Bonus Checking FAQ


Bonuses and Requirements
Statement Cycle
Qualification Cycle
Debit Card Transactions
E-Statements
Opening/Converting Accounts


Bonuses and Requirements

1. How often must the ‘four (4) requirements’ be met to qualify for the Bonuses?

Every qualification cycle.  The ‘qualification cycle’ begins with the last day of the previous statement cycle and continues through one business day prior to the current statement cycle.

2. What happens if I do not meet the requirements for Bonus Checking?

The customer will not be paid the bonus interest rate of 0.20% APY.  Instead, the customer will be paid the standard interest rate of 0.05% APY for that particular cycle..

ATM fees will not be reimbursed for that cycle as well.

3. If I fail to meet the requirements during this qualification cycle, do I still have a chance to qualify for the next qualification cycle?

Yes.  Every new qualification cycle is a new opportunity to qualify for Bonuses.

4. If my account balance goes negative, will I still be able to qualify for my Bonuses during that cycle?

Yes, however, NSF (non-sufficient funds) fees will apply.

5. How will I know if I have qualified for my Bonuses at the end of the qualification period?

Customers will receive an e-mail notifying them at the end of each qualification cycle specifying whether or not the requirements have been met.

6. If I meet the requirements, when will I receive my Bonuses?

Interest and ATM refunds will be credited to the account at the close of the statement cycle, which is the 25th of each month or the preceding Business day if the 25th falls on a Weekend or Bank Holiday.

7.  Will I receive a 1099 – INT at the end of the reflecting interest earned throughout the year?

Only if a minimum of $10 or more has been accrued in interest.

8. Can the interest rate change on my Bonus Checking account?

Yes, but not with any particular regularity.  This is a variable interest rate account and the rate may change at any time.

9. Is this just a “teaser” rate?

No.



Statement Cycle

1. What is the statement cycle for Bonus Checking?

Every 25th of each month or the preceding Business day if the 25th falls on a weekend or Bank Holiday.

2. If an existing customer is moved to a Bonus Checking account, will his/her statement cycle change?

Yes, to the 25th of the month.

3. What happens to the statement cycle when existing accounts are converted mid-cycle?

The new statement cycle will take effect immediately and therefore result in a short statement cycle.  In order to receive the Bonuses, the account must still meet the four (4) requirements, even during a shortened statement cycle.


Qualification Cycle

1. What is the "Qualification Cycle?"

This is the time period in which the account must qualify for the Bonuses by meeting the ‘four (4) requirements.’

The qualification cycle begins from the last day of the previous statement cycle and continues through one business day prior to the current statement cycle.

The qualification cycle will usually begin on the 25th of the preceding month and end on the 24th of the current month. However, weekends and bank holidays will sometimes shorten the qualification cycle.

To make sure your account qualifies, always strive to meet all 4 requirements early on in the qualification cycle.

Transactions conducted on the 25th will be counted towards the next qualification cycle.


Debit Card Transactions

1. If I use my Debit Card at an ATM, will that transaction count towards my requirements?

No.  Only purchase transactions count toward the ten (10) required transactions.

2. Does an online bill payment count towards an ACH-debit or auto-debit?

No.

3. If I miss my requirements by just one (1) Debit Card transaction, can I call in and get my interest and ATM refunds anyway?

No.

4. May I “carry over” Debit Card transactions in excess of the required number to the next qualification cycle?

No.

5. What if my new Debit Card doesn’t arrive until late in the qualification cycle and I don’t have time to earn my Bonuses- will I still receive them?

No.  In order to receive the bonuses, the account must qualify even in the first month.

6. I converted my old Hanmi checking account to a Bonus Checking account. Will the transactions from this qualification cycle on my old account count towards the required transactions for this qualification cycle on my Bonus Checking account?

No.


E-Statements

1. Must I access my e-statement online in order to qualify for the Bonuses?

Yes. Returned Checks are not available on this account at any time. Customers will receive electronic images of checks that can be printed using their computer.  If the customer would like returned checks and/or paper statements, the account must be changed to another type of checking account. 

No exceptions.

2. Can I have a Bonus Checking account if I don’t own a computer?

Yes, however, you must have access to a computer to receive, open and read electronic statements and also to receive and read various emails related to Bonus Checking.

3. What if I need a printed copy of my statement and/or check image?

The customer will be expected to print their statement and check image from their Hanmi Online Banking account.




Opening/Converting Accounts

1. How may I convert my current checking account to a Bonus Checking account?

Any New Account Representative at a Hanmi Bank branch will be glad to assist you in converting your account.

2. Can I open a Bonus Checking account over the phone?

No.

3. Can I open multiple Bonus Checking accounts for the same address?

Yes, as long as each account meets the requirements.

4. Can multiple people use the same Bonus Checking account?

Yes, as long as they are recognized owners of the account.

5. Can a business have a Bonus Checking account?

No, this type of account is only open for individuals.

6. How many checks do I get when I open a Bonus Checking account?

An introductory package is given to all new account openers, which contains a few temporary checks.  A full check book can be requested at the customer’s expense. 

7. I converted my old Hanmi checking account to a Bonus Checking account. Will the transactions from this qualification cycle on my old account count towards the required transactions for this qualification cycle on my Bonus Checking account?

No.

8. Will I be able to use my already existing Hanmi Bank Debit Card, checks, and account number with my Bonus Checking account?

Yes.

9. If an existing customer converts to a Bonus Checking account, will his/her statement cycle change?

Yes, to the 25th of the month.

10. What happens to the statement cycle when existing accounts are converted mid-cycle?

The new statement cycle will take effect immediately and therefore result in a short statement cycle.  In order to receive the “Bonuses” the account must still meet the four (4) requirements, even during a shortened statement cycle.



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