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Rewards Checking Account FAQs

Get answers to common questions related to our new Rewards Checking account program.​

Learn more about Security Service Power Checking.

Security Service Power Checking

Security Service Power Programs - Cash Back or Rewards Points

 

Security Service Power Checking

What is the new Security Service Power Checking account?
Security Service Power Checking is an interest-earning checking account with 2 Rewards options to choose from: Cash Back or Rewards Points.


What are the features of the new checking account?
This account is a blended-rate balance tier account, which means the interest will only be paid on the portion of your daily balance within each balance tier. The rate is variable and changes as your balance grows to the next tier. To open the account, an initial deposit of $25 and a savings account with a $5 minimum balance is required. The account holder has two Rewards programs to choose from: Rewards Points or Cash Back.


How does a blended-rate balance tier work?
A blended-rate tier earns interest that increases as your balance grows. Each tier corresponds to a range of account balances and interest rates earned if your balance falls within that range.

The blended-rate tiers are as follows:

 
Tier ​Rate ​Limit
1​ 0.05%​ ​$0.00-$9,999.99
2​ 0.40%​ $10,000.00-$24,999.99​
3​ 0.50%​ $25,000.00-$49.999.99​
4​ 0.60%​ $50,000.00-$99,999.99​
5​ ​0.75% ​$100,000+
 

 
For example: Adam has $135,000 deposited in his Security Service Power Checking.  His estimated earnings for the year would break down as follows:

Principal Balance​ Rate​ Estimated Annual Interest​
The first tier will earn at a rate of 0.05%  ​ $9,999.99​ x .05% =​ $5.00​
The second tier will earn at a rate of 0.40%  ​ $14,999.99 x .40% =​ $60.00​
The third tier will earn at a rate of 0.50%  ​ $24,999.99​ x .50% =​ $125.00​
The fourth tier will earn at a rate of 0.60%  ​ $49,999.99 x .60% =​ $300.00​
The fifth tier will earn at a rate of 0.75%  ​ $35,000.04 x .75% =​ $262.50
TOTAL: $135,000.00 ​ $752.50

Are there any new fees with the Security Service Power Checking?
Yes, in addition to the normal fees (chargeback items, NSF, stop payment, etc.):

  • $25 early close-out penalty is assessed if the account is closed within first 90 days of opening date.
  • $10 inactivity fee will be charged monthly when both of the following occur:
    • Account balance is below $50.
    • The account has no monetary activity initiated by the member for 12 consecutive months.
  • $3 monthly fee for paper statements (Waived with enrollment in eStatements).
  • $2 monthly fee for Rewards Points option (Waived if the member has a new or active Security Service credit card)

Note: Members under the age of 18 will be exempt from all account-related fees.


Are my business accounts changing as well?
No. Our current business account products will remain the same.


What will happen to my Security Service Classic, Gold, Youth, or Youth with Interest checking account?
All active Security Service checking accounts will continue to be supported as they are today.


Can I upgrade to the new Security Service Power Checking account?
Yes. To upgrade to this account, simply do one of the following:


Security Service Power Programs - Cash Back or Rewards Points

Do I have to get a Rewards debit card?
Yes. A feature of the new checking product is the opportunity to earn Cash Back or Rewards Points on debit transactions.


Is there a fee for participating in the Rewards program? The Cash Back program does not have a fee. Rewards Points has a $2 monthly fee.
Note: The fee is waived for members with a new or active Security Service credit card or those under the age of 18.

How much do I earn in rewards for Cash Back and Rewards Points?
With Cash Back, $0.10 is earned for all PIN and signature purchases. Rewards Points earns 1 point for every $2 spent on signature transactions.
Note: No Rewards Points are earned on PIN purchases.


If I select the Rewards Points option, where can I view/redeem my points?
To view or redeem your Rewards Points, visit the Security Service Power Program.


Can I switch between reward types (Cash Back vs. Rewards Points)?
Yes. If you wish to do so, contact our 24/7 Member Contact Center for assistance at 1.888.415.7878 (Toll-Free).


If I have a joint account holder, do we have to be on the same Rewards program?
Yes. All account holders will have to be enrolled in the same Security Service Power Program.


If I select Cash Back option, when is the cash credited to my account?
Your cash back will be deposited to your Security Service Power Checking or Security Service Power Youth Checking account at the end of each month.


Is there a limit or expiration date on the Rewards Points or Cash Back options?
The Security Service Power Program is limited to a maximum of 120,000 Rewards Points per year. Unused Rewards Points will expire 3 years from the time the points were earned. The Cash Back program has no maximum limit per year.


If I close my account, will my Rewards Points expire?
Yes, unused points will be forfeited at the time the account is closed.


Will business accounts currently enrolled in the Rewards program be able to combine Rewards Points?
No. Consumer account Rewards Points cannot be combined with any business account Rewards Points.


Can my checking Rewards Points be combined with my credit card Rewards Points?
Yes. Your checking Rewards Points will automatically be combined with your credit card Rewards Points.


Can I combine my checking Rewards Points with a family member's checking Rewards Points?
If a family member is a joint account holder on your Security Service Power Checking account, Rewards Points will be automatically combined.