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Power Checking - FAQ

What qualifications do I need to meet to receive Power Checking rewards?

Each qualification cycle:

  1. Make at least 15 debit card purchases that post and clear;
  2. Make at least one direct deposit, automatic debit (to a third party), or bill pay transaction to post and clear; and,
  3. Enroll in and receive electronic statements.

What is the qualification cycle?

Qualification cycles  for Power Checking end on the fourth Wednesday of each month  These cycles are the same as the statement cycle and determine the schedule for when qualifications must be met.

What are Power Checking rewards and how to do I qualify for them?

When you qualify for Power Checking rewards, you’ll earn the Power Interest Rate on your checking account for balances up to $25,000.  We’ll also refund up to $15 in domestic ATM surcharges that you’ve accrued during the qualification cycle. See our current rates for more information.

If I don’t meet the Power qualification requirements, what happens?

If you don’t meet the requirements, you will receive the base interest rate on the entire balance for that qualification cycle Also, ATM fees will not be refunded for that qualification cycle. See our current rates for more information.

Is there a maximum amount of ATM surcharges and usage fee refunds I can receive? If so, what is that amount?

The maximum amount you can receive (once you’ve met the monthly Power Qualification Requirements) is $15 for domestic ATM surcharges and usage fees per qualification cycle. ATM charges greater than $4.99 are not automatically refunded and require the presentation of a receipt. If the Power Qualification Requirements are not met, you will not receive any ATM refunds for that qualification cycle.

Are there any potential service charges for the Power Checking account?

If you are not receiving electronic statements, a paper statement will be mailed and a $3 Paper Statement fee (plus sales tax for IA customers) will be charged per account, per statement. It’s important to note that enrolling in electronic statements is a requirement to receive the Power Rate and ATM fee refunds. You must access online banking at least once every 180 days to keep both your online banking account and electronic statements active.

Also, there is a $1 ATM usage fee (plus tax for IA customers) for each ATM withdrawal from a non-MidWestOne owned ATM during the qualification cycle. This ATM fee will be refunded if the Power Qualification Requirements are met (up to the $15 per month maximum).

What is the minimum balance requirement in Power Checking?

There is no minimum daily balance requirement for Power Checking. However, you will need at least $100 to open the account.