The following terms and conditions apply:
- Qualifying accounts earn BIG Interest at the following tiers (interest rate is variable and may change at bank discretion at anytime):
Annual Percentage Yield and Rate Effective as of August 01, 2014
|| APY* Range
|| Tier Information
|| Interest Rate
|| BIG Interest on qualifying accounts up to $50,000
|| 0.20% to 0.75%
|| On balances over $50,000 (qualifying accounts)**
|| On entire balance if requirements are not met
|| * Annual Percentage Yield
** The blended yield for amounts exceeding $50,000 will range from 0.20% to
0.75% APY depending on balance.
QUALIFYING RATE: If your account meets the qualifications as explained below and your daily balance is $ 50,000.00 or less, the interest rate paid on the entire balance will be 0.750% with an annual percentage yield of 0.75%.
An interest rate of 0.200% will be paid only for that portion of your daily balance that is greater than $50,000.00.
The annual percentage yield for this tier will range from 0.20% to 0.%, depending on the balance in the account.
NON-QUALIFYING RATE: If your account does not meet the qualifications, the interest rate on your account is 0.125% with an annual percentage yield of 0.13%. Your interest rate and annual percentage yield may change.
- BIG Interest Monthly Qualifying Factors:
- 12 + debit card transactions during the month.
- 2 + electronic deposits or automatic payments
- E-Statements (You will not receive a paper statement in the mail)
- E-mail address – a correct one on file at the bank.
- Examples, Notes and Explanations:
- 12 + Debit Card Transactions: These are purchases with your SBSU debit card that post to your account during the analysis period.
PIN or Signature transactions with your SBSU debit card qualify. ATM transactions do not count.
- 2 + Electronic Deposits or Payments: These are any combination of payroll or benefit directly deposited to your account or utility charge or credit card payment automatically withdrawn.
Transfers between SBSU accounts or loans do not count.
- Your E-statement will be set to cycle (print) at the close of business on the first banking day of the month. This will be done when you click “I Agree...” below.
- Monthly BIG Interest Status Report: We'll E-mail you an activity report each month that explains your BIG Interest status.
- E-mail Address: Keep your E-mail address on file at the bank up to date. BIG Interest depends upon it.
- Analysis Period: On the 1st business day of the month, which is the day your statement prints (cycles), we tally the qualifying transactions that posted to your account during the previous month (analysis period).
If the analysis shows you have met the requirements, you will receive the qualifying BIG Interest rate.
If the analysis shows you did not meet the requirements, you will be paid the non-qualifying rate of interest.
You will have another chance to qualify for BIG Interest the next month.
- Important Disclosure Specific to BIG Interest Checking
- The BIG Interest rate is variable and may change at anytime.
View current rates at www.sbsu.com by clicking any link or advertisement that mentions BIG Interest.
- Interest is paid on collected balance in your account.
Checks that you deposit (non-cash deposits) are considered "collected" after the bank receives credit for them through the Federal Reserve Banking System, usually one banking day following the day of deposit.
No interest accumulates on uncollected funds. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
- Accounts that don’t qualify for BIG Interest one month may qualify the next month by meeting the requirements.
- Partially qualifying accounts will earn interest at the lower rate. The interest is not pro-rated on any type of sliding qualification scale.
- Interest compounds monthly and posts to your account at the end of the monthly cycle. You will lose the accrued interest if you close or change your account before it credits.
- Keep a register to track your account balance. Never rely upon approval at the checkout terminal to determine if you have sufficient funds in your account.
Some retailers use temporary placeholders to approve purchases that are well below the final transaction amount.
This temporarily allows subsequent approvals against money you have already spent, which may result in overdraft fees that the bank will not refund.
- Posting may be delayed for transactions against non-sufficient funds. A transaction will count during the calendar month it actually posts to your account.
- Free Bill Pay: This account provides free bill pay through our Internet Banking System.
Sign up at anytime by clicking the Bill Pay icon after logging into Internet Banking and following the instructions.
Bill Pay will be turned off after three consecutive months of inactivity. The service may be turned on again at anytime at no charge, but payee information may be lost.
- NSF Bill Pay Warning: If you initiate a bill pay that attempts to post against non-sufficient funds in your account, you will incur two NSF charges:
(1) one immediately from SBSU, and (2) a second one within 30 days from Checkfree according to the fee table below.
- Interest compounds monthly and is credited at the end of the monthly cycle. You will lose the accrued interest if you close or change the account before it credits.
