FREE Reward Checking
FREE Reward Checking is an innovative free account that pays. With 0.20% APY (Annual Percentage Yield) on your entire balance, your checking account becomes a true investment, and makes more money than a savings account.
Subject to eligibility requirements, we refund all nationwide ATM fees incurred by other banks, so you'll never waste those gains on getting cash. Plus you get a Visa Debit Card and Internet banking for free. We will even throw in online bill pay for free with direct deposit. There are never maintenance fees or hidden service charges, just rewards for using City National Bank.
- Minimum $100 required to open account
- No monthly minimum balance to maintain
- There are no transaction limitations on this account
Minimum qualification cycle activity required to earn interest and Free ATMs Nationwide:
- (10) Visa debit card POS (Point of Sale) transactions (excluding ATM transactions)
- Receive monthly statement electronically
- Provide a valid email address
- Monthly direct deposit of payroll or government benefit
- Available to personal accounts only
The qualification cycle runs from the first day of each month through the last day of each month. Only debit card transactions that are posted and cleared transactions during the qualification cycle will be considered for the monthly required activity. The account will earn .01% annual percentage yield if the minimum qualification cycle activity is not performed and after 3 consecutive months the account will be converted to a Free Checking with electronic statement delivery.
New Identity Theft Protection Services
Now you can get free access to professional ID theft case specialists and advisers. Visit www.cnbtidtheft.com to learn more!
FAQ on Reward Checking
What ATMs can I use?
You may use any ATM in the country and we will automatically and programmatically refund the ATM fee to your account on the next business day.
Is there a limit to the number of ATM refunds a customer can receive?
No, but we ask our customers to not abuse this fantastic benefit so that we can continue offering it to all Reward Checking customers.
Do ATM withdrawals count toward the 10 debit card transactions?
No. All point of sale and internet purchases using the debit card do count, however. ATM transactions are the only type of debit card transaction that does not count.
How long will it take to open my account and when will I get my debit card?
We offer online account opening on our website to expedite the account opening process. Once your return the signature card to us we will produce and mail your debit card to you. The normal account is opened within 24 hours of receiving your signed signature card. To open an account click here.
How can I return my signature card other than through the mail?
Signature cards may be faxed to us at 512 352 2577 to the attention of New Accounts. You may also scan and email your signature card, some customers may even want to take a picture of their signature card with their camera phone and email it to us.
How do I make a deposit to my account?
There are several ways to make deposits to your account including complimentary deposit envelopes and electronic or ACH transactions. Customers can also make deposits at a number of depository ATMs bearing the Shazam name throughout the country. Many of our customers open free checking accounts at other banks so that they can make deposit into a bank locally and then electronically move the money to their account here. We are also currently working on a project to allow our customers to make deposits at over 1 million depository ATMs around the world. We are hopeful that we will have this project completed in the near future.
Can you write checks with this account?
Sure. You can write as many checks as you wish.
Can I access the account with electronic or ACH debits?
Are there any limits on the amounts I can withdraw through an ACH Debit?
Yes, our standard daily limit for ACH Debits is $2,500. Higher limits may be available based on the customer's credit standing, account balance and business reasons for a daily limit in excess of this amount. Limited one time transfer limits are also available (See below) .
A credit report is required before a request to establish a daily transfer limit greater than $2500 can be approved. As a good banking practice and in an attempt to fully comply with federal banking regulations to "Know Your Customer" we must understand any customer need to move large sums of money between banks on a regular basis. While we understand many customers may want to move their money to take advantage of a changing rate environment, it is our responsibility to do all we can to insulate our customers and our bank from any fraudulent transactions performed by unauthorized parties. Daily limits help us provide this protection.
Our customers' money is available for transfer at any time by wire transfer (fees may apply), check or ACH transfer. Although we use daily ACH limits for the protection of our customer and our bank, we can remove these limits if the customer wishes to transfer a large amount in or out of the account. This can be accomplished by contacting our customer service department. A credit report is typically not required for one time transfers as long as the account is in good standing and the initial deposit has been verified.
