Collegiate Debit FAQs
What are the benefits of having a Collegiate Debit Account?
Waived foreign ATM fees2 and $50 Bonus deposit.1
Is there an age requirement for Collegiate Debit Account?
Yes, you must be 18 years of age or older.
Do existing members qualify to apply for a Collegiate Debit Account?
Yes, as long as they are enrolled in a trade school, college or university. Contact us online or visit a branch to have your current account converted.
How long will my account be considered Collegiate Debit Account?
Four years from the enrollment/opening date.
What if I have multiple active accounts, will all be designated as a Collegiate Debit Account?
No, only the account opened first will be designated as a Collegiate Debit Account.
Why didn’t I receive my $50 deposit?
You must be enrolled in eStatements, online banking, and make 10 qualifying checking account transactions within 60 days of account opening to qualify for a $50 Bonus deposit. Also, your account must not have a negative balance and you cannot be a borrower on a delinquent loan greater than 60 days to receive the deposit.
1 Must be 18 years or older to apply. $50 Loyalty Select Bonus requires enrollment in Founders Online and eStatements and ten qualifying transactions within 60 days of account opening. Qualifying transactions include, debit purchases, deposits and ACH transactions. Founders will deposit the Bonus into your Loyalty Select by the next business day after satisfying all requirements. One Bonus per member. This Bonus will result in interest income received from FFCU and we will be required to send you, and file with the IRS, a form 1099-INT (Interest Income) for the year in which you participate and are awarded this Bonus. You are responsible for any tax liability related to participating in the offer/program. Please consult your personal tax advisor if you have any questions about how this could affect your taxes. If you do not have a Loyalty Select, if eligible, one will be opened for you. The account ownership will mirror your primary savings account. For full terms, conditions, and qualifications regarding Loyalty Select, visit foundersfcu.com/loyalty-products-terms-and-conditions. Members with a negative account balance or loans 60 days or greater past due at a time the bonus criteria are met will be ineligible for the bonus at that time and it cannot be earned at a later date. Account will convert to a regular Founders account four years after account opening and will be subject to the terms and conditions, including foreign ATM fees, outlined in the Membership Agreement and Disclosures for all regular accounts. One four-year term per member. Members with an existing checking account, excluding Fresh Start Checking, may have the account converted to the Collegiate Debit account for qualified members and will maintain the same ownership. Members’ accounts not in good standing, as defined in the Membership Agreement and Disclosures, may convert to a regular checking account or be closed.
2 Members may be liable for non-Founders FCU foreign ATM fees.
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