Frequently Asked Questions

What are the requirements to get the Rewards?
It’s easy to earn high interest on your Checking account when you perform these simple steps every month:

	Sign up for Direct Deposit or pay one bill via ACH debit
	Sign up for eStatements (with valid e-mail address).
	Use your debit card for 12 signature-based transactions*

What is a signature-based debit card transaction?
There are two types of debit card transactions: PIN-based and signature-based. Debit cards that have a VISA® or MasterCard® logo on them can be processed without entering a pin code. These types of transactions are referred to as signature based transactions. In this type of sale, the merchant accepts the debit card the same way in which they would accept a normal credit card. The card is swiped through the terminal and the consumer signs the receipt. The funds are transferred from the consumer’s bank account just as in a pin based debit transaction. However, it may take two to three business days for the transaction to post* to your account.

Signature-based debit card transactions qualify for Rewards, but debit card transactions that ask you to enter personal identification numbers, or PINs, do not. For example, at supermarket checkout lines, you might have the option of making a signature debit card transaction or a PIN debit transaction. To make a signature transaction, you may have to hit the prompt for “credit” when using card-swiping devices. Or, if asked credit or debit, always select credit.

*All 12 signature-based debit card transactions need to post to your account during the month in order to receive your Rewards. When you use your card as a signature based transaction a memo hold is placed on your account for the amount of the purchase. It can take up to three business days before the transaction clears your account and the purchase is posted.

What are eStatements?
eStatements are simply your account statements in a format that is delivered via e-mail and viewable online. It contains exactly the same information as the paper statement. Instead of receiving your account statement via mail, you will receive it through a secure web site.

Do eStatements contain the same information
as my paper statements?
Yes. eStatements are required to have the same information as paper statements.

What are the benefits of eStatements?
eStatements are generally available within 24 hours from the time of processing so you receive them quicker. And because eStatements are not delivered by postal mail, the possibility of your statement ending up in the wrong person’s hands is eliminated.

Do I need online banking to view my eStatements?
No, you do not need Online Banking, but we invite you to check into the many features and services available. Personal Online Banking is FREE at Galena State Bank.

How do I register to receive eStatements?
To register simply:
1. Log on to www.galenastate.com
2. Click “eStatements”
3. Select “Enroll Now”
4. At this screen, you’ll want to make sure that you have Adobe Reader; then continue and follow the instructions.

Do I need any particular software to view eStatements?
A: You need Internet access and a valid e-mail account to receive notifications. Adobe Acrobat® Reader™ is also required and can be downloaded at no cost at www.adobe.com. We will provide this link on each e-mail sent allowing customers access to download the newest release.

When can I sign up for eStatements?
A: As soon as a deposit is posted to your account. You will need to enter the exact amount of your last deposit to enroll in eStatements.

What is Direct Deposit?
A: Direct deposit automatically places your paycheck, pension, Social Security, or other regular monthly income into your checking account. It’s convenient, secure, and saves trips to Galena State Bank.

What is ACH Debit?
Automated Clearing House (ACH) is the name of an electronic network for financial transactions. ACH debit transfers include consumer payments on insurance premiums, mortgage loans and other kinds of bills. The ACH Debit method allows you to transfer funds by instructing a company, like your utility company, to electronically debit your bank account for the amount of your monthly charges.

When do I start to receive the Rewards?
Your Rewards begin to calculate on the first of the month following account opening. As an example, all Cash Rewards Checking statement cycles begin the first business day of the month. The last day of the cycle will be the last business day of the month, unless that day falls on a weekend or holiday. If that happens, the last day of the cycle is the previous business day.
However, interest rates will be paid prior to the start of the Rewards cycle as follows:
• $0 - $19,999.99 0.25%
• $20,000 and above 1.51%

Can the interest rate change on my Cash Rewards Checking account?
Yes. This is a variable rate account and the rate may change at any time.

How does the tiered interest rate for Cash Rewards Checking work?
Accounts with balances up to $20,000 will earn interest at 6.01% APY as of the beginning of the month, assuming the Rewards criteria are met. All funds in the account over the $20,000 balance will earn 1.51% APY regardless of whether the Rewards criteria are met.

What happens if I don’t meet the requirements
for Cash Rewards Checking?
— Balances of $0.01 - $19,999.99 earn interest at 0.25%
—Balances of $20,000 and above interest at a rate of 1.51%
—ATM fees are not refunded for that statement cycle

Is there a minimum balance requirement in order to receive my rewards?
Galena State Bank does not require a minimum balance to earn the Rewards as long as the Reward requirements are met. In order to receive the stated APY, the average collected daily balance must be $0.01.

Are there any monthly service fees?
No. There are no monthly service fees. This is a free account.

Will Cash Rewards Checking customers receive a 1099 reflecting interest earned over the year?
Yes.

If my account balance goes negative, will I still be able to qualify for my Rewards during that statement cycle?
Yes, if the Reward requirements are met.

If I fail to meet the Reward requirements during this statement cycle, can I still have a chance to qualify during the next statement cycle?
Yes, each month is viewed as a new requirement period.

If I miss my Reward requirements by only one Debit Card transaction, can I call in and get my interest and ATM refunds anyway?
No, Rewards are only given to customers who meet the Reward requirements.

Are my printed checks free?
No.

May I “carry forward” debit card transactions in excess of the 12 required check card transactions?
No. Requirements must be met during each statement cycle.

Can I have a Cash Rewards Checking account if
I don’t have a computer?
Computer access and a valid e-mail address are required in order to have Cash Rewards Checking. If you do not have your own computer, you must at least have an e-mail address and access to a computer to view your monthly statements online.

What if I need a printed copy of my statement and/or check image?
Statements can be printed or saved from your online access for approximately four months from the statement date. Images can be accessed and printed individually from your online account transactions for approximately 90 days.

Will the transactions from this statement cycle on my old account be allowed as required transactions for my Cash Rewards Checking account for this statement cycle?
No. You will not be allowed to carry over transactions as required transactions for this account.

Will my current statement cycle change?
Yes. Cash Rewards Checking has a predetermined statement cut off date (end of each calendar month) that may not be changed.

Can I open multiple Cash Rewards Checking accounts for the same address?
Yes, Customers can have as many Cash Rewards Checking accounts as they want, as long as they meet the Reward requirements for each account.

Can this be used as a business account?
No. This account is for personal use only.

Will I have Overdraft Protection on my Cash Rewards Checking account?
Yes. Overdraft Protection is available upon qualification.

Is there a limit on the number or kind of transactions you can do on a Cash Rewards Checking account?
No. There is no limit. In order to receive the rewards, you must use your debit card for signature-based transactions at least 12 times per cycle.

Will I be able to use my existing debit card from Galena State Bank with my Cash Rewards Checking account?
Yes, if the card is on the same account number that is converted to Cash Rewards Checking.

If I use my debit card at an ATM, will that transaction count toward my 12 required debit card transactions?
No. Only signature-based transactions used to purchase goods and services will qualify as a required debit card transaction.

If I use another bank’s ATM and pay a fee, how will I get a refund?
When you meet the requirements for Cash Rewards Checking during your statement period, a refund will automatically be made to your account at the end of that statement period.

How do I get my ATM fees rebated?
Upon meeting the monthly requirements, ATM refunds will automatically be rebated and posted to your account up to $20.

Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
Yes, up to $20.00 per month

How may I convert my checking account with Galena State Bank to a Cash Rewards Checking account?
Stop in and see a Personal Banker at any Galena State Bank office today and they will assist you in opening your new Cash Rewards Checking account.

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