Rewards Checking Terms & Conditions
ACCOUNT OPENING & MAINTENANCE | |
|---|---|
Minimum Opening Deposit | $25.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $0.00 |
ATM & DEBIT CARD FEES | |
|---|---|
LendingClub Fee to Use an In-Network ATM (LendingClub, SUM or MoneyPass ATM) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
1International ATM rebates may not apply automatically. LendingClub makes its best effort to identify ATM fees eligible for rebate. In the event you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272.
ZERO BALANCE ACCOUNTS
If your account reaches and maintains a zero balance for a period of more than 3 months, the Bank reserves the right to either keep the account open or close the account without further notice.
CHANGES IN NAME AND CONTACT INFORMATION
You are responsible for notifying us of any change in your name, address, or other information we use to communicate with you. We will attempt to communicate with you only by use of the most recent information you have provided to us. Account owners must have a U.S. address at all times in order to maintain a deposit account with LendingClub Bank.
HOW INTEREST IS EARNED ON YOUR ACCOUNT
Daily Balance Computation Method -- 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. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.
If you close your account before accrued interest, if any, is credited you will receive the accrued interest.
The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 12/20/2024. Interest rates and the annual percentage yield are variable and are subject to change without notice at any time, at the sole discretion of the bank.
Balance to Earn Interest | Interest Rate | APY |
|---|---|---|
$0.00 - $2,499.99 | 0.00% | 0.00% |
$2,500.00- $99,999.99 | 0.10% | 0.10% |
$100,000.00 and above | 0.15 % | 0.15 % |
CASH BACK REWARDS
The Debit Card Rewards Program (“Cash Back Rewards”) provides 1.00% cash-back on all Qualified Purchases using a debit card tied to an Eligible Account.
Eligible Accounts are: Rewards Checking accounts that meet the following requirements for the calendar month in review:
(1) Maintain an average monthly balance of at least $2,500.00; or
(2) Receives at least $2,500.00 in Qualifying Direct Deposits.
Qualified Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer, or an outside agency. We may require documentation to verify that credits are Qualifying Direct Deposits. Qualifying Direct Deposits do not include peer to peer payments or ACH transfers (funds transfers) from your external accounts.
Qualified Purchases are defined as: Signature-based purchases made using the debit card tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents).
We may report the value of Cash Back Rewards to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Cash Back Rewards.
Accounts are reviewed after the end of each month. Any earned Cash Back Rewards will be credited to your account on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.
TRANSACTION LIMITS
New Client | Classic | Preferred | Elite | Reserve | |
|---|---|---|---|---|---|
Eligibility | Account open for 30 days or less | Account open for more than 30 days | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days6 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days, OR >$30,000 for >7 consecutive calendar days 6 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 6 |
Incoming External | $5,000 | $50,000 | $250,000 | $250,000 | $250,000 |
Outgoing External | $5,000 | $5,000 | $10,000 | $50,000 | $250,000 |
Mobile Deposit | $20,000 | $20,000 | $50,000 | $150,000 | $250,000 |
Debit Card | $500 | $2,000 signature-based | $2,000 signature- | $3,000 signature-based | $4,000 signature- |
6Relationship Balance is the combined balance of your LendingClub deposit accounts.
For additional terms governing your account, please consult the Personal Deposit Account Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date 08/2024
LevelUp Savings Terms & Conditions
ACCOUNT OPENING & MAINTENANCE | |
|---|---|
Minimum Opening Deposit | $0.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $0.00 |
ATM & DEBIT CARD FEES | |
|---|---|
LendingClub Fee to Use SUM or MoneyPass ATM (“In-Network ATMs”) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
1International ATM rebates may not apply automatically. LendingClub makes its best effort to identify ATM fees eligible for rebate. In the event you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272.
ZERO BALANCE ACCOUNTS
If your account reaches and maintains a zero balance for a period of more than 6 months, the Bank reserves the right to either keep the account open or close the account without further notice.
CHANGES IN NAME AND CONTACT INFORMATION
You are responsible for notifying us of any change in your name, address, or other information we use to communicate with you. We will attempt to communicate with you only by use of the most recent information you have provided to us. Account owners must have a U.S. address at all times in order to maintain a deposit account with LendingClub Bank.
HOW INTEREST IS EARNED ON YOUR ACCOUNT
Daily Balance Computation Method -- 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. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.
If you close your account before accrued interest, if any, is credited you will receive the accrued interest.
The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 12/20/2024. Interest rates and the annual percentage yield are variable and are subject to change at any time at the discretion of the bank. Rates may change prior to funding and any interest being earned.
LevelUp Rate2
Balance to Earn Interest | Interest Rate | APY |
All Balances | 4.65% | 4.75% |
Standard Rate2
Balance to Earn Interest | Interest Rate | APY |
All Balances | 3.69% | 3.75% |
2The LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits.
An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle.
TRANSACTION LIMITS
Preferred | Elite | Reserve | |
|---|---|---|---|
Eligibility | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days3 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days OR >$30,000 for >7 consecutive calendar days 3 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 3 |
Incoming External Transfers (ACH) (daily limit) | $250,0004 | $250,000 | $250,000 |
Outgoing External Transfers (ACH) (daily limit) | $10,000 | $50,000 | $250,000 |
Mobile Deposit (daily limit) | $50,0004 | $150,000 | $250,000 |
ATM Withdrawal (daily limit) | $500 ATM withdrawal | $1,000 ATM withdrawal | $2,000 ATM withdrawal |
3Relationship Balance is the combined balance of your LendingClub deposit accounts.
4Due to batch processing, the full transaction limit may not be available until the second business day after your account is opened. The initial daily limit will be $50,000 for incoming external transfers originated through Online Banking or the Mobile app and $20,000 for Mobile Deposits.
For additional terms governing your account, please consult the Personal Deposit Account
Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date: 11/2024
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