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Free Plus Checking -  Frequently Asked Questions



How can I get the higher interest rate?

It’s easy – follow these simple requirements, many of which you already do:

All of these requirements must be made in the calendar month in order to qualify for the higher interest rate.

 

CheckCard Questions

  1. Do both PIN and signature debit card transactions qualify to meet the requirements?

    2. You can use your debit card and enter your PIN, or you use your debit card and select credit and sign for your purchase. Both types of debit card purchase transactions meet the requirements, but the transactions must post to your account during the calendar month to qualify. Remember that if you sign for a debit card purchase toward the end of the month, that transaction may not post (or count) within that same month!


  2. What types of transactions meet the 15 monthly CheckCard purchase requirement?

    3. Any time you use your Central Pacific Bank Visa® CheckCard to make a purchase, online, over the phone or at a merchant location, the transaction will count towards your Free Plus Checking account requirements. ATM withdrawals do not count as a transaction.

  3. How do you know if a transaction has posted?

    4. Login to your Online Banking account. Click on the Account Activity sub-tab. A transaction that has been posted to your account will be indicated by a transaction description in blue. If you are not enrolled in Online Banking, you can enroll now.



  4. If I make over 15 CheckCard purchases in one month, will the excess transactions carry over and count toward the next month’s requirement?

    5. According to account guidelines, no transactions will carry over from previous months to count toward the monthly total.


  5. If I miss my requirements by only one debit card transaction, can I still receive the higher interest rate?

    6. The higher interest rate will only be paid if all conditions are met in full during the calendar month. If 15 debit card transactions are not posted, the lower interest will be paid.


  6. Do I have to do anything to get my ATM refund?

    7. To receive your refund of fees for using any ATM anywhere in the country, simply meet all of the requirements of Free Plus Checking. The reimbursement of $3 per surcharge up to $20 per month is automatically credited to the account on the last day of your statement cycle.

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Direct Deposit Questions


  1. What qualifies for Direct Deposit?

    2. Any automatic deposit of payroll, Social Security, or dividends into the Free Plus Checking account.


  2. I set up Direct Deposit with my employer and initial transaction (of $0.00) came in but I was not qualified for higher interest. Why?

    3. Prenotes (preauthorizations) do not count as a direct deposit. This zero dollar transaction is created and sent to validate bank account information.

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Online Banking Questions


  1. How do I enroll for Online Banking?

    2. You can enroll by going to centralpacificbank.com’s website and clicking on the Enroll button. Or you can follow this link.


  2. Is the Online BillPay feature free with Free Plus Checking?

    3. Yes, the monthly service fee is waived when you have a Free Plus checking account.

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Check SafeKeeping Questions


  1. Will I receive images of my checks included in my statement?

    2. Your monthly statement will not include check images. Your account transactions and checks may be viewed and printed from our Online Banking service.

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Interest Rate Questions


  1. What happens if I do not meet the conditions for Free Plus Checking?

    2. If you do not meet them, interest will be paid at the standard rate.


  2. Is there a maximum balance on which the higher interest will be paid?

    3. While there’s no minimum balance, $25,000 is the maximum balance on which the higher interest will be paid if all requirements are met.


  3. Will I earn interest on the account if I have less than $25,000 in the account?

    4. You’ll earn interest on any amount below $25,000.


  4. Do I earn any interest on the balance above $25,000?

    5. Yes, the Standard Rate on any amount that exceeds $25,000.


  5. Is there a minimum balance requirement in order to receive the higher interest rate?

    6. There are no minimum balance requirements.


  6. When does the interest post to my account?

    7. If you meet all of the qualifications, the interest posts to your account on the last day of your statement cycle.


  7. Can the interest rate on my Free Plus Checking account change?

    8. The Free Plus Checking interest rates are variable and can change daily at the bank’s discretion.


  8. Will I receive an Internal Revenue Service (IRS) Form 1099-INT for the interest I earn on my Free Plus Checking account?

    9. Yes, as with all interest-bearing accounts, Free Plus Checking account holders will receive a 1099-INT for their interest.


  9. How is my interest calculated?

    10. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid.


  10. When does my interest begin to accrue?

    11. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (such as checks). Interest will be compounded daily and will be credited to your account monthly.

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