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What is a Debit Transaction?

What is a Debit Transaction?

DebitcardSince we rolled out our 1.50% APY Free Checking Plus account, we’ve heard great feedback from members who love the higher percentage rate. To take advantage of the rate, members must make 12 debit card transactions per requirement cycle, sign up for e-Statements and access Online Banking at least once per month. One question members sometimes ask is “What is considered a debit transaction?”. We thought we’d take the opportunity to clear that up.

All debit card purchases count as debit transactions, whether you authorized the transaction with a PIN or a signature. PIN purchases generally clear immediately, but signature purchases could take more time depending on when the merchant processes them. In all cases, debit card purchase transactions must clear before the end of the requirement cycle to count towards the 12 that month. ATM withdrawals using your debit card do not count as a debit transaction.

Occasionally you may see a transaction labeled as “Withdrawal POS” on your statement. That is also considered as a debit transaction.

Remember that the requirements above are also needed in order to take advantage of ATM fee refunds. If you have any questions please contact us. We hope you are enjoying your Free Checking Plus account and all of the perks that come along with it!