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Bank Your Change™ FAQ

 

If I am already a customer of MidWestOne Bank and have a checking account, check card and savings account am I automatically enrolled?

No. We ask that you sign an enrollment form for the Bank Your Change™ service. These agreements are available at every MidWestOne Bank location and online. The online agreement must be completed, signed and brought in or mailed to any MidWestOne Bank location.

Can a new customer sign up for Bank Your Change™?

Absolutely! All you need is any MidWestOne Bank checking account, a MidWestOne Check Card, and a designated MidWestOne Bank savings or money market account and we can get you signed up.

Are there any limits as to how many check card purchases I can make in a month and still be part of the Bank Your Change™ service?

No. There are no minimum required purchases or any maximum number of purchases. Obviously, the more you use your check card, the faster your savings will add up.

Are all my check card purchases included? Does it matter if I sign the charge slip or use my PIN to make the purchase?

Whether you use signature-based or PIN purchases doesn’t matter; they are all included in the Bank Your Change™ service.

Is there a fee for the Bank Your Change™ service?

No. There are no special fees or charges to be in the Bank Your Change™ service.

How will I know how much has been transferred from my checking account to my designated savings account?

There are several ways to check. Your checking account statement will list each day’s purchases using your MidWestOne Check Card™. At the end of each business day, we will total the Bank Your Change™ amount and list it in one transfer to your designated savings account. Your account statement will show the transfer as a deposit on that same day. MidWestOne Online Banking is a great way to monitor both your checking and savings account as often as you would like.

How many accounts can I designate to receive the Bank Your Change™ amount?

Up to five.

If I designate more than one savings account to receive the Bank Your Change™ amount, how will that work?

Each business day we will total the Bank Your Change™ amount to be transferred and divide it equally among your designated savings accounts. If there is an odd amount we will automatically track which account received the extra cent and next time there is an odd amount the account that received the smaller amount will receive the extra cent.

For example, if you have two designated savings accounts and the transfer total for that day is 71 cents, the first account will receive 36 cents and the second account 35 cents. Next time there is an odd amount, the second account will receive the higher amount.

If you have the Bank Your Change™ transfer going to more than one designated account, each transfer will be shown on your checking statement and the corresponding savings account. So if you have two designated savings accounts, there will be two Bank Your Change™ transfer entries on your checking statement at the end of the business day.

What do you mean when you say I need to be an “owner” on the designated savings account?

We ask that your name be on the account as one of the owners. For example, if the savings account is for one of your children or a grandchild, the account can be in their name, but you also must be listed as one of the account owners.

If I am cutting it close one month, will the Bank Your Change™ amount ever overdraw my account?

Not likely. To safeguard you from that happening, we will not make a Bank Your Change™ transfer any day your checking account has a balance of $15 or less. Obviously, your purchases will be charged to your checking account, but we will not round up the amount.

Do I need to have a certain MidWestOne Bank checking account to participate in the program?

Any of our checking account plans will work.

Are all business checking accounts eligible for the Bank Your Change™ service?

No. Bank Your Change™ is for personal accounts only.

The Connections Club and Relationship checking accounts have minimum balance requirements to waive the monthly maintenance fees. Is it possible the Bank Your Change™ transfer amount will cause me to incur the monthly maintenance fee?

Yes. If the Bank Your Change™ transfer amount causes your minimum balance to drop below the requirement, you will be charged the monthly maintenance fee.

What accounts can I choose from to be my designated account to receive the Bank Your Change™ amount?

You may designate any MidWestOne Bank checking, savings or money market account.

Can I designate a College Savings Plan of Iowa account to receive the Bank Your Change™ amount?

We cannot offer that option. What you can do, however, is accumulate the savings in one of our eligible accounts and then transfer it to the College Savings Plan account. (If you have our Online Bill Pay service, you can do this very easily.)

What if the purchase I make with the check card is cancelled or reversed at a later date? How does this affect the Bank Your Change™ transfer that was already made?

It will not impact this transfer. It will remain in your savings account.