Why does the account have the monthly qualification cycle activity requirements?
Direct Deposit of a Payroll or Government Benefit Check - We have found that customers who have direct deposit with us use our bank as their primary financial institution. We want to be your main financial institution. We also offer free bill payment with direct deposit.
10 Debit card transactions (excluding ATM Transactions). The bank earns money each time the debit card is used to purchase products and services. We share this revenue with our customers through the above market interest rate associated with the account and Free Nationwide ATM refunds.
Electronic Statements - By delivering the account statement electronically instead of in paper form through the mail, we help our environment and save the postage and handling that is normally associated with paper statements.
Valid email address- From time to time we want to communicate with our customers to inform them of certain account activity, or new product information. We are respectful of our customers time and do not typically send emails to our customers more than 6 times a year.
Does the bank offer any alternatives to direct deposit on the Reward Checking Account?.
No, At least one direct deposit from a payroll or government benefit check are required to earn the highest interest rate offered on Reward Checking.
Is there a minimum amount on the debit card transactions?
No, we just ask our customers to use the card for their normal daily purchases and treat this as their core bank account. Accounts that demonstrate repeated small balance debit card transactions structured to fulfill the 10 transaction monthly minimum may have their accounts reviewed for closure.
How are the debit card transactions counted?
Each customer must have at least 10 non ATM, Visa check card transactions posted to their account each statement cycle. The statement cycle runs from the first day of each month to the last day of each month. Pre-authorized transactions do not count, transactions must be posted completely to the account in order to be counted.
Is there a cap on the balance on which you will pay interest on the Reward Checking Account?
Can I open multiple Reward Checking Accounts?
You may have as many Reward Checking Accounts as you like, just remember you must meet the required monthly activity on each account in order to receive the highest rate of interest paid on the Reward Checking and the Free Nationwide ATMs.
Ok, so what's the catch?
There is no catch, that's why the Reward Checking is so wildly popular. It is endorsed by CheckingFinder.com and has been recommended by a number of nationally recognized financial advisers and magazines. It is based on a very simple principle- you help us (lower our costs and increase our revenue) and we will help you (through an above market interest rate and Nationwide ATM Refunds)
Can I open a Reward Checking account for my business?
No, the Reward Checking account is only available to personal account holders however many of our business customers enjoy the above market rate on our Reward Savings Account
FAQ on The City National Bank of Taylor
Are you an internet bank only?
Absolutely not. We have been serving the residents of Taylor (Texas) and surrounding communities since 1900. We have been owned by the same family for almost 110 years. While we only have a single physical location, we serve customers in every state in the country as well as 3 countries outside of the United States through our online and telephone banking. We offer branchless banking by leveraging the infrastructure of other banks and through new banking technology such as Direct Deposit, Online Banking, Online Bill payment, Debit Cards and E-Deposit for our business customers. We were one of the first community banks in the country to offer internet banking back in 1995. Additionally, we were the first bank in the country to offer what we now know as Reward Checking.
What bank rating does your bank have?
We enjoy one of the highest ratings with Bauer Financial and we encourage our customers and potential customers to visit www.fdic.gov or other financial institution rating sites such as www.bankrate.com to get an objective opinion related to our financial strength.
What is your asset size?
We have approximately 185 million dollars in assets.
Are your deposits insured?
Absolutely, accounts carry standard FDIC insurance coverage.
- Rate Information
The interest rate and annual percentage yield on your account is 0.20% Your interest rate and annual percentage yield may change.
Determination of Rate
At our discretion, we may change the interest rate on your account
Frequency of Rate Changes
We may change the interest rate on your account at any time
Limitations on Rate Changes
There are no maximum or minimum interest rate limits for this account
0.01% APY* will be paid on balances each month the minimum monthly activity is not met
Compounding and Crediting
Interest is compounded and credited to your account monthly. If you close your account before interest is credited, you will not be paid the accrued interest.
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. 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.
Accrual On NonCash Deposits
Interest begins to accrue no later than the day we receive credit for the deposit of non-cash items (for example, checks).
* Annual Percentage Yield