Q&A: Gulf Advantage Checking
Q: How can you afford to pay that rate and refund ATM charges?
A: Gulf Advantage Checking is an account that rewards customers for using our automated services. By using products like auto deposit, e-Statements, online banking, and debit cards, you are actually saving the bank money. We return the favor by paying cd-like rates on balances and reimbursing you for any bank ATM fees you might have been charged up to $35.
Q: Is this a teaser rate?
A: While the rate is variable, it is not a "teaser" promotion with a planned date to reduce the rate by some dramatic amount.
Q: Is there a minimum balance requirement on Gulf Advantage Checking?
A: No.
Q: How will I know if I have qualified for the reward rate and ATM refunds?
A: We will send you an e-mail each month letting you know if you did or did not reach the reward level. If you did not, an explanation will be given so that you can reach it the following month.
Q: If I meet the qualifiers, how much do I have to have in the account to earn 4.61% APY*?
A: Balances between $0 and $25,000 earn 4.61% APY*. The average daily balance for the month is used to determine the interest you earn. Any balances above $25,000 will earn 1.01% APY* (as of February 14). Even if you don’t qualify, you will be paid .25% APY* on your average monthly balance. Interest is paid monthly.
Q: How are you refunding ATM surcharge fees?
A: For example, let’s say you incur three ATM surcharges one month: $1.50, $2.50, and $3. That means $7 will automatically be credited to your account.
Q: Do ATM transactions count toward my 12 Visa CheckCard transactions?
A: No. Any time you make a withdrawal from an ATM, it will not count toward the total. However, using your card for common purchases like groceries and gas will. We also encourage you to choose "credit" when using your Visa CheckCard at retailers. You'll be surprised how fast you get to 12.
Q: If I open my account later in the month, won't it be difficult to meet the qualifiers?
A: We waive the first month, so there are no qualifiers. That gives you extra time to set up direct deposit and start using your debit card.
Q: What are e-Statements?
A: e-Statement is the alternative to receiving paper statements. Once signed up, you will receive a monthly e-mail notifying you that your statement is ready. You can then log on to our secure online banking site (with a password that you create) and view your current or past statements. A valid e-mail address is required.
Q: What happens if I do not meet the qualifiers?
A: It’s still a free account and you’ll receive .25%APY* on your average monthly balance. ATM surcharges will not be refunded that month.
Q: How does the "automatic deposit/ACH auto debit" qualifier work?
A: This includes direct deposit of your paycheck or social security check. It could also mean an automatic ACH transfer to bills such as your mortgage, gym or electric company at least once a month. This qualifier is pretty easy. Set it up once and you are good to go.
Q: I already have my checking at Texas Gulf Bank, N.A. Can I switch to this?
A: Absolutely. Just stop by and we can switch you over without changing your account number. You won’t need to reorder checks or switch out your Visa CheckCard.
Click here for forms to switch to Texas Gulf Bank, N.A.
*DISCLOSURE: 4.61% Annual Percentage Yield (APY) paid on daily balances between one penny and $25,000 each monthly statement cycle the minimum requirements are met. Daily balances greater than $25,000 will earn an APY ranging from 4.61% to 2.80% depending on the daily balance in the account. (The APY of 2.80% corresponds to an assumed daily balance of $50,000; the APY of 4.61% corresponds to an assumed daily balance of $25,000.01) If you do not meet the three requirements per cycle as stated above, your account will still function as a free checking account earning 0.25% APY; however, it will not receive ATM refunds for that time period. APYs accurate as of 2/14/2008. We may change the interest rate and APY any time after the account is opened at our discretion. No minimum balance required. However, you must deposit a minimum of $50 to open this account. No monthly service charge. Available to personal accounts only. MEMBER FDIC..