- You will no longer receive a paper statement in the mail. You may access your statement by logging into our Internet Banking System at www.sbsu.com.
Click "History", and then "Statements".
Select the account you wish to review and adjust the month and year as necessary. Hint: Statements are organized by the month in which they were actually produced; select February to view January activity.
Click “submit”. Download time is somewhere between 10 seconds and five minutes depending the speed of your Internet connection.
- You must have access to Adobe Reader, a suitable web browser, and an E-mail system in order to view your account or statement online or to receive our activity reports.
- You may switch to another checking account at no cost. Interest rates and benefits consistent with the new account will apply.
- You agree, for regulatory purposes, that you have been notified of your account activity by the second (2nd) banking day of each month, regardless if you actually view your electronic statement.
See our Reg E Disclosures at www.sbsu.com (click Information). "Reg E" specifies the period of time provided by law that allows you to shift liability to the bank for unauthorized electronic transactions,
up to 60 days after the statement date on which the problem first appeared.
- You agree to accept disclosures or notices in electronic form.
You also agree to keep your physical and mailing address information up to date for the information we send by mail, such as overdraft or tax notices.
Update your address by logging into our Internet Banking System, and clicking on "Other Services", and then "Change Address."
- Review the Fee Schedule
- NSF Fee: The fee disclosed above is charged per item* that is presented
against insufficient funds, dishonored, and returned to the payee.
There is no limit to the daily NSF fee occurrences.
- Overdraft Fee: The Overdraft fee disclosed above is imposed when the bank
covers an item* that is presented against insufficient funds.
Consumer accounts are limited to 4 overdraft fee occurrences per day.
There is no limit to the daily overdraft fees charged to a business.
- Overdraft Permit: Your account will receive automatic enrollment in our Overdraft Permit program if your account remains in good standing and you meet our qualifications.
See www.sbsu.com for details and lick “Accounts”, then “Other Services” and then “Overdraft Protection”.
Normal overdraft fees and interest rates apply as disclosed above.
- SureCash Overdraft Protection: This is a lower-cost credit line for overdraft protection. See New Accounts for details. Transfer fee disclosed above applies. Application required and credit approval required.
- Visa ATM/Debit Checkcard or Visa card Credit Card: No-Fee ATM Access is available at all State Bank of Southern Utah ATMs and at those bearing the MoneyPass logo.
The Visa Credit Card requires an application and credit and/or bank approval.
Any interest that is charged on Visa or SureCash credit line is variable that may change anytime at the bank’s discretion.
- Anytime Line (telephone Banking) Set your PIN within 48 hours after account opening at (435) 865-2350 from Cedar City or Parowan, or 1-800-788-8307 from outlying areas.
- Transfer Fee: Bank initiated transfers to cover an overdraft or maintain a target balance in another account or loan. Transfer fee disclosed above applies.
- Sub Account: Your account may, at the bank's option, be divided into two sub-accounts in order to allow the bank to modify its reserve requirements as defined by Regulation D.
Such division is strictly for internal bank purposes and will not affect the operations of your account in any way.
- Check 21 at SBSU: We utilize Check 21 to expedite check clearing electronically.
If a deposit item is returned to you it will be in the form of a Substitute Check, which is a legal copy of the original that may be handled the same way as the original.
- While Check 21 speeds up processing there is no set schedule for check to clear. The bank may allow you to use funds from a deposit item that is later returned and charged back to your account.
A prudent waiting time before using funds from an uncertain deposit item is 15 calendar days for a check drawn on a domestic bank. Foreign items require longer clearing margins, up to 60 days.
Nevertheless, you are liable for any deposit item that is returned according to the rules specified by the Uniform Commercial Code (UCC).
- Unless we specifically permit you to do so, you may not deposit any substitute check that has not previously been handled by a bank in the U.S. collections process.
- Check 21 does not alter or waive your responsibility to examine your statements nor does it change the time limits for notifying us of any errors.
- We require you to write your checks in a legible manner using black or blue ink that converts clearly to an electronic image.
You will be responsible for any losses you or another person suffers because of the inability to produce a readable digital image of your check.
- Images of the fronts of your checks are standard with your monthly statement. You may request to have the rear of the checks also included in your statement so that you may view endorsements.
In addition, our Online Banking System shows both sides of cleared checks at www.sbsu.com (enrollment required).
* An "item" may be a check, ATM/POS debit, returned deposit item, electronic
withdrawal, or any other type of debit initiated in your behalf.