V-Flight Checking

V-Flight Checking FAQ

What is V-Flight Checking?

V-Flight Checking benefits customers who use eBanking services such as debit cards, Internet Banking and eStatements. A premium interest rate is earned when monthly qualifiers are met.

How do I earn the premium interest?

To earn the premium interest rate during each monthly statement cycle, you must meet each qualification:

• Ten (10) debit card transactions of any amount (not including ATM transactions)
• One (1) direct deposit or external automatic payment
• One (1) Internet Banking login
• Enrollment in eStatements (not paper statements)

When all qualifiers are met in a month, the premium interest rate is based on your average collected balance for the statement cycle. For balances $25,000 and less, a premium rate is earned on that portion of the balance. For balances greater than $25,000, the portion of the balance greater than $25,000 will earn a tier rate.

What happens when I miss one or more of the monthly qualifiers?

You will continue to earn interest at a reduced base rate for your entire balance the month you missed one or more of the qualifiers.

What qualifies as a debit card transaction?

Ten debit card transactions must post and settle your V-Flight Checking Account within your monthly statement cycle. ATM transactions will not count towards the 10 qualifying transactions. As you look at your account history via Internet Banking or Mobile banking, you may see a transaction for an amount different from what you spent, which could be a preauthorized transaction. These transactions are sent through by the merchant to verify your card is attached to a valid account. This is a temporary transaction and will fall off your account once the merchant settles their debit card transactions. Preauthorized transactions do not count qualify as one of your 10 transactions.

Why do I select “credit” or “debit” at the register?

Both credit and debit transactions, while using your debit card, will deduct from your checking account. Selecting “debit” will require you to enter your PIN. Selecting “credit” may require a signature or may not, depending on the merchant and transaction amount. Both “credit” and “debit” transactions at the point of sale will count toward the 10 qualifying transactions. ATM transactions will not count.

What does post and settle to my account mean?

Merchants have different debit card processing schedules, which is outside of the bank’s control. The time you use your debit card at a merchant and the time it takes to post and settle your account will vary. If you use your debit card in the last few days of the month, they may or may not settle your account on or before the last business day of the month. Only transactions that post and settle your account will count towards that month’s transactions; otherwise, they will count toward the next month cycle. If you wait until late in the month to make your debit card transactions, you run the risk they won’t post and settle in time. Transactions that memo-post on weekends should be final posted and settled on Monday or the next business day, in the case of holidays.

What qualifies as a direct deposit?

Direct deposit can be any external deposit coming into your account through Automated Clearing House (ACH), such as payroll or Social Security deposits. Deposits you make to your account via a branch visit, Internet or Mobile Banking, Voice Banking or ATM do not qualify.

What qualifies as an external payment?

When you have payments set up from external vendors, such as utility payments, these transactions will count toward this qualifier. Reoccurring internal payments or transfers between accounts held at Horicon Bank do not count toward this qualifier at this time.

How do I sign up for eStatements?

In order to receive your monthly statements electronically, you will first need to be enrolled in Internet Banking. If you are not a current Internet Banking user, you can self-enroll online.

Current Internet Banking users must log into their Internet Banking account and go to "eStatements”. Follow the simple steps and confirmation for enrollment. You will need to have Adobe Reader installed to view your statements. If you need assistance, please call our Always Live Support at 920-485-7311 or 888-343-3040.

Is there a monthly maintenance fee?

If your V-Flight Checking Account is receiving paper statements, there is a $5 monthly fee. If you receive paper statements, you will earn a base interest rate and will be assessed the monthly fee. This fee is easily avoided by receiving your statements electronically. Once you have signed up for eStatements, there will be no monthly fee, plus you will be meeting one of the monthly qualifications to receive premium interest.

Can the premium interest rate change?

Yes. V-Flight Checking has a variable interest rate/annual percentage yield, meaning it can change at any time. 

Will I receive a 1099 INT for interest earned?

It depends on the amount of interest you earn in a calendar year. Federal law requires us to send a 1099 INT for interest earnings of $10 or more.

Will I receive ATM Rebates?

For any month your V-Flight Checking account meets the monthly qualifiers and earns the premium interest rate, the account will also receive ATM rebates. The account may be reimbursed up to $25 in ATM fees incurred during that cycle. You will see “ATM Service Charge Rebate” on your statement the following month. The ATM reimbursement will post to the account within three (3) days after the statement cycle. For any month when one or more of the qualifiers are not met during the statement cycle, no ATM reimbursements will be paid.

What ATM Fees are Reimbursed?

Horicon Bank does not charge our customers to use our ATMs or ATMs that are a part of associate networks we participate in. See Debit & ATM Cards or ask a Universal Banker for a listing of these ATMs.

When you use an ATM that charges you a service fee to complete the transaction, that service fee is what we will reimburse. In a month, we will reimburse up to $25 total as long as your V-Flight account meets the monthly qualifiers.

What if I think my ATM Rebate should be more?

For any month you receive ATM rebates and you think the amount should be more than what you were credited, please contact us. We are happy to review the ATM transactions with you and, if necessary, reimburse any necessary transaction fees.

Whom can I contact with questions?

We welcome you to stop in any of our locations. We also have a Customer Support Center, which you can call 24 hours a day, 7 days a week at 920-485-7311 or 888-343-3040.