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Power Checking - FAQ

What qualifications do I need to meet to qualify for the Power Rate?

To receive the Power rate in your Power Checking account you must meet three requirements each qualification cycle:

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

What is the qualification cycle?

The “qualification cycle” is the same as the current statement cycle. The statement cycle ends on the fourth Wednesday of each month. View the 2018 Power Checking Statement Cycle.

What benefits do I receive if I meet the monthly Power qualification requirements?

With the Power Checking Power rate, you’ll earn 1.50% annual percentage yield (APY) on your checking account on balances up to $25,000. When your balance is $25,000, you’ll earn 0.10% APY on the portion above $25,000. When the qualifications are not met, you’ll earn 0.05% APY on the entire balance. (1) (2)

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

If you don’t meet the requirements, you will receive the non-qualifying rate on the entire balance for that qualification cycle, which is 0.05% APY. Also, ATM fees will not be refunded for that qualification cycle. (1) (2)

Is there a maximum amount of ATM 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 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 enrolled in and receiving electronic statements, a paper statement will be mailed and a $3 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.

What is the minimum balance requirement in Power Checking?

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

How can I make sure I have qualified for the Power rate before the qualification cycle ends?

You will receive an email indicating that you have qualified for the Power rate. You’ll also be able to tell by logging into your online banking or mobile banking account. The APY on the account will change to the Power rate and you’ll start to see ATM surcharge fee and ATM withdrawal/usage fee refunds to your account.

If I meet the Power Qualification Requirements, when will I receive my ATM refunds?

Domestic ATM fees accrued statement-to-date will be refunded to your account on the banking day you meet the qualification requirements. All domestic ATM fees assessed during the remainder of the qualification cycle will be refunded to your account on the same banking day that they are assessed (up to $15).

Note: Fees over $4.99 will not be automatically credited and you must come into the bank to request refund

Can I use a transfer to/from my second bank account as my automatic transaction?

No. To qualify you must have at least one direct deposit, automatic debit from a third party, or bill payment transaction post and clear each qualification cycle.

Why does it say the current APY for my account is 0.05%?

That’s because you have not yet met the requirements for the Power rate. Once you have met all three Power Qualification Requirements, the APY for the account will switch to the Power Rate. (1) (2)


(1) Daily Balance Method used to calculate interest on account. This method applies a daily periodic rate to the balance in the account each day.
(2) Interest rates are variable and subject to change at the bank’s discretion at any time. The annual percentage yield may vary due to the interest rate changes and fees. Please refer to our Deposit Rates for current interest rates and annual percentage yields based on designated balance tiers.