenrolled to enrolled, you will continue to be eligible to remain in the Interest Bearing Checking Account.
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