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Power Checking

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.

It’s easy to qualify and there are no minimum balances. Plus, you’ll receive up to $15 in ATM fee refunds for each cycle you qualify.

No monthly service fees. $100 minimum to open.

Take a look at our Checking Account Calculator to see how a Power Checking account could help you earn more.

Read Power Checking frequently asked questions.

Learn how to qualify for the 1.50% APY Power Rate 

If you’re an existing MidWestOne customer interested in switching to Power Checking, visit your local MidWestOne bank to open an account. 

New to MidWestOne? Stop by your nearest location to open your Power Checking account or click the “Open an account” button below to get started.

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Power Checking Features

Power Checking
Minimum balance to open
$100.00
Minimum daily balance
None
Monthly service charge3
None
No fee and required
Earns Interest1,2
Yes – Tiered Rate Structure
No fee
No initial setup fee
MidWestOne-owned ATM withdrawals
No fee 
Non-MidWestOne-owned ATM withdrawals
$1.00/withdrawal. Refunds up to $15.00 per month#
Additional Benefits & Information
To qualify for the Power Rate and receive ATM fee refunds, each qualification cycle, you must:
1. Receive monthly Online Secure eStatements;
2. Have at least 10 Debit Card transactions post and clear (excludes ATM and PIN-based transactions); and
3. Have at least one direct deposit, automatic debit from a third party, or an online bill payment transaction post and clear.
  # ATM refunds up to $15.00 per qualification cycle will be made for domestic ATM surcharges paid as well as ATM withdrawal/usage fees. ATM surcharges greater than $4.99 are not automatically refunded and require the presentation of a receipt for refund.
Power Checking
Paper Statement Fee3
$3.00/statement
If you elect to receive a Paper Statement, you will not qualify for the Power Rate
Paper Image Statement Fee3
$3.00/statement
No fee
$2.00/month
$10.00 initial setup fee
OOPS OVERDRAFT PROTECTION SERVICE Available. Details here.
(1) Daily Balance Method used to calculate interest on account. This method applies a daily periodic rate
to the principal 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.
(3) Sales Tax will apply to these items.  (IA accounts only).
(4) This relationship includes personal checking, savings, certificates of deposit, IRAs and current balance on consumer loans. Excludes residential real estate loans, demand deposit loans, and Fresh Start loans.
(5) The mobile app is free. The service is free. Message and data rates may apply from your wireless carrier.
Account Inactivity Period:  MidWestOne Bank will deem your transactional account inactive if you do not make any deposits to, or withdrawals from, the account for a 12-month period. The statement cycle may also change to semi-annual with June 30 and December 31 statements.

 

How to qualify for the 1.50% APY Power Rate

To earn the Power Rate on up to $25,000 and receive domestic ATM surcharge refunds nationwide, follow these 3 simple requirements and helpful tips:

  1. Have at least 10 signature-based Debit Card purchases post and clear each qualification cycle.
  • As a rule of thumb, whenever you swipe your Debit Card and don’t enter your PIN, that counts as a signature-based transaction.
  • Debit or credit? Choose “credit.”
  • Gas pumps, if given a choice, select “Pay credit here.”
  • Online purchases count as signature-based transactions.
  1. Have at least one direct deposit, automatic debit from a third party, or bill payment transaction post and clear each qualification cycle.
  • This could be payroll into your account or automatic monthly payment to your insurance or utility company.
  • Online bill payments do count as automatic debits if you are using MidWestOne Bank’s bill pay service.
  • If using another means to make a bill payment, it will count as an automatic debit if you are using our routing number and your account number to make the payment. It will count as a signature-based Debit Card transaction if using your Debit Card to make the payment.
  • Automatic transfer to loans or other deposit accounts within MidWestOne Bank do not count.

3. Enroll and receive Online Secure Statements.

  • Register for Online Secure eStatements.
  • OR enroll in Online Banking. This automatically registers you for Online Secure eStatements.
  • You must accept electronic delivery with a valid email address. You must also access online banking at least once every 180 days to keep both your online banking account and Secure (electronic) eStatements active.

2018 Power Checking Statement Cycle

On the days listed below, transaction counts for the qualification cycle end, interest is paid and the account holder is credited for ATM refunds.

MONTH

QUALIFICATION CYCLE ENDS

December 2017 December 27, 2017
January 2018 January 24, 2018
February 2018 February 28, 2018
March 2018 March 28, 2018
April 2018 April 25, 2018
May 2018 May 23, 2018
June 2018 June 27, 2018
July 2018 July 25, 2018
August 2018 August 22, 2018
September 2018 September 26, 2018
October 2018 October 24, 2018
November 2018 November 28, 2018
December 2018 December 26, 2018

2018 Power Checking Statement Cycle (PDF)

 

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All rates and APYs listed on this page are subject to change at any time without notice.