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Earn More with Your Checking Account

June 20, 2020
Earn More

Are you making the most of your checking account? Understanding how your checking account works and maximizing the benefits can help you reach your financial goals faster.

Earn More for Free 

All checking accounts provide access to your money to pay bills, withdraw cash, transfer money, write checks, and more. But they’re not all structured the same.

Generally, a free checking account provides the basics for managing your money without the expense and worry of fees. However, free checking accounts often earn zero or very low interest or dividends, depending on the type of institution your account is held at.

An interest or dividend checking account earns a specified rate that is deposited periodically to your account. The downside: interest and dividend earning accounts typically have fees and requirements.

At DCU, we’ve added interest earning power to your DCU Free Checking or Dividend Checking account with our Earn More feature. Earn More is a sweep feature, where eligible balances are automatically swept out of DCU to interest-bearing FDIC insured deposit accounts held at participating institutions throughout the country.

How it Works

When you activate the Earn More feature on your account, you can enjoy the benefit of earning a rate of interest that’s higher than many savings accounts. Your DCU checking account will begin earning interest from the first of the month in which Earn More is activated. Earn More becomes activated the first of the month following the month enrollment took place.

How to Sign Up

Activating your earning power is easy. You can activate the Earn More feature on just one DCU Free Checking or Dividend Checking account per DCU membership at a time.

1. Log in to Online or Mobile Banking.

  • In Online Banking: Click Account Manager > Account Manager Home > Manage Accounts > General > Earn More
  • In Mobile Banking: Tap Account Manager > General > Earn More

2. You will be on the page titled “Earn More on Free Checking.” Choose a checking account from the dropdown menu to add the Earn More feature to.

3. After clicking the Submit button, please read and follow the prompts on your screen to electronically sign the Earn More feature Terms & Conditions.

4. A copy of your signed terms will be saved in Account Manager under Document Sharing.

5. Once electronically signed, your Earn More feature will be pended until the first business day of the following month, at which point the feature will become active.

If you don’t have a DCU Free Checking Account, find out what you’ve been missing. You work hard for your money, and your checking account should work hard for you, too.

*APY = Annual Percentage Yield. An interest rate of 0.50% will be paid on your daily balance up to and including $25,000.00. Balance over $25,000.00 will not earn interest. APY will range from 0.50% to 0.01% depending on the total account balance. For example, a balance of $25,000.00 will earn an APY of 0.50% while a balance of $1,000,000.00 will earn an APY of 0.01%. The rate may change from time to time after the Earn More feature is added to an account. Funds earn interest from the first of the month in which feature is activated.  Feature becomes activated the first of the month following the month enrollment took place. Interest is calculated daily and posted monthly. Accrued interest not yet posted is forfeited if the account is closed or the Earn More feature is deactivated prior to monthly interest posting. Fees or other conditions may reduce earnings. Rate is accurate as of April 1, 2020.
**Since Earn More is a sweep feature, eligible balances are automatically swept out to interest-bearing FDIC insured deposit accounts held at participating institutions throughout the country. You will still have normal access to your checking account funds. Please refer to DCU's Earn More feature Terms and Conditions for additional terms and conditions.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